“Powell, we love you, but you only have seven-and-a-half hours to save the market”…
Netflix spoiled the market’s party last night…
But – China’s National Team seemed busy at the close to save the day…
And – European stocks were levitated…
AND – as the US equity market opened for business this morning – just like that, the Nasdaq went vertical…
For some context of how unusual this is…IT’S NEVER HAPPENED EVER BEFORE!!!!
This would be the first time in the history of $QQQ that it gapped down more than 1% at the open and reversed to close at a 52-week high.
— SentimenTrader (@sentimentrader) July 17, 2018
The bond market was thoroughly unimpressed by the sudden buying panic in stocks…
One thing is notable – the oddly systemic pumps and dumps intra-month in stocks are lining up awkwardly well with the Fed’s SOMA unwinds…
A big BTFD in FANGs today…to a new record high
Treasuries were practically unchanged on the day, despite the surge in stocks…
But the yield curve flattened, erasing yesterday’s steepening…
The Bloomberg Dollar Index surged today, erasing yesterday’s weakness…
Cable had an ugly day as May once again found herself fighting for survival…
Yuan tested up to its Fix again then dumped…
Cryptos screamed higher today…
With Bitcoin back above $7,000…
Gold and silver were whacked but crude continues to languish…
Gold dropped to 18 month lows…
Finally, we note this happened…
via RSS https://ift.tt/2Ln7SrN Tyler Durden