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

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...

Comments

D.r. Funk troubadourcapital Mon, 07/17/2017 - 16:16 Permalink

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. bearmarket.net 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 ...citadel. stfu. stfu troubadour. tell him to stfu.

In reply to by troubadourcapital

izzee Mon, 07/17/2017 - 16:10 Permalink

Seems like Goldman "nailed it" -

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

Squid Viscous Mon, 07/17/2017 - 16:25 Permalink

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 Mon, 07/17/2017 - 16:21 Permalink

To ElucidateThe 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 10am3 times last week are part of the Trump rally? So it's in perception-only. Deep state isNot on the trump team, yet creatinga higher and higher mountaintopusing trump to do so.Get the game ?

vegas Mon, 07/17/2017 - 16:26 Permalink

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. www.traderzoogold.blogspot.com

Anopheles Mon, 07/17/2017 - 16:27 Permalink

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. 

adr Mon, 07/17/2017 - 17:02 Permalink

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 (not verified) Mon, 07/17/2017 - 17:04 Permalink

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

Armed Resistance Mon, 07/17/2017 - 18:39 Permalink

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.