This page has been archived and commenting is disabled.

Commodities Plunging To 2002 Level Sends "Investors" Rushing To Safety Of Overpriced Tech Megacaps

Tyler Durden's picture




 

Overheard at The NY Fed today...

 

Volume continues to leak lower and breadth gets worserer but The Nasdaq can't help itself and The S&P so desperately wanted new record highs... Bullard broke the rally early but all that did was inspire JPY-driven carry to mount an attack on new highs in stocks..

 

Notable divergence once again today as Small Caps and Trannies were major underperformers...

 

Notably, from last Thursday's gap open, the divergence is very dramatic as the 4 horsemen of tech have gone exponential...

 

And off the lows pre-Greek deal...

 

As The Big 4 surge (but rolled over a little in last 30 minutes)

 

VIX was not playing along...

 

Nor is HY Credit...

 

Nor is breadth...

 

Finally - consider Nasdaq +10.5% YTD, Trannies -9.5% YTD

 

52-Week Lows soared again today despite some of the indices surging...

 

Treassury yields were volatile until Europe closed then died...

 

The USDollar managed a very small gain with Swissy weakness offset by SEK strength...

 

By the close Silver and copper were 1% lower, crude slipped further, and gold dropped 2.6%...

 

Gold monkey hammered overnight but scrambled some of the flush back - closes at 5 year lows...

 

Crude clubbed back below $50... driven almost perfectly by USD strength

 

Finally a reminder from earlier... Commodities are at 13 year lows!!!!!!

 

Charts: Bloomberg

Bonus Chart: What happens historically aftere Friday's 1%+ gain with terrible breadth?

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 07/20/2015 - 16:06 | 6333757 SWRichmond
SWRichmond's picture

I swear to god I don't know why anyone finds this unusual.  The entire economy is one big maniuplation of data.  If it's not real, we sure as hell don't need real things (like commodities and energy) for it, now do we?  It's all just a bunch of (phony) digits and data.

Mon, 07/20/2015 - 16:17 | 6333804 summerof71
summerof71's picture

Wait you mean to tell me that we don't really have 5% unemployment? And that inflation isn't 0.2% y/o/y? I thought the WSJ was reputable....!

Mon, 07/20/2015 - 16:19 | 6333814 BLOTTO
BLOTTO's picture

Its because the 99.998% are oblivious to this...

.

That our life is one giant cosmic lie.

Mon, 07/20/2015 - 16:21 | 6333833 Perimetr
Perimetr's picture

Wait . . . .

 

you misspelled "LEMMINGS"

Mon, 07/20/2015 - 16:35 | 6333914 Son of Loki
Son of Loki's picture

People I know are scared shitless about the possibility of losing their job even though most of them are very experienced engineers. Mortgages, kids in private schools, etc ... Middle Class people are being totally destroyed by the Fed+Barry's policies.

 

Every week it seems it gets Bleaker for the MC.

Mon, 07/20/2015 - 16:45 | 6333968 you enjoy myself
you enjoy myself's picture

and on top of that we're soon going to have a lot more Iranian techs coming here on relaxed H1B restrcitions.

Mon, 07/20/2015 - 19:29 | 6334771 Arnold
Arnold's picture

I thought they'd be Cubanos.

Iranians...........thought fart.

Mon, 07/20/2015 - 19:32 | 6333774 Arnold
Arnold's picture

Sounds like a good plan.

(snikker)

 

How are those ADD (accidental death and dismemberment) insurance policies selling, there, mutual insurance guys?

Mon, 07/20/2015 - 16:11 | 6333777 gregga777
gregga777's picture

Wall Street is a con by the rich designed to transform the middle class into the poverty class.

Mon, 07/20/2015 - 16:11 | 6333779 Xibalba
Xibalba's picture

"Hey guys!  Be sure to ramp the markets to validate what I just said...or you're FIRED!"

Mon, 07/20/2015 - 16:13 | 6333785 CHC
CHC's picture

WTF?!  What the hell do all those squiggly lines mean?!?!!!

Mon, 07/20/2015 - 16:14 | 6333794 stant
stant's picture

Deflation

Mon, 07/20/2015 - 16:19 | 6333817 yrad
yrad's picture

"It's nice to have nice things, Georgey"

Mon, 07/20/2015 - 16:19 | 6333820 m11nine
m11nine's picture

Time for another victory lap from Ritholz.

Mon, 07/20/2015 - 16:20 | 6333830 Son of Loki
Son of Loki's picture
American families spent 16% more on college this year

 

http://finance.yahoo.com/news/american-families-spent-16--more-on-colleg...

Mon, 07/20/2015 - 16:29 | 6333831 22winmag
22winmag's picture

Duplicate

Mon, 07/20/2015 - 16:21 | 6333838 e_goldstein
e_goldstein's picture

Sell All The Things?

Buy All The Paper!

Mon, 07/20/2015 - 16:21 | 6333840 22winmag
22winmag's picture

Do may stacks of liqour and tinned herring count as commodities?

Mon, 07/20/2015 - 16:49 | 6333843 cowdiddly
cowdiddly's picture

The Safety of a megacap? LOL

question 1. Do you hold a certificate in your name to your stock, preferably issued by the company? Nope?

Question 2 Does your broker who claims to hold in Street Name Have legal claim to it or hold the certifacate? NOPE

Cede and CO owns it all in their name and thanks you for the donation.

And remember that certain little basement depository in New York that was flooded in the hurricane that held all the documents, bonds, claims?

And then after they got it pumped out all that soggy paper somehow just majically exploded and burst into flames?

There is no records left of any legitimate claim of any piece of paper left in this country.

Good luck with your claim when they pull the plug.

Its the biggest fraud of in the history of the earth and they can and will steal it all if they want or have to.

Mon, 07/20/2015 - 16:55 | 6334034 adr
adr's picture

But, but, but E-trade says I own 500 shares of Netflix!!!!

They wouldn't lie would they? E-trade has a paper record of the shares that have been traded 10 million times in the last few hours right?

If I ask for stock certificates they will be able to send them to me in the mail. After all I OWN the shares. They are mine.

 

Ahhhh haa ha ha haaa

Little people really think they own shares of mega multinational corporations.

Mon, 07/20/2015 - 16:46 | 6333974 Squid Viscous
Squid Viscous's picture

Cramer today i bought some Facefuck, scamazon, Linked INN!, and Price-line, AM I DIVERSIFIED? 

Mon, 07/20/2015 - 16:56 | 6334044 adr
adr's picture

Man, you gonna be able to retire in like two months brotha.

WAY TO GO!!!! That's tha way ya DO IT!!!!

Mon, 07/20/2015 - 17:09 | 6334121 Bitcoin Meiser
Bitcoin Meiser's picture

"BUY! BUY! BUY!"

(Cramer sat on the "Buy" button by mistake.)

Mon, 07/20/2015 - 17:21 | 6334192 Fahque Imuhnutjahb
Mon, 07/20/2015 - 21:20 | 6335169 chopd livr
chopd livr's picture

what a bunch of clowns on Bloomberg trying to mock Rickards as a goldbug... they look and sound like absolute idiots and completely beneath his level. i don't know why he even bothers to talk to people like this. same as that snarky bitch Scott Nations on CNBC mocking Schiff  http://www.cnbc.com/2015/07/16/trader-slams-schiff-you-make-outlandish-p...  the detractors sound so desperate.

 

Mon, 07/20/2015 - 17:23 | 6334205 Be_Optimistic
Be_Optimistic's picture

So all the tangible "real" things are all worth shit and on the down. All the imaginary things are at record highs? I don't get it. 

Mon, 07/20/2015 - 17:30 | 6334231 Fahque Imuhnutjahb
Fahque Imuhnutjahb's picture
"When I use a word,’ Humpty Dumpty said in rather a scornful tone, ‘it means just what I choose it to mean — neither more nor less.’

’The question is,’ said Alice, ‘whether you can make words mean so many different things.’

’The question is,’ said Humpty Dumpty, ‘which is to be master — that’s all.”

Mon, 07/20/2015 - 18:30 | 6334543 Downtoolong
Downtoolong's picture

It's the new normal, where everything  virtual and online is priceless, and everything real is worthless.

Mon, 07/20/2015 - 20:24 | 6334985 AUD
AUD's picture

It's the other way around. Wildly inflating US credit is causing speculators i.e. the entire realm of global finance, to sell commodities & chase the rising prices of US credit.

Schiff is right that the bust will be bigger than ever.

Mon, 07/20/2015 - 23:32 | 6335681 JoWazzoo
JoWazzoo's picture

WTF happened to Sell in May?

Tue, 07/21/2015 - 00:17 | 6335790 Tom Green Swedish
Tom Green Swedish's picture

Im buying Gooble, Apple and Facebook.  Welcome to the future of lazy retardation.

Do NOT follow this link or you will be banned from the site!