Its Over, page-22463

* Overnight, NVIDIA plunged -6.68%, SMCI -8.65%, AMD -0.6% as semis got sold off
* Goldman trying to avert NVIDIA fallout on stock indices by coaxing a shift to banks and energy stocks which carried the Dow higher while Nasdaq fell -1.07%
https://x.com/unusual_whales/status/1805330222382039080
https://x.com/SuburbanDrone/status/1805265494796087529
* BTC was a major casualty now recovering its $60k handle
* Just as Fed officials are starting to sound more dovish, oil has jumped to above $80, WTI Crude at $82 and Brent @$85, prices at the bowser are higher again which almost always means inflation would more likely tick higher or remain sticky.
* We may see breadth widening a bit, but traditionally that does not make up or offset if we have a loss in market leadership- the market sees this NVIDIA correction as simply temporary.

	Column 1	Column 2	Column 3
0	STOCK INDICES [US 24 Jun 24]	Overnight %
1	DOW	0.67%	39,411
2	S&P500	-0.31%	5,447
3	NASDAQ	-1.07%	17,500
4	DXY	-0.29%	105.49
5	US 2 YR	-0.14%	4.723
6	US 10 YR	-0.52%	4.236
7	AUD	0.21%	0.6656
8	GOLD	0.55%	$ 2,334
9	SILVER	0.10%	$ 29.58
10	BTC	-5.90%	$60,067
11
12
13	GOLD	Overnight %
14	GDX	0.76%
15	GDXJ	0.26%
16	NEWMONT GOLDCORP(NEM)	0.80%
17	BARRICK GOLD (GOLD)	0.97%
18	AGNICO EAGLE MINES (AEM)	0.66%
19	SILVER
20	SIL	-0.31%
21	SILJ	-0.56%
22	PAN AMERICAN SILVER(PAAS)	-0.25%
23	LITHIUM
24	SPROTT LITHIUM MINERS (LITP)	-0.50%
25	GLOBAL X LITHIUM (LIT)	0.25%
26	ALBEMARLE (ALB)	1.84%
27	SOQUIMICH (SQM)	-0.22%
28	LITHIUM AMERICAS (LAC)	-3.16%
29	PIEDMONT LITHIUM (PLL)	-7.44%
30	ARCADIUM LITHIUM	2.15%
31	PATRIOT BATTERY METALS	-2.10%
32	COPPER
33	GLOBAL X COPPER MINERS(COPX)	2.37%
34	BHP	0.19%
35	RIO	0.08%
36	SOUTHERN COPPER (SCCO)	0.79%
37	FREEPORT MCMORAN (FCX)	1.65%
38	FIRST QUANTUM MINERALS (FQVLF)	6.99%
39	TECK RESOURCES (TECK)	1.90%
40	OIL
41	XLE	1.70%
42	EXXON (XOM)	2.97%
43	CHEVRON )CVX)	2.60%
44	OCCIDENTAL (OXY)	3.82%
45	CONOCOPHILLIPS (COP)	3.44%
46	MARATHON OIL (MRO)	3.53%
47	HALLIBURTON (HAL)	2.08%
48	COAL
49	RANGE GLOBAL COAL (COAL)	0.49%
50	PEABODY ENERGY (BTU)	1.65%
51	ALPHA METALLURGICAL (AMR)	-0.28%
52	ARCH RESOURCES (ARCH)	1.08%
53	WARRIOR MET COAL (HCC)	1.93%
54	URANIUM
55	GLOBAL X URANIUM (URA)	-1.59%
56	NICKEL
57	SPROTT NICKEL MINERS (NIKL)	-0.31%
58	RARE EARTHS
59	OPTICA RARE EARTHS (CRIT)	0.81%

Goldman's trading desk summed up the market theme perfectly today: "sell tech and buy everything else"...
Energy and Regional Banks notably outperforming, while big-tech was trounced...


Since Juneteenth, we have seen AI-stocks monkey-hammered relative to Ai-at-Risk names...

Source: Bloomberg
With NVDA down over 16% from its highs on Thursday...

Dragging MAG7 stocks down to pre-CPI-spike levels...

Source: Bloomberg
...as the 'most shorted' stocks saw a big squeeze today...

Source: Bloomberg
GLP-1 stocks ripped today on Sleep Apnea and some kidney disease studies... is there nothing these drugs can't cure? Or maybe Obesity is really the root of all healthcare after all (just don't say that during a pandemic)...

Source: Bloomberg
Which left Small Caps and The Dow outperforming; Nasdaq the biggest loser, and a late-day purge sent everything lower into the close, dragging the S&P 500 red...

And before we shift our gaze to non-equity markets, we note that the equal-weighted S&P 500 is back at its weakest level 'since Lehman' relative to the market-cap-weighted S&P 500...

Source: Bloomberg
Treasuries were modestly bid today with the long-end outperforming (sold during early Europe and bid during late US session). However, their general range was far less noticeable relative to equities...

Source: Bloomberg
The dollar dumped today back to last week's lows...

Source: Bloomberg
...and that helped support gold (which still remains well down from Friday's highs...

Source: Bloomberg
...and helped crude, with WTI pushing up against its highest levels since April......

Source: Bloomberg
Bitcoin was not so lucky as FUD over Mt.Gox supply sent the largest crypto currency reeling back down below $60,000...

Source: Bloomberg
...its lowest since early May (as ETF outflows continue)...

Source: Bloomberg
Finally, amid all this malarkey, there is one more pillar of irrational support for sky-high valuations that is about to evaporate (albeit briefly)...
80% of the S&P has entered buyback blackout window: Goldman pic.twitter.com/cjJ3ARCWGd
— zerohedge (@zerohedge) June 24, 2024
After Friday's 'gamma unclenching', the death of the banal bid from corporates could just be the catalyst for some catch-down to reality.