@dawson4life , can you now read it?
Dow back above 26k putting on 369 pt gain to close at 26,075 while the S&P500 at 3185 up 1% , while Gilead caused the initial market optimism with its Remdesivir drug update, that didnt last (not anymore), it was definitely another force at work. The usual suspects gained again, Tesla +10.78%, Amazon another all time high $3200 , but wait Carnival and Royal Caribbean are both higher too at +10.84% and 9,87%. Who knows right, Trump's PPT may now be working with Portnoy. But you would all be left guessing when the push comes. Clearly, the big names were pushed up to support the indices.
Gold held onto its weekly 9 year high above $1800 while silver did ditto at $19, though precious metal stocks had to take a breather after a strong week with GDX lower by 1%, GDXJ by 0.5% and PureFunds Junior Silver unchanged.
https://www.cnbc.com/video/2020/07/...-fund-manager-michael-novogratz-predicts.htmlBig-Tech Bid, Small-Caps Skid As Gold Hits 9 Year Highsby Zero Hedge
Fri, 07/10/2020 - 16:01
On the week, Nasdaq has soared higher once again, notably divergent from the rest of the markets with Small Caps actually down on the week...
Which has sent the ratio of Megacap-Tech to Small Caps back near a record high...
Nasdaq is up 8 of the last 9 days and 17 of the last 20 days - this is easy!!!
Interestingly, today saw the week's performances flip with Small Caps surging as Nasdaq slipped. Markets were sold at the cash open then immediately ramped higher...
Spot the odd market out (Chinese stock speculation re-erupted this week)...
Source: BloombergMedian US stocks continue to diverge significantly from the handful of megatech stocks driving the Nasdaq ever higher...
Source: BloombergNotably Defensives and Cyclicals have rallied tick for tick higher since the European close yesterday - very unusual moving together...
Source: BloombergAnd then there's TSLA - up from $1000 to $1500 in 7 days...
And who's buying?
TSLA's now as big as JPMorgan... and TSLA is now bigger than Ford + GM + BMW + Daimler + Volkswagen combined
Source: BloombergTreasury yields touched a two month lows today...
Source: BloombergThen ripped back higher with 5Y and 2Y unch on the week, the long-end still notably lower (and the curve flatter)...
Source: BloombergThe Dollar ended lower on the week, chopping around in a tight range...
Source: BloombergCryptos were all higher on the week, led by Ripple...
Source: BloombergCopper was the week's high-flier as China erupted in speculative excess. Oil was down...
Source: BloombergBig intraweek drop in WTI was bid back above $40...
Silver held above $19...
And gold clung to $1800...
Spot Gold reached back to its highest since 2011...
Finally, you have to laugh right...
Bonds ain't buying it...
Source: BloombergBecause fun-durr-mentals...
