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?
Nasdaq 100 performance after worst breadth on a day it gains >+1%. $NDX [24] pic.twitter.com/4KokfHIrjW [25]
— Jason Goepfert (@sentimentrader) July 17, 2015 [26]
















