Silver Soars As Nasdaq Underperforms Most Since 2009
Tyler Durden
Fri, 07/17/2020 – 16:00
Well that was not supposed to happen…
The Nasdaq 100 suffered its worst weekly underperformance relative to the S&P 500 since 2009…
Source: Bloomberg
Nasdaq found support after erasing all its gains relative to the S&P for the month…
Source: Bloomberg
Notably, the reversal this week in Nasdaq relative to the S&P was at a key level from the past and found support at that level…
Source: Bloomberg
As FANG stocks suffered one of their worst weeks since Dec 2018’s collapse…
Source: Bloomberg
And Nasdaq dared to put in a negative week (near its worst since March) – despite all the other majors green on the week (Small Caps outperformed)…
Likely overheard today…
China also had an ugly week…
Source: Bloomberg
Most of the damage to FANGs was done on Monday after its gap up, but Friday did not show the usual buying rampage…
Source: Bloomberg
While FANGs were dumped, Biotechs were bid for the 3rd week in a row to new record highs…
Source: Bloomberg
It appears TSLA momo has lost its mojo (pinned at $15000 for 3 days)…
As those far OTM options expire worthless…
Source: Bloomberg
Banks were mixed with GS and JPM outperforming…
Source: Bloomberg
Momentum dramatically underperformed value this week (first time in 6 weeks)…
Source: Bloomberg
Shorts were squeezed this week on Tuesday and Wednesday but were ominously quiet Thurs/Fri…
Source: Bloomberg
This won’t end well… options traders are at their most complacent since the peak of the dotcom bubble…
Source: Bloomberg
Treasury yields ended the week lower (no thanks to three decent selling surges)..
Source: Bloomberg
The dollar ended the week lower (3rd week lower in a row) to its lowest weekly close since early March…
Source: Bloomberg
Is the dollar about to breakdown hard?
Source: Bloomberg
Gold suggests it should…
Source: Bloomberg
Cryptos ended the week lower with Bitcoin the least worst of the bunch…
Source: Bloomberg
Commodities ended the week higher, led by a big move for Silver…
Source: Bloomberg
Silver is up for a 6th week in a row (up 10 of the last 11 weeks)…
Source: Bloomberg
Silver’s outperformance vs Gold has pushed the ration between the two down to its lowest since February (and back below the key 100x level)…
Source: Bloomberg
Finally, The Fed Balance Sheet rose very modestly in the last week…
Source: Bloomberg
And it appears the S&P future short squeeze is almost over…
Source: Bloomberg
And don’t forget, this whole market game is easy, right! Just buy the f**king overnight session…
Source: Bloomberg
What happens next?
Source: Bloomberg
Sleep Well.
via ZeroHedge News https://ift.tt/3jhvJdK Tyler Durden