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Bitcoin, Brent, & Big-Tech Bid As Putin-Promises Trumped Piss-Poor Permits

Tyler Durden's Photo
by Tyler Durden
Tuesday, Jul 19, 2022 - 07:16 PM

Europe led US stocks higher after Reuters reported that NS1 will reopen gas glows as planned on Thursday. Germany and Italy led the way...

Source: Bloomberg

US stocks shrugged off ugly housing data that showed single-family home starts and permits crash and exploded higher after the NS1 headlines amid a massive short-squeeze. Small Caps were the day's biggest gainers followed closely by Big-Tech (Nasdaq was up over 3% today!!)...

"Most Shorted" stocks soared over 6% off their opening lows...

Source: Bloomberg

All the US majors broke back above the key technical 50DMA level...

Short-term rates shifted hawkishly today but next year's rate-cut expectations also increased...

Source: Bloomberg

Treasury yields rose today with the short-end underperforming (2Y +5bps, 30Y +1bps) with the 10Y Yield back above 3.00%. The entire curve is up around 10bps on the week...

Source: Bloomberg

The dollar slipped lower for the 3rd straight day, back near two-week lows...

Source: Bloomberg

Cryptos surged today with Bitcoin back above $23,500 - six-week highs...

Source: Bloomberg

And Ethereum topped $1600...

Source: Bloomberg

Gold ended basically unchanged, managing to hold above $1700...

US and EU NatGas prices slipped modestly lower on the day after the NS1 headlines...

Source: Bloomberg

WTI closed back above $100...

Finally, the good news continues with gas prices now at their lowest in just over a month (back below $4.50)...

Source: Bloomberg

Bear in mind though that for the week ending March 28, the week before President Joe Biden announced that the government would release a million barrels of oil per day from emergency stockpiles, gasoline prices were $4.231, according to weekly EIA data - 25.9 cents less than prices at the pump today.

BUT, given WTI's move, we suspect this slump in pump prices could be over (and the mini-bounce in Biden's approval ratings dies in darkness).

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