* Mega tech continued to feel the heat as selloff continued with now the all-expected Sept rate cut a question mark
https://x.com/unusual_whales/status/1816564110244610064* NVIDIA -1.71%, AMD -4.39%, Meta -1.71%, Alphabet -3.08%, SMCI -2.24%, AAPL -0.48%, Tesla +1.97%
* Gold and gold stocks were the biggest casualty - Gold fell -1.36% to $2364 and a -3.3% over a week, GDX and GDXJ declined -2.79% and -3.03% respectively while Silver plunged -3.61% to $27.85
* Oil gained with WTI Crude +1.02% to $79.11, oil stocks better on the day while lithium stocks were mixed to higher.
* Ford crashed -18.36%, its biggest one day fall in 20 years while Stellantis also plunged -7.70% (-48% decline in profits), Nissan -5.89% as auto makers face bleak outlook.
| Column 1 | Column 2 | Column 3 |
|---|
| 1 | STOCK INDICES [US 25 Jul 24] | Overnight % |
|
|---|
| 2 | DOW | 0.20% | 39,935 |
|---|
| 3 | S&P500 | -0.51% | 5,399 |
|---|
| 4 | NASDAQ | -0.93% | 17,180 |
|---|
| 5 | DXY | 0.01% | 104.40 |
|---|
| 6 | US 2 YR | 0.43% | 4.435 |
|---|
| 7 | US 10 YR | -0.96% | 4.245 |
|---|
| 8 | AUD | -0.02% | 0.6536 |
|---|
| 9 | GOLD | -1.36% | $ 2,364 |
|---|
| 10 | SILVER | -3.61% | $ 27.85 |
|---|
| 11 | BTC | -0.18% | $ 65,557 |
|---|
| 12 |
|
|
|
|---|
| 13 |
|
|
|
|---|
| 14 | GOLD | Overnight % |
|
|---|
| 15 | GDX | -2.79% |
|
|---|
| 16 | GDXJ | -3.03% |
|
|---|
| 17 | NEWMONT GOLDCORP(NEM) | -4.19% |
|
|---|
| 18 | BARRICK GOLD (GOLD) | -4.01% |
|
|---|
| 19 | AGNICO EAGLE MINES (AEM) | -2.13% |
|
|---|
| 20 | SILVER |
|
|
|---|
| 21 | SIL | -2.50% |
|
|---|
| 22 | SILJ | -2.62% |
|
|---|
| 23 | PAN AMERICAN SILVER(PAAS) | -5.72% |
|
|---|
| 24 | LITHIUM |
|
|
|---|
| 25 | SPROTT LITHIUM MINERS (LITP) | 0.25% |
|
|---|
| 26 | GLOBAL X LITHIUM (LIT) | 1.13% |
|
|---|
| 27 | ALBEMARLE (ALB) | 0.13% |
|
|---|
| 28 | SOQUIMICH (SQM) | -0.95% |
|
|---|
| 29 | LITHIUM AMERICAS (LAC) | 2.63% |
|
|---|
| 30 | PIEDMONT LITHIUM (PLL) | -3.08% |
|
|---|
| 31 | ARCADIUM LITHIUM | 0.61% |
|
|---|
| 32 | PATRIOT BATTERY METALS | 2.59% |
|
|---|
| 33 | COPPER |
|
|
|---|
| 34 | GLOBAL X COPPER MINERS(COPX) | -0.26% |
|
|---|
| 35 | BHP | 0.66% |
|
|---|
| 36 | RIO | 1.32% |
|
|---|
| 37 | SOUTHERN COPPER (SCCO) | 0.15% |
|
|---|
| 38 | FREEPORT MCMORAN (FCX) | 0.79% |
|
|---|
| 39 | FIRST QUANTUM MINERALS (FQVLF) | -0.82% |
|
|---|
| 40 | TECK RESOURCES (TECK) | 1.17% |
|
|---|
| 41 | OIL |
|
|
|---|
| 42 | XLE | 1.59% |
|
|---|
| 43 | EXXON (XOM) | 2.10% |
|
|---|
| 44 | CHEVRON )CVX) | 1.69% |
|
|---|
| 45 | OCCIDENTAL (OXY) | 0.77% |
|
|---|
| 46 | CONOCOPHILLIPS (COP) | -0.06% |
|
|---|
| 47 | MARATHON OIL (MRO) | 0.18% |
|
|---|
| 48 | HALLIBURTON (HAL) | 3.58% |
|
|---|
| 49 | COAL |
|
|
|---|
| 50 | RANGE GLOBAL COAL (COAL) | -0.58% |
|
|---|
| 51 | PEABODY ENERGY (BTU) | -0.86% |
|
|---|
| 52 | ALPHA METALLURGICAL (AMR) | -2.40% |
|
|---|
| 53 | ARCH RESOURCES (ARCH) | -3.83% |
|
|---|
| 54 | WARRIOR MET COAL (HCC) | -0.94% |
|
|---|
| 55 | URANIUM |
|
|
|---|
| 56 | GLOBAL X URANIUM (URA) | -1.89% |
|
|---|
| 57 | NICKEL |
|
|
|---|
| 58 | SPROTT NICKEL MINERS (NIKL) | -1.69% |
|
|---|
| 59 | RARE EARTHS |
|
|
|---|
| 60 | OPTICA RARE EARTHS (CRIT) | -0.23% |
|
|---|
Mega-Cap Meltdown Continues As 'Good News' Sends Rate-Cut Hopes ReelingBY Zero Hedge
FRIDAY, JUL 26, 2024 - 06:00 AM
KC Fed survey joined yesterday's Regional Fed surveys in the doldrums (as did today's plunge in durable goods orders) but of course, all eyes were sternly focused on Q2 GDP's beat.
That 'good news' sparked a hawkish shift lower in rate-cut expectations...
Source: BloombergThe Nasdaq lagged..again.. with Small Caps ripping higher. The S&P ended red again with The Dow clinging to gains...
Nasdaq has underperformed Russell 2000 for 11 of the last 12 days, erasing YTD outperformance for the big-tech index
Source: BloombergThis is the biggest relative underperformance of the Nasdaq vs Russell 2000 since the peak of the dotcom boom...
Source: BloombergSmall Caps were helped by a massive (almost 5%) short-squeeze today...
Source: BloombergMag7 stocks ended lower but bounced back off the initial puke...
Source: BloombergThe S&P 500 found support almost perfectly at its 50DMA (5433), bounced, then fell back below it again...
Nasdaq also bounced off its 100DMA yesterday, and faded back towards it today...
Goldman Sachs trading desk noted that they saw the
first buy-skew in a few days with our floor tilting +3% net to buy. Volumes tracking +25% vs the trailing 20days and ETFs capturing 30% of the overall tape.
- LOs buying Fins + Cons Discretionary vs selling Tech and Hcare though much less risk-off than yday. Yesterday’s sell off was mostly asset managers and today we are back to a true blend.
- HFs buying Tech, Discretionary, and Hcare vs selling Fins + Industrials. Interesting to note liquidity continues to be poor, tracking -30% vs the trailing 20 days.
Equity risk is back up at its highest since April, but bond vol remains muted... for now...
“It does seem that an unwinding has begun of popular trades that brought valuations to stupid levels,” Louis-Vincent Gave, chief executive officer of Gavekal Research, wrote in a note to clients.
Mixed day for bonds with the short-end underperforming (2Y +1bps, 30Y -5bps) reversing some of the recent very aggressive steepening of the curve...
Source: BloombergThe dollar chopped around like a penny stock today...
Source: BloombergGold was hit again, finding support at $2350...
Source: BloombergBitcoin slipped lower, finding support at around $64,000...
Source: BloombergBut ETH dramatically lagged BTC, erasing most of the post-May 'buy the ETF rumor' gains...
Source: BloombergOil prices bounced back to unchanged on the week...
Source: BloombergFinally, there's more room to run.
SPX: over the last ~100 years, median year has a SPX peak to trough drawdown of 13%. Believe it or not only been 4% which a typical drawdown taking us to 4900...
NDX: median drawdown is 16% or around another 9% from here based on last 40 calendar years – would put you at the ~1700 level...
But hey, we bounced today, so everything is awesome, right?
