* A strong green day on Wall St overnight that saw Dow closing at exactly 40k with breadth improving
https://x.com/unusual_whales/status/1811853094864527737
* Stronger PPI dampened Precious Metals but gold and silver stocks bucked the trend, closing mixed
* A mixed outing although it appears that market participants were focusing on badly beaten stocks for quick gains
* With markets imputing a 90% chance of a Fed rate cut in Sept, this is one rate cut the Fed needs to deliver to avoid a market correction at the period of time the market is most susceptible.
* IMO this is becoming a traders market for nimble traders that don't attempt for overstay and get too comfortable, and for stale bulls to sell their 'dogs' into strength if opportunity arises; may be the last window [ obviously my opinion only, everyone needs to make their own decisions - We Are the Choices We Make]
|
Column 1 |
Column 2 |
Column 3 |
| 1 |
STOCK INDICES [US 12 Jul 24] |
Overnight % |
|
| 2 |
DOW |
0.62% |
40,000 |
| 3 |
S&P500 |
0.55% |
5,615 |
| 4 |
NASDAQ |
0.62% |
18,396 |
| 5 |
DXY |
-0.34% |
104.08 |
| 6 |
US 2 YR |
-0.05% |
4.458 |
| 7 |
US 10 YR |
-0.01% |
4.187 |
| 8 |
AUD |
0.38% |
0.6784 |
| 9 |
GOLD |
-0.18% |
$ 2,411 |
| 10 |
SILVER |
-2.12% |
$ 30.79 |
| 11 |
BTC |
0.97% |
$ 57,892 |
| 12 |
|
|
|
| 13 |
|
|
|
| 14 |
GOLD |
Overnight % |
|
| 15 |
GDX |
0.21% |
|
| 16 |
GDXJ |
-0.38% |
|
| 17 |
NEWMONT GOLDCORP(NEM) |
0.72% |
|
| 18 |
BARRICK GOLD (GOLD) |
2.15% |
|
| 19 |
AGNICO EAGLE MINES (AEM) |
0.67% |
|
| 20 |
SILVER |
|
|
| 21 |
SIL |
-0.03% |
|
| 22 |
SILJ |
-0.54% |
|
| 23 |
PAN AMERICAN SILVER(PAAS) |
-1.17% |
|
| 24 |
LITHIUM |
|
|
| 25 |
SPROTT LITHIUM MINERS (LITP) |
2.19% |
|
| 26 |
GLOBAL X LITHIUM (LIT) |
1.37% |
|
| 27 |
ALBEMARLE (ALB) |
-0.08% |
|
| 28 |
SOQUIMICH (SQM) |
0.61% |
|
| 29 |
LITHIUM AMERICAS (LAC) |
1.85% |
|
| 30 |
PIEDMONT LITHIUM (PLL) |
2.68% |
|
| 31 |
ARCADIUM LITHIUM |
4.25% |
|
| 32 |
PATRIOT BATTERY METALS |
10.69% |
|
| 33 |
COPPER |
|
|
| 34 |
GLOBAL X COPPER MINERS(COPX) |
1.48% |
|
| 35 |
BHP |
1.79% |
|
| 36 |
RIO |
0.64% |
|
| 37 |
SOUTHERN COPPER (SCCO) |
0.53% |
|
| 38 |
FREEPORT MCMORAN (FCX) |
-0.45% |
|
| 39 |
FIRST QUANTUM MINERALS (FQVLF) |
2.43% |
|
| 40 |
TECK RESOURCES (TECK) |
2.57% |
|
| 41 |
OIL |
|
|
| 42 |
XLE |
0.25% |
|
| 43 |
EXXON (XOM) |
0.01% |
|
| 44 |
CHEVRON )CVX) |
0.21% |
|
| 45 |
OCCIDENTAL (OXY) |
-0.46% |
|
| 46 |
CONOCOPHILLIPS (COP) |
-0.75% |
|
| 47 |
MARATHON OIL (MRO) |
-0.56% |
|
| 48 |
HALLIBURTON (HAL) |
0.95% |
|
| 49 |
COAL |
|
|
| 50 |
RANGE GLOBAL COAL (COAL) |
1.14% |
|
| 51 |
PEABODY ENERGY (BTU) |
1.05% |
|
| 52 |
ALPHA METALLURGICAL (AMR) |
2.16% |
|
| 53 |
ARCH RESOURCES (ARCH) |
1.56% |
|
| 54 |
WARRIOR MET COAL (HCC) |
3.03% |
|
| 55 |
URANIUM |
|
|
| 56 |
GLOBAL X URANIUM (URA) |
-0.26% |
|
| 57 |
NICKEL |
|
|
| 58 |
SPROTT NICKEL MINERS (NIKL) |
-0.30% |
|
| 59 |
RARE EARTHS |
|
|
| 60 |
OPTICA RARE EARTHS (CRIT) |
0.36% |
|
Small Caps Break-Out To Best Week In 8 Months; Bonds & Bullion Big Week On Bad Data
BY Zero Hedge
SATURDAY, JUL 13, 2024 - 06:00 AM
A bad data week...
Source: Bloomberg
...was good news for doves as
rate-cut expectations soared...
Source: Bloomberg
...and despite yesterday's bloodbathery, all the US majors managed to rally into the green for the week early on today, with Small Caps literally exploding higher (up around 7% on the week!).
A late-day selloff dragged Nasdaq red on the week though...
That was the
Russell 2000's best week since November and broke it out to its highest since Jan 2022...
Source: Bloomberg
...and the
biggest RTY/NDX outperformance week since Nov 2020...
Source: Bloomberg
Small Caps were aided by a massive short-squeeze this week which saw "most shorted" stocks soaring 10% - the biggest squeeze since Dec...
Source: Bloomberg
And while
MAG7 stocks ended the week lower, it was only marginally, as today's bounce back erased some of yesterday's losses...but the
late-day selling was predominantly among the mega-cap tech names...
Source: Bloomberg
And of course, after yesterday saw all 7 names ending red (for the first time since April), the rebound today was 'inevitable'...
Source: Bloomberg
0-DTE tracked stocks up and down today but the late-day selling pressure in stocks was NOT related to 0-DTE flow, in fact they bought the dip...
Source: SpotGamma
Stocks vs bonds this week... no idea!!!
Source: Bloomberg
Treasury yields tumbled on the week, led by the short-end...
Source: Bloomberg
...which prompted a dramatic bull steepening and almost un-inversion of the curve (2s30s)...
Source: Bloomberg
The dollar tumbled for the second straight week (the biggest two-week drop since December), erasing all of the gains seen since June payrolls...
Source: Bloomberg
Thanks in large part to USDJPY and BoJ 'help'...
Source: Bloomberg
Bitcoin managed gains on the week as ETF inflows dominated the German govt's dumpfest (as they emptied their coffers of every coin)...
Source: Bloomberg
BTC ETFs saw inflows for 5 straight days...
Source: Bloomberg
Gold surged back up near record highs this week, closing the week back above $2400...
Source: Bloomberg
Thanks to weakness today, crude prices ended the week lower as WTI rejected $83.50...
Source: Bloomberg
Finally, it was a big week for market moves but in the big picture equities remain in a universe of their own relative to global liquidity...
Source: Bloomberg
Are stocks expecting a massive liquidity fest?
