A flash in the pan in the day of the stock market saw the Dow retraced 380 pts from its 470 pts gain at the peak following the better than expected job numbers, settling at the end of the day at 25,827 unable to close above 26k, while the S&P500 closed 0.45% at 3130 higher by 14 pts briefly cracking through the key resistance of 3150 but unable to stay above it. It was interesting to watch the Dow losing steam and gold recovering as POTUS gloats over the better job numbers , an occasion he decided to personally attend to instead of Kudlow in the past (no secret he only loves winning ).
Nothing stood out other than Tesla 8% run to $1209, making it the biggest global car maker in the world - is this the real deal or the real hype? Facebook initial positive opening lost ground ending with a 1.74% drop on continued worries about boycotts from major advertisers.
It was a whipsaw move on the gold front which saw its rise in European trading, down big an hour before the job numbers , and then rising as POTUS gloats over them before ending at $1788 higher than the $1772 when ASX closed yesterday. The whipsaw confused market participants and consequently gold equities closing a tad lower.
Stocks Soar To Best Week In 3 Months As COVID-Comeback Concerns Mount
by Zero Hedge
Thu, 07/02/2020 - 16:01
Perhaps the market is seeing the scaremongering from health officials for what it is is and calling locking-down-politicians' bluffs? US COVID cases are soaring... (just don't mention the low death rates)...
Source: Bloomberg
And that maybe why stocks were majestically pumped to their best week in almost 3 months as PMIs and jobs data beat (just don't mention jobless claims or factory orders)... After last Friday's COVID scare plunge, this week saw Nasdaq outperform, surging almost 6% to a new record high...
But they did suffer a very weak close - erasing the jobs spike...
$ES pic.twitter.com/oe8lFr4Az5
— FXHedge (@Fxhedgers) July 2, 2020
Year-to-date, gold is the best-performing asset, slightly outperforming bonds, with the dollar modestly higher while The Dow is down 9%
Source: Bloomberg
However, Nasdaq is just outperforming gold in 2020, up 19% at today's close...
Source: Bloomberg
Tech valuations are a little rich...just a smidge...
Source: Bloomberg
The S&P bounced almost perfectly off its 200DMA...
The Dow was unable to break back above its 200DMA...
Because, once again...
Today's price action in factor land mimicced yesterday's - with an opening gap down in momo that was quickly panic bid...
Source: Bloomberg
Very little differentiation between cyclicals and defensives this week - just buy it all...
Source: Bloomberg
And opening surge in banks was sold all day...
Source: Bloomberg
The Treasury market closed early today (at 1400ET) but on the week, the long-end notably underperformed (30Y +6bps, 2Y -1bps)...
Source: Bloomberg
The 10Y Yield tried twice and failed to bet back above 70bps...
Source: Bloomberg
The dollar index fell on the week for the first time in 4 weeks...
Source: Bloomberg
Cryptos dipped today, back into the red for the week...
Source: Bloomberg
All the major commodities were higher this week, led by oil...
Source: Bloomberg
WTI is back above $40...
Gold was briefly back above $1800 this week...
Finally, nothing sums up the market idiocy like TSLA...
Earnings, schmearnings...
Source: Bloomberg
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