Stocks Sink But Bitcoin Bursts To Record Highs On Cyber Monday

Whatever you do - remember "all is well"

 

Dow ended higher (with MMM and HD the biggest drivers) as Trannies, Small Caps (ugly into the close), and the Nasdaq red with S&P clinging to unchanged...until the very last minute...

NOTE - this is Nasdaq's first down day in the last five - and that was a very unusual ugly close.

Futures show that US stocks were weak in Asia, bid in Europe, ramped at the US open, then dumped at the EU close...

 

And don't forget Friday's flash crash in VIX...

 

It seems hope for a tax cut is fading a little...

 

It's Cyber Monday - so FANG stocks were lower, and of course, Amazon and Bitcoin were higher.

We'll begin with Bitcoin's massive weekend surge towards $10,000...

 

FANG Stocks sank

 

But Amazon hit $1200...

 

While Bitcoin grabbed all the headlines, Square was a bloodbath today on a downgrade (after bouncing last week on news it would test Bitcoin payments)...

 

The second worst day in the stock's history...

 

Did capital just rotate into Bitcoin?

 

High yield bond prices managed to scramble back up to their 200DMA... but that was it and HYG rolled over...biggest drop in 8 days

 

Treasuries were bid today with the belly of the curve outperforming long- and short-ends...

2s30s and 2s10s were dumped and pumped back to unchanged but ended with a very minor flattening.

 

The Dollar Index v-shape-recovered, troughing around the US cash open...

 

Gold was pushed all the way up to $1299 before 'someone' decided it was time to slam dump Yen and hammer gold... (North Korea headlines lit it up briefly)

 

Perhaps notably, it appears gold is playing catchup (relatively speaking) to the surge in Bitcoin recently... certainly the correlation is loose but positive...

 

WTI Crude had an ugly day on Keystone pipeline back on lines and rumors spread to manage expectations of the outcome from the OPEC meeting....

 

Comments

D.r. Funk Mon, 11/27/2017 - 16:06 Permalink

Countdown to tax bill armageddon. Like with Mccain as the shill, turncoat, asswipe on skinny-repeal Obamacare. Who's gonna be the shill. Breach of normalcy convergence > gutting of index top==SUB 11 VIX will, die, forever after this round==3% DRAWDOWN LAPSE not gonna hold forever==ADDITIONAL LEG closer to having its run, ended==PROGRAMMED ATH PSYOP ' cant go forever '

Squid Viscous Mon, 11/27/2017 - 16:10 Permalink

who's buying AMZN at 1200?still losing money off every incremental sale...and if they ever make a few $ someone will eat that for lunch, it's called no barriers to entrynugging futz!!

adr Mon, 11/27/2017 - 16:10 Permalink

I wish I could go back to the '90s. Back then it seemed unreal, but compared to now it was nothing at all.Maybe a massive CME hit the Earth in 2008 and killed us all. Like Lost we are all stuck in purgatory and unable to get out. It would certainly explain Obama being elected.

BandGap Number 9 Mon, 11/27/2017 - 16:55 Permalink

The older I get the more I realize the 70s were the last vestiges of normalcy we would be seeing for a long time. The glow lasted until the mid 80s, I suppose, but by the 90s the greed and corruption were in full swing (think Billary). The selling out of your self esteem and soul for $$ is now the way to go.No, I am glad I had my formative years in the 70s. Great rock, movies still had acting, the Russians really were our enemies and Playboy magazine understood biology. Yes, Barbie Benton.Funny, I see the country trying top roll things back to an earlier time....and I am not angry. Just stay the fuck off my lawn.

In reply to by Number 9

Keltner Channel Surf BandGap Mon, 11/27/2017 - 17:34 Permalink

I'd agree about a degree of 'normalcy' before MTV, but not sure movies and music were always better (current indiepop on Bandcamp from unknowns often blows away what we heard on AOR for creativity).  The one thing I don't miss is hearing Eric Carmen rip-off Rachmaninov on Top 40 radio:When I was young, I thought I needed only longsAnd selling short was just for funThose days are goneAll buys, no sellsDon't wanna tradeAll buys, no sellsAnymore

In reply to by BandGap