Its Over, page-22400

* Despite much softer housing starts, Philly and building permits, it was rather unusual to see US yields rising higher as did the US dollar.
* Breadth improved, as the two market leaders NVIDIA and AAPL sank -3.54% and -2.15% respectively, which had resulted in Nasdaq and S&P500 closing a tad lower
https://x.com/unusual_whales/status/1803880037055369390
* Silver outperformed as Gold also stood out higher
* It was a green day for commodities with exception of lithium and nickel
* The lithium carnage continuing despite a fairly good day for commodities especially copper stocks and a positive Dow suggest that all is not well on the lithium front. ALB made a new 52 week low at $93.73 and closed just a tad above it at $93.79. Arcadium kept making new lows after new lows, Patriot Battery also made new 52 week low, while SQM which fell -2.82% is just under $2 or less than 5% above its 52 week low.

Look at the 5 year chart of ALB, can you see that big X-mas? $84.50 next stop (about -10%) but not before a possible rebound from oversold position first. Lithium stocks are not the great buy yet IMO. Both technicals and fundamentals are not favourable.
5 year view
ALB Stock Price and Chart — NYSE:ALB — TradingView

	Column 1	Column 2	Column 3
0	STOCK INDICES [US 20 Jun 24]	Overnight %
1	DOW	0.77%	39,135
2	S&P500	-0.25%	5,473
3	NASDAQ	-0.81%	17,718
4	DXY	0.38%	105.65
5	US 2 YR	0.75%	4.739
6	US 10 YR	2.72%	4.263
7	AUD	0.03%	0.6656
8	GOLD	1.37%	$ 2,360
9	SILVER	3.39%	$ 30.74
10	BTC	0.03%	$   65,040
11
12
13	GOLD	Overnight %
14	GDX	2.52%
15	GDXJ	2.68%
16	NEWMONT GOLDCORP(NEM)	2.44%
17	BARRICK GOLD (GOLD)	3.35%
18	AGNICO EAGLE MINES (AEM)	2.26%
19	SILVER
20	SIL	2.52%
21	SILJ	2.95%
22	PAN AMERICAN SILVER(PAAS)	3.86%
23	LITHIUM
24	SPROTT LITHIUM MINERS (LITP)	-2.73%
25	GLOBAL X LITHIUM (LIT)	-2.69%
26	ALBEMARLE (ALB)	-5.78%
27	SOQUIMICH (SQM)	-2.82%
28	LITHIUM AMERICAS (LAC)	1.07%
29	PIEDMONT LITHIUM (PLL)	1.58%
30	ARCADIUM LITHIUM	-1.79%
31	PATRIOT BATTERY METALS	-5.19%
32	COPPER
33	GLOBAL X COPPER MINERS(COPX)	3.18%
34	BHP	0.97%
35	RIO	1.00%
36	SOUTHERN COPPER (SCCO)	2.34%
37	FREEPORT MCMORAN (FCX)	3.50%
38	FIRST QUANTUM MINERALS (FQVLF)	3.47%
39	TECK RESOURCES (TECK)	1.22%
40	OIL
41	XLE	1.84%
42	EXXON (XOM)	2.16%
43	CHEVRON )CVX)	2.13%
44	OCCIDENTAL (OXY)	1.93%
45	CONOCOPHILLIPS (COP)	1.75%
46	MARATHON OIL (MRO)	1.87%
47	HALLIBURTON (HAL)	1.18%
48	COAL
49	RANGE GLOBAL COAL (COAL)	0.85%
50	PEABODY ENERGY (BTU)	0.67%
51	ALPHA METALLURGICAL (AMR)	-1.96%
52	ARCH RESOURCES (ARCH)	0.26%
53	WARRIOR MET COAL (HCC)	2.00%
54	URANIUM
55	GLOBAL X URANIUM (URA)	0.13%
56	NICKEL
57	SPROTT NICKEL MINERS (NIKL)	-0.98%
58	RARE EARTHS
59	OPTICA RARE EARTHS (CRIT)	1.29%

Bullion & Black Gold Bid But 'Bad News' Was Bad News For Big-Tech

BY Zero Hedge
FRIDAY, JUN 21, 2024 - 06:00 AM
Jobless claims not good, housing data bad, Philly Fed ugly... and that meant the US macro surprise index plunged to early-2019 lows... near the lowest level since 2016...

Source: Bloomberg



But that 'bad news' had no (good news) influence on rate-cut expectations (which worsened marginally)....

Source: Bloomberg
Treasury yields ended the day marginally higher after recovering from the spike early on after claims data...

Source: Bloomberg
That 'bad news' was also bad news for the momo names too as The Dow dramatically outperformed the rest of the majors today (the only index positive) with Nasdaq the biggest loser from Tuesday's cash close...

This was the second best day for The Dow relative to Nasdaq year-to-date with The Dow trading below 2x Nasdaq (below the peak dotcom bubble lows)...

Source: Bloomberg
Much of that big rebound was Energy's dramatic outperformance of Mag7 stocks in the last two days...

Source: Bloomberg
Goldman's equity trading desk noted that their activity levels are up 20% vs. the trailing 2 weeks with overall market volumes +10%.
Our floor is 3% better for sale, with both HFs and LOs moving the same direction.

• HFs are 4% better for sale with the largest sell skews in Info tech and Consumer.
• LOs are also better for sale at -11% overall, with supply in Info Tech and Consumer, while buying Fins and Materials.

The dollar rebounded from Tuesday's tumble...

Source: Bloomberg
And despite the dollar strength, spot gold rallied back up to $2060, erasing most of the CPI plunge...

Source: Bloomberg
Bitcoin pumped and dumped to end the day unchanged around $65,000...

Source: Bloomberg
Oil prices extended gains with front-month WTI (Aug '24) up to its highest since April...

Source: Bloomberg
...which is bad news for Biden and Powell as pump-prices are about to reignite...

Source: Bloomberg
Finally, NVDA had a bad day - its worst day in two months - after hitting a new record high early in the day...

Arguably, it could be a tad overbought here? Blow-off-toppy?

Source: Bloomberg
Was today, the start of the end? We doubt it - but July 17th might be.