* Wall St went into the green overnight, but once again leaving...

* Wall St went into the green overnight, but once again leaving behind the commodities/materials/resource sector ; AAPL +1.98%, Tesla 5.30% (presumably on Elon's tweet about working on an 'epic' masterplan), MSFT +1.31%, Meta +0.49%
https://x.com/unusual_whales/status/1802793299323027595

* So we can't discount prospect of the final Melt-Up that Zeberg intimated, the problem is that breadth is weak, rather similar to Q4 2019 when locally, if you recall it was just the WAAX (Wisetech/Appen/Altium/Xero) that inspired the market and everything else was pretty much dead. That was the point I had remained sidelined, just as I am now.

The S&P 500 is now up 34% in under 8 MONTHS. Since the October 2023 low, the S&P 500 has added 1,370 points or $11.5 TRILLION in market cap. In other words, the S&P 500 has added ~$1.4 trillion in market cap PER MONTH for the last 8 months in a row. This means that the S&P 500's return since October 2023 is now 3 times the average annual return. Nvidia stock alone, $NVDA, has added $2.2 trillion in market cap over this time period. That's ~20% of the S&P 500's market cap gains coming from just one stock. Absolutely insane numbers.
https://x.com/KobeissiLetter/status/1802804181541027930

Albemarle (ALB) made an intraday low below $100 at $98.96 before closing at its 52-week low at $100.63 (-2.78%) just as I had predicted. It underscores the continuation of mean reversion as market starts discounting earlier expectations of prospect of a 2H 2024 lithium price recovery. The lithium sector is getting left behind despite a robust, resilient equity market (so far) and it still is the most widely invested smaller cap sector on ASX, and many are hurting (but remained in denial for far too long; this thread had been warning about more pain for the sector since the start of the year, if not longer). Even the close association/correlation between Tesla and lithium stocks have been broken, as Tesla investors are looking beyond EVs with 'Elon cult factor' inspiring/baiting buyers with his robot business model.

	Column 1	Column 2	Column 3
0	STOCK INDICES [US 17 Jun 24]	Overnight %
1	DOW	0.49%	38,778
2	S&P500	0.77%	5,473
3	NASDAQ	94.00%	17,855
4	DXY	-0.19%	105.35
5	US 2 YR	1.76%	4.768
6	US 10 YR	1.70%	4.285
7	AUD	0.02%	0.6613
8	GOLD	-0.59%	$ 2,319
9	SILVER	-0.29%	$ 29.47
10	BTC	0.21%	$ 66,656.00
11
12
13	GOLD	Overnight %
14	GDX	-0.63%
15	GDXJ	-0.86%
16	NEWMONT GOLDCORP(NEM)	0.22%
17	BARRICK GOLD (GOLD)	0.69%
18	AGNICO EAGLE MINES (AEM)	0.00%
19	SILVER
20	SIL	-1.11%
21	SILJ	-0.88%
22	PAN AMERICAN SILVER(PAAS)	-1.36%
23	LITHIUM
24	SPROTT LITHIUM MINERS (LITP)	-0.35%
25	GLOBAL X LITHIUM (LIT)	0.76%
26	ALBEMARLE (ALB)	-2.78%
27	SOQUIMICH (SQM)	-0.57%
28	LITHIUM AMERICAS (LAC)	0.72%
29	PIEDMONT LITHIUM (PLL)	-5.53%
30	ARCADIUM LITHIUM	-2.31%
31	PATRIOT BATTERY METALS	1.15%
32	COPPER
33	GLOBAL X COPPER MINERS(COPX)	-0.83%
34	BHP	-1.02%
35	RIO	-0.78%
36	SOUTHERN COPPER (SCCO)	-0.98%
37	FREEPORT MCMORAN (FCX)	-1.77%
38	FIRST QUANTUM MINERALS (FQVLF)	-1.44%
39	TECK RESOURCES (TECK)	0.02%
40	OIL
41	XLE	0.26%
42	EXXON (XOM)	-0.69%
43	CHEVRON )CVX)	0.41%
44	OCCIDENTAL (OXY)	0.60%
45	CONOCOPHILLIPS (COP)	0.14%
46	MARATHON OIL (MRO)	0.07%
47	HALLIBURTON (HAL)	1.49%
48	COAL
49	RANGE GLOBAL COAL (COAL)	-0.55%
50	PEABODY ENERGY (BTU)	-0.66%
51	ALPHA METALLURGICAL (AMR)	-0.26%
52	ARCH RESOURCES (ARCH)	-1.40%
53	WARRIOR MET COAL (HCC)	1.84%
54	URANIUM
55	GLOBAL X URANIUM (URA)	-0.68%
56	NICKEL
57	SPROTT NICKEL MINERS (NIKL)	-0.53%
58	RARE EARTHS
59	OPTICA RARE EARTHS (CRIT)	-0.59%

Bitcoin, Black Gold, & Big-Tech Rip To Start The Week

BY Zero Hedge
TUESDAY, JUN 18, 2024 - 06:00 AM

A mixed (tending towards awful) night of macro from China was somewhat offset (very modestly) by a better than expected Empire Fed Manufacturing print (but still negative) on a quiet macro day.
Bear in mind that Goldman's economists pointed out that the Empire survey has been particularly volatile since 2022, swinging by at least 20 points in over half of instances as issues related to seasonal adjustment likely contributed to the month-over-month increase.

But overall, rate-cut expectations dipped (hawkishly) lower today




Source: Bloomberg
Treasury yields rose notably...

Source: Bloomberg
But stocks didn't care as they all melted up as the US cash markets opened...

Source: Bloomberg
Nasdaq led the way, up over 1.5% before some late day profit-taking. The Dow was the laggard but all the majors were green on the day. NOTE - stocks went vertical once Europe closed...

On the back of yet more of a surge into MAG7 stocks...

Source: Bloomberg
Breadth continues to worsen...

Source: Bloomberg
Goldman's trading desk noted that overall activity levels are down -7% vs. the trailing 2 weeks with market volumes down -7% vs the 10dma.
Our floor tilts 5% better to buy, driven by demand from LOs while HFs tilt modestly for sale

• LOs are +18% better to buy, running their streak of net demand to 10 straight sessions.  Demand for Mega Tech is still quite prevalent.  From a notional perspective, Tech $-net demand is more than 3x larger than HCare (#2) and 5x larger than Fins (#3).  Supply from this group is modest across Staples, Materials & Energy.
• HFs are -6% better for sale (82nd %-ile), using continued Tech strength to make long sales.  HFs are modestly selling Fins, Utes, Energy, Macro Products & Energy while buying Staples & Industrials.

The dollar ended very marginally lower after rallying overnight and then losing those gains during the US session...

Source: Bloomberg
Crude prices ripped back up to almost $81 (WTI) a key resistance level...

Source: Bloomberg
Gold limped back lower...

Source: Bloomberg
Bitcoin surged back above $67,000, erasing Friday's plunge...

Source: Bloomberg
But Ether limped lower...

Source: Bloomberg
Finally, Mag7 stocks have added $2.3 trillion in market cap in Q2 so far... while the 493 other stocks in the S&P 500 have lost $720 billion...

Source: Bloomberg
Good luck with that!