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Turbocharged Trannies Outperform As Semis Suffered; Crude & Cryptos Crash

DATE POSTED:July 16, 2019

If Trump is Tariff-Man, then Powell is Rocket-Man, sending stocks to the moon Alice (but today his chatter could not hold markets green)...

 

Trump tamped down stocks by raising concerns about the China trade truce, Powell promised to save the world in a speech in Paris... but it wasn't enough...

 

S&P broke a 5-day win streak but Nasdaq was worst on the day with Trannies soaring...

 

FANG Stocks appears to have hit the wall again...

 

 

German stocks dominated Europe's continued dip-buying bounce...

 

But Chinese stocks went nowhere after Monday's mysterious panic bid...

 

Credit markets decompressed notably on the day (though rallied back a little in the afternoon)...

 

Treasury yields were up 2-3bps across the curve today but 30Y remains lower (in yield) on the week...

 

The dollar surged back up near last week's Powell comments levels...

 

Cryptos were clubbed today as the Facebook Libra hearings raised the specter of further regulatory panic among US lawmakers...Ethereum has bloodbath'd down almost 30% since Friday...

 

With Bitcoin battered back below $10k, near one-month lows...

 

Big day for silver as crude prices were pummeled...

 

Oil prices plummeted as positive words from Pompeo on Iran derisked any geopol premium in crude...

 

Gold was down on the day but futures remained above $1400...

 

Silver is dramatically outperforming gold (after the ratio hit 26 year highs)

 

Finally, Deutsche is not Lehman, ok!

And Tesla is not Enron.

And 2019 is not 1998...

Trade accordingly.