Bonds, Bitcoin, & Bullion Bid; Big-Tech & Black Gold Skid

Today was supposed to be a buy the dip day… but that dip-buying effort failed in large part (Small Caps outperformed but suffered a big puke into the close)…

But all the majors remain red from last Friday…

“…as if millions of voices cried out in terror and were suddenly silenced…”

The Dow closed back below its 50DMA for the first time in 2 months…

Small Caps bounced off the 100DMA…

Mega-tech FANG stocks stumbled for a second day…

Source: Bloomberg

The flip-flopping rotation from cyclicals to defensives and back continued with defensives underperforming today…

Source: Bloomberg

Very strong 30Y auction, echoing yesterday’s very strong 10Y auction sent yields tumbling, erasing all the post-payrolls losses…

Source: Bloomberg

30Y yields back below 1.90% and 10Y yields fell below 1.30%…

Source: Bloomberg

The dollar reversed its brief rally after tagging the post-J-Hole plunge lows…

Source: Bloomberg

Bitcoin rebounded very modestly after Mastercard headlines, holding above $46k…

Source: Bloomberg

Wild ride in crude oil today, battered by China SPR release headlines, dip-bought, then inventory data and a super strong 30Y auction sent WTI reeling lower again…

Gold was just as choppy today but ended higher – testing back above $1800…

Finally, breadth stinks…

Source: Bloomberg