Turmoil In Tech, Trannies, & Tobacco As Dollar Dumps To 2-Year Lows On Dismal Data

Tyler Durden's picture

Some folks' stocks turmoiled but the message is clear...


Mixed bag on the week with Trannies tumbling most since Brexit, Dow outperforming on earnings beats, and tech weighing on Nasdaq and S&P...


Today's goal was to get the S&P green on the week and the instrument of choice was monkeyhammering the VIX again...BUT it failed!


Retailers and Energy stocks were best on the week and Utes worst...


Despite equity gains today, protection remained bid as VIX had its biggest weekly gain in 2 months...


Tobacco stocks got smoked...


FANG Stocks had their first down week in the last 4...


Jeff Bezos had an eventful week...


Treasuries ended the week higher (despite weak data, a dovish Fed) as we suspect the yuge ATT issuance and Risk-Parity deleveraging had an impact...


However, 30Y rallied back lower in yield today after GDP's miss...


The Dollar Index tumbled back towards the post-Fed lows today after bouncing yesterday... This was the lowest weekly close for the dollar since May 2015


WTI had its best week since the first week of Dec 2016, soaring almost 9% on the week...ending the week above its 200DMA just shy of $50...


Gold rose for the 3rd straight week -  breaking through its 50-, 100-, and 200-DMA and back to pre-Fed Rate-Hike levels...


Once again 'hard' data is plumbing new lows as 'soft' survey data limps higher on a magic carpet ride of hope...


This is probably nothing...


Finally, this... blow-off top next week?

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isperia165's picture

Nicotine won the day for buy the dip on PM.


Rainman's picture

exactly .... during the last Depression alcohol and tobacco were the clear winners !!

Squid Viscous's picture

this time it's gonna be cheap smack cut with a healthy dose of fentanyl...

#USA winning!!

LawsofPhysics's picture

Remind me, what is all that "value" priced in again...?


"Full Faith and Credit"

Placerville's picture

Dollar is at a two year low....Are  Gold & Silver at two year highs?  Blythe?...Jamie?...Lloyd?...Janet?...Anyone?

Kaiser Sousa's picture

from yesterday..

"well there u have it… another “all time record high” on the Dow Jones Propaganda Index courtesy of "investors” rushing in to buy the dip in the last hour of “trading …"

"when the same shit happens every day there's no need to write...just cut & paste..."

- Kaiser Sousa -


ps: comical watching"them" trying to park Gold at $1269 & Silver at $16.69...

ThirteenthFloor's picture


Me thinks, AU is getting ready to break out of its parking spot...


veritas semper vinces's picture

Yes.This is like Groundhog Day with a touch of Godfather and Apocalypse Now

D.r. Funk's picture
To the overseers, Trying to outlast bears: you.cant.get.under.11.vix.much.longer.NOW "John Henry" swung his hammer 1 more time than the machine. You are trying to outlast me. overseers of the vix game, i can wait
Clock Crasher's picture

Gold completed forming a 12 month wide inverted head and shoulder.  Closed deep green on the weekly time frame above the declining neck line.

I hear the choppers coming.

spastic_colon's picture

blowoff top started in november.....will prob end next march ish.....it is so very rigged as the ETF's are skewing all metrics but allowing global central banks to sell into rallies even as the index heavy weights go down yet no follw thru on the index.......allowing the world govt's to clandestinely own the asset markets while the absolutely either complicit or just plain stupid politicians rubber stamped our fate was bullshit.

vegas's picture

Another unbelievable bullshit trading session in "Unicorn Meat" a/k/a SP500 & Dow30. Stocks must never be allowed to go down no matter what; fuck Amazon, fuck Russia, fuck Congress, fuck McCain especially along with every other RINO. Only thing that matters is the green close. Day of reckoning is approaching.



Clock Crasher's picture

Stocks may have reached escape velocity. Dow 31,000 makes as much sense as Dow 21,000.  

LawsofPhysics's picture

"Day of reckoning is approaching." --

You sir, are an optimist.

The "markets" are dead and will be long after the killing has begun in earnest. Same as it ever was.

In the meantime...

"Full Faith and Credit"

Praetorian Guard's picture

Holy fucking shit!!! On a macro level the markets / DJIA has gone fucking exponential approaching a vertical asymptote. This is not going to end well.


Come join us for free at www.gunsgrubandgold.com ALL are welcome.

Miss Expectations's picture

So, cut nicotine levels in cigarettes by 50% and you'll have to smoke twice as many for your nicotine fix...doubling the sales, doubling the take in sales taxes.

Then, double the tax on vaping...see what's happening?

debtor of last resort's picture

They'll vaporize vaping too. Thank god i have my own moonshine shit.

NoWayJose's picture

No, the Dollar is being dumped because of John McCain and the hapless Republican Senators who cannot pass any healthcare reform, tax cuts, debt ceiling increase, infrastructure package, Border wall, etc, etc

World citizen's picture

Print money = devaluating currency = higher stock prices

What part don't you understand?


World citizen's picture

Print money = devaluating currency = higher stock prices

What part don't you understand?

Sorry for the duplicate...


polo007's picture


IMF says US dollar overvalued; euro, yen, yuan broadly in line with fundamentals

WASHINGTON (Reuters) - The International Monetary Fund on Friday said that the U.S. dollar was overvalued by 10 percent to 20 percent, based on U.S. near-term economic fundamentals, while it viewed valuations of the euro, Japan's yen, and China's yuan as broadly in line with fundamentals.

The IMF's External Sector Report - an annual assessment of currencies and external surpluses and deficits of major economies - showed that external current account deficits were becoming more concentrated in certain advanced economies such as the United States and Britain, while surpluses remained persistent in China and Germany.

While the report assessed the euro's valuation as appropriate for the eurozone as a whole, it said the euro's real effective exchange rate was 10-20 percent too low for Germany's fundamentals, given its high current account surplus.

Britain's pound, meanwhile, was assessed as up to 15 percent overvalued compared to fundamentals, which include a high level of uncertainty over Britain's post-Brexit trading relationship with the European Union.

The Fund said the dollar's appreciation in recent years was based on its relatively stronger growth outlook, interest rate hikes versus looser monetary policy in the eurozone and Japan, as well as expectations for fiscal stimulus from President Donald Trump's administration.

But so far this year, the dollar index, .DXY the broad measure of its value against other major currencies, is down more than 8 percent this year and is off to the worst start to a year since 2002.

The IMF recommended that U.S. authorities take steps to shrink a current account deficit that remains too large, by reducing its federal budget deficit and passing structural reforms to increase the savings rate and improve the economy's productivity.

"It's important to address imbalances, because if they're not dealt with appropriately and through the right policies, we could have a backlash in the form of protectionism," IMF Research Division Chief Luis Cubeddu told a news conference.

Cubeddu said that the persistence of current account surpluses in export countries such as China and the growth of deficits in debtor countries such as the United States suggested that the problem would not clear up automatically.

"That is, prices, savings and investment decisions don't seem to be adjusting fast enough to correct imbalances. This partly reflects rigid currency arrangements, but also certain structural features, like inadequate safety nets, barriers to investment, which leads to undesirable levels of savings and investment," he said.

ClownBaby's picture

What are trannies? I would google it but I'll have to sift through a bunch of weird shit to find out the financial meaning.

Conax's picture

The "markets" are so un-free the blow-off top won't be permitted.  It will be allowed on upward, slowed, then maintained (PPT) at whatever higher plateau it reaches. They must keep those muppets calm, fat and onboard.

then finally one day - -  - - *pop*

I come here daily to see if it popped when I wasn't looking.

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