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Stocks Sink As Silver Soars To Best Week In 40 Years

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Stocks Sink As Silver Soars To Best Week In 40 Years

Tyler Durden

Fri, 07/24/2020 – 16:01

FANG Stocks dared to have their first consecutive weekly close lower since the March collapse…

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Source: Bloomberg

Which pushed Nasdaq to its second weekly loss in a row and underperformance this week… After Monday’s meltup, it was downhill (and remember this has typically been the pattern post VIX options expiry)…

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Notably, Nasdaq has reversed at a key historical level of richness relative to the S&P…

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Source: Bloomberg

Perfectly testing and failing at the dotcom peak…

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Source: Bloomberg

AAPL was clubbed like a baby seal…

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AMZN was monkeyhammered late in the week (again) but managed to cling to green on the week…

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TSLA was twatted…

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Boeing didn’t help as emergency FAA headlines hammered it…

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Is this the start of the herd move out of the high-flyers?

And as stocks were sold, ‘safe-havens’ like bonds, bullion, and bitcoin (and ethereum) were bid…

The long-end of the yield curve dropped around 10bps on the week with the short-end flat…

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Source: Bloomberg

10Y Yield back near intraday lows

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Source: Bloomberg

Cryptos screamed higher this week dominated by Ethereum…

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Source: Bloomberg

Pushing the biggest altcoin to February highs…

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Source: Bloomberg

Gold gained notably on the week with spot back above $1900, back near 2011 record highs…

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But while gold gained significantly, this week saw silver surge over 17% to $23…

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Its best week in 40 years (since The Hunt Brothers tried to corner the silver market)…

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Source: Bloomberg

And investors appeared to reject the USDollar (falling for the 4th straight week)…

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Source: Bloomberg

Sending it lower for the year…

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Source: Bloomberg

Precious metals dominated the week in commodity land with copper stalling and crude sliding as the week progressed…

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Source: Bloomberg

Dr. Copper has stopped signaling a resurgence in growth, stalling at key levels once again…

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Source: Bloomberg

Silver is now outperforming gold YTD…

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Source: Bloomberg

Finally, WTF is going on here… (stocks at record highs, bond yields at record lows)…

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Source: Bloomberg

And one has to ask what the message of the market is…

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Source: Bloomberg

Are the Sino-US tensions raising doubts about the dollar and sending the world into ‘real’ money?


Source: zerohedge.com

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