Market News

Bullion, Bonds, & Bitcoin Jump As Stocks Slump

2020 07 23 13 00 03

Bullion, Bonds, & Bitcoin Jump As Stocks Slump

Tyler Durden

Thu, 07/23/2020 – 16:00

Just when you thought it was safe to buy any dip, we suffer the worst day in stocks in over 6 weeks as a series of headlines weighed on sentiment…

  • 0830ET *FIRST RISE IN INITIAL JOBLESS CLAIMS SINCE MARCH

  • 1035ET *FLORIDA POSTS RECORD 173 DAILY VIRUS DEATHS AMONG RESIDENTS

  • 1320ET *HOUSE ANTITRUST PANEL TO EYE AMAZON, APPLE, FACEBOOK, GOOGLE

  • 1335ET *APPLE FACING MULTI-STATE CONSUMER PROTECTION PROBE

But then, in a panicked moment from The Fed as losses accelerated, the collapse stalled as this hit…

  • 1430ET *FED BROADENS FIRMS IT WILL TRANSACT WITH ON THREE LOAN PROGRAMS

But we suspect The Fed is “gonna need a bigger boat”…

Nasdaq led the markets lower with Small Caps outperforming…NOTE the battle that occurred in the last 90 minutes to stabilize the market – makes you wonder who kept bidding every tiny dip to the day’s lows…

<!–[if IE 9]><![endif]–>

Today’s move erased most of the Nasdaq outperformance of the Russell 2000 this month…

<!–[if IE 9]><![endif]–>

Source: Bloomberg

FANG Stocks extended their losses, erasing all of Monday’s panic-bid gains…

<!–[if IE 9]><![endif]–>

Source: Bloomberg

AAPL was downgraded by Goldman (citing its price appreciation as “unsustainable”) and tumbled then accelerated on the consumer fraud probe… this is AAPL’s worst day since 3/20

<!–[if IE 9]><![endif]–>

MSFT is back in the red for July and FB & AAPL are also rapidly erasing their July gains (AMZN is still leading on the month)…

<!–[if IE 9]><![endif]–>

TSLA earnings smashed expectations but investors appear to have finally started looking through the smoke and mirrors

<!–[if IE 9]><![endif]–>

And as stocks tumbled, safe-haven and alternatives were bid, with Treasury yields falling further…

<!–[if IE 9]><![endif]–>

Source: Bloomberg

This is the lowest 10Y yield close since 4/21 (and 2nd lowest close ever) as stocks remain a post-modern version of reality…

<!–[if IE 9]><![endif]–>

Source: Bloomberg

Gold  rebounded off early efforts to hammer them…

<!–[if IE 9]><![endif]–>

But silver did notably did not after its recent surge…

<!–[if IE 9]><![endif]–>

Bitcoin legged higher again on the day…

<!–[if IE 9]><![endif]–>

Source: Bloomberg

Ethereum really surged the last few days…

<!–[if IE 9]><![endif]–>

Source: Bloomberg

Pushing ETH to its highest since Feb 2020…

<!–[if IE 9]><![endif]–>

Source: Bloomberg

The Dollar was lower again but tried hard to rally back late on (another intraday pump and dump though)…

<!–[if IE 9]><![endif]–>

Source: Bloomberg

Pushing the Dollar Index to its lowest of the year…

<!–[if IE 9]><![endif]–>

Source: Bloomberg

Oil prices fell on the day as stocks sank with WTI findingh brief support at $41..

<!–[if IE 9]><![endif]–>

The silver weakness today stabilized the recent plunge in the gold/silver ratio…

<!–[if IE 9]><![endif]–>

Source: Bloomberg

Finally, the acceleration in cases has slowed and while the deceleration in deaths has stalled, there is no sign of an imminent wave of plague-like fatalities anytime soon… (paging Dr.Fauci)

<!–[if IE 9]><![endif]–>

Source: Bloomberg


Source: zerohedge.com

Follow us:
Visited 7 times