Bonds, Bullion, & Bitcoin Bid As S&P Suffers Lowest Volume Since 2005

Tyler Durden's picture

Judging by the volume and volatility today, this is the market's attitude...


Volume in the S&P 500 ETF (SPY) was its lowest non-holiday day since 2005!!

"Great" China data overnight seems to have triggered a sell-the-news moment in commodities and commodity currencies. China stocks also tumbled overnight after regulators warned of more deleveraging to come...This drove China Small Caps to their lowest since Jan 2015 (down 10% in the last week)...


US 'soft' data dipped today...


But the summer doldrums appear to be here in the states, as S&P, Dow, and Nasdaq barely budged all day (though Trannies and Small Caps did move)...FDX was the big weight on Trannies (as airlines outperformed)


VIX dropped to 9.71 intraday but could not ignite any momentum in stocks...and dared to lift back above 10 in the last hour


FANG Stocks dared to drop today... a dip to buy?


Retail was a big performer again (and Utes rallied) as the rest of the S&P sectors flatlined...Financials underperformed


Tesla had a tough day after Autopilot Crash headlines and Musk said the share price didn't deserve to be this high... as the day wore on Musk tried to save the day - *MUSK: TESLA STOCK IS "LOW IF YOU BELIEVE IN TESLA'S FUTURE" but investors didn't buy it... and then said that the driver didn't blame autopilot.


Blue Apron was Amazon'd...


Bonds were bid today with Treasury yields bull-flattening (30Y -3-4bps on the day)... (Japan was closed)

Today was the biggest 2s30s flattening in a month.


The Dollar Index gained very modestly on the day (but this was still the best day for the dollar in two weeks)...


Commodity-currencies weakened notably (AUD/CAD), as did Cable...


WTI crude leaked lower today (despite a flat dollar and 'strong' China) but managed to cling to $46.00 as it settled...


Gold and Silver are up 5 of the last 6 days...


Finally, after an ugly weekend, Bitcoin bounced back notably today...from 1830 to 2150!


Seems like Goldman "nailed it" - They predicted bitcoin would see a big drop before running to another record high. In a note to clients sent out Sunday, Sheba Jafari, the head of technical strategy at Goldman Sachs, suggested that while bitcoin's correction hadn't run its course, the cryptocurrency was ultimately heading higher. Jafari wrote bitcoin was "still in a corrective 4th wave" that "shouldn't go much further than 1,857." Which is almost exactly where it bottomed; and bitcoin enthusiasts shouldn't worry too much, according to Jafari, because from there she sees the fifth wave of the move taking the cryptocurrency to a record high.

"From current levels, this has a minimum target that goes out to 3,212 (if equal to the length of wave I)," Jafari wrote.


"There’s potential to extend as far as 3,915 (if 1.618 times the length of wave I). It just might take time to get there."

And Ethereum is up over 20% off the lows...

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troubadourcapital's picture

Year to date, EVERY single stock market (except Russia) is going up. Why? Because the global economic data is improving. Just look at the data! On balance, economic growth is solid. But if you want to argue that all the data is made up and conspiracy theories are right, then power to you

38BWD22's picture



Then why isn't platinum going up?  Pt and Ag use correlate nicely with economic conditions.

Nice to see BTC and gold partly out of the doldrums, at least for now.


EDIT: Not my red, gave up "reds" when I gave up the other stuff...

Mr Pink's picture

Silver back over $16!!

Yippy fucking skippy

robertsgt40's picture

I also hear tulips are on the move.

rado_watching's picture

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do...

order66's picture

Yeah, but look at valuations dumbass.

Look at debt.

If the underlying was so great, those things should be coming down.

D.r. Funk's picture

Gee zhers, funny how "really optimistic" post-ers keep ending up at the top of every market summary. I told you, there was clearly a campaign against permabears, against truthtellers, all of us.

I remain skeptical of Troubadour Capital. the impression he's one of us then spouting at least very very very contentious arguments or points.

Every single stock market up is because of Boj Ecb Fed Boe and shadow wall st installations at stfu. stfu troubadour. tell him to stfu.

Squid Viscous's picture

did you stay at a Holiday Inn Express last night?

BlueHorseShoeLovesDT's picture

Both he and the 3X ETF shoe shine boy stayed at a Holiday Inn Exprsss, in the same room.

mrtoad's picture

I dont need conspiracy theorys. I go straight to the Reserve bank of Australias website and they tell me all about their open market operations they use in the mornings and again in the afternoon if needed.

Appreciated Chelsea Clinton's picture


JRev's picture


crypto boyz if you haven't done so yet it's time to get dem coinz off exchange and into a secure wallet. exciting times ahead

jamesmmu's picture
Investor credit balances – “To say that investors are “all in” would be an understatement here. They’re leveraged to the gills.”

Clock Crasher's picture

First Majestic printed $8.00 today

Take that Bitcoin!

izzee's picture

Seems like Goldman "nailed it" -

if Goldman wants to push Bitcoin into the Statosphere, they do have unlimited access to Unlimited Free Money.

Rainman's picture

"When everyone is bragging about how easy they are making $=bubble," Mark Cuban said in a tweetstorm on Tuesday. 

Bunga Bunga's picture

The Fed will be buying Bitcoin soon, mark my words!

Iconoclast421's picture

So where is the obligatory NFLX article?

Squid Viscous's picture

even the Hutu's and Tutsi's in their mud huts are signing up for a month of free NFLX, bullish! extremely bullish!

Tylers where the netflix bashing article? c'mon man! you know the one that pretends that anyone gives a fuck about their cash flow

D.r. Funk's picture

To Elucidate

The deep state knows everyone thinks it's a Trump rally since Nov.

They are yanking it leg after leg higher under that pretense


Really?: The computer generated reversals at 10am

3 times last week are part of the Trump rally?


So it's in perception-only. Deep state is

Not on the trump team, yet creating

a higher and higher mountaintop

using trump to do so.

Get the game ?

swizzlefoot's picture

got back in @ $2080; NEW HIGHS plz

vegas's picture

Another shit day of nothing, thank you central bankers. You know things are fucked up when Bitcoin gets press. Somebody audit the U.S. Government and find out how many SP500 futures contracts they are long; I'm betting it's way more than people think.

Anopheles's picture

Seems like Goldman "nailed it" - They predicted bitcoin would see a big drop before running to another record high.

Oh wow, appling technical analysis to an emotionally driven puchace? Oh yeah, that makes sense...  NOT. 

Rick Cerone's picture

Volume? What's that?

poland spring's picture

Goldman using Elliot wave theory?

Bunga Bunga's picture

They should use Elliott on S&P. Dare they?

FreeShitter's picture

LTC to 70+ after Aug 1st

adr's picture

Yay, so Bitcoin trades based on bullshit technical wave patterns. YES BECAUSE IT HAS TO REBOUND TO LEVEL A AFTER HITTING LOW C, BECAUSE WAVE PATTERNS!!!!!

Leave realty behind because computer fractal patterns solve all. I guess when you have nothing, you have to base movement on something.

Do people actually think stocks and investments are living breathing things?

It's like saying gaps have to be filled because they have to be filled. Why? Just because?

Remember when you'd get yelled at when you said because, because that wasn't an answer?

Yeah well fuck you teachers and parents, stocks and cryptos go up because.

roisaber's picture

BTC is worth nothing, USD is worth like negative two quadrillion. It's funny how good nothing looks by comparison.

Bunga Bunga's picture

This feeling comes to my mind when I see California houses, rotten wood, horrible electrical wiring, broken sewer pipes, crappy doors and windows, all just covered with paint, granite counter tops, flatscreen TVs and a Tesla on the driveway.

Armed Resistance's picture

Precious Metals are like a battered housewife that gets knocked around only to be propped back up for another bitch slap! Luckily for me, every time they're flattened I simply say "thank you sir, may si have another?" before getting off of the floor.