If You’re Buying Stocks During The US Day, You’re Doing It All Wrong
Tyler Durden
Wed, 05/27/2020 – 16:01
Big rollercoastery day in stocks as overnight gains in futuresville were once again erased after the open, only to be ramped back magically…Small Caps ended the day up over 3%… for absolutely no good reason at all (and don’t ask us why it was panic-bid into the close, why not!)
For some context, May has been a terrible month for anyone buying during the US day session. The S&P 500 is up 171 points during the overnight sessions and up 1.3 points during the day session…
So, adjust accordingly…
Fears over mega-tech Chinese firms delisting and increased sanctions against China over its dealings with Hong Kong, sent the yuan to its record low intraday…
Source: Bloomberg
These headlines also hit FANG stocks hard (as well as threats from Trump over social media bias)…
Source: Bloomberg
Trannies are now up around 8% on the week (as airlines take off on re-opening/vaccine “hope”), and Nasdaq scrambled back into the green on the week…
The market was helped early on when Robinhood went down and that reversed the downtrend…
Source: Bloomberg
The major reversal in momentum vs value in the last two days continues…
Source: Bloomberg
The Dow pushed up to its 100DMA today
Bank stocks surged for the second day in a row…
Source: Bloomberg
Bonds were mixed today with the long-end bid and short-end seeing modestly higher yields…
Source: Bloomberg
10Y Yields tumbled from overnight spike highs back to unch on the week…
Source: Bloomberg
Choppy day in the dollar today, but it ended higher..
Source: Bloomberg
Bitcoin appeared to benefit from yuan weakness…
Source: Bloomberg
Oil was down hard today ahead of tonight’s API inventory data after headlines about Russian production…
Precious metals were punched lower once again around the London Fix but bounced back dramatically…
Silver outperformed gold, pushing the gold/silver ratio to 98x – its lowest since 3/12…
Source: Bloomberg
Gold in Yuan fell back within its recent range…
Source: Bloomberg
Finally, this won’t end well…
Source: Bloomberg
via ZeroHedge News https://ift.tt/2X8SSpQ Tyler Durden