Tech Stocks Soar To Record High As US Macro Tumbles To 8-Month Low

So this happened...

Which made us think of this...

So much for all those naysayers fearing the impact of a global trade war... US equities love trade tariffs!!

Record highs for Nasdaq... Dow (blue) outperformed, outpacing Nasdaq on the day, as Boeing added most (wait, isn't Boeing supposed to suffer from a trade war?),Trannies were disappointed by Energy weakness...

NOTE - stocks pretty much went nowhere after the open.

VIX tumbled back to a 12 handle...

 

FANG stocks are roaring higher to a new record high today: the last two days have been the biggest jump since the rip higher off the mid-Feb lows...NOTE - the FANG stock opened at the lows of the day and closed at the highs for the last two days.

 

Tech stocks continue their march higher relative to financials... this won't end well...

The ratio of tech to financials has only been higher from Feb 2000 to March 2000.

Growth continues to surge (despite the collapse in the yield curve)...

 

And while bond yields have bounced they remain notably decoupled from stocks...

 

European HY spreads have compressed, but remain wide of US HY for now...

 

Treasury yields rose today, basically erasing last week's moves to unchanged from the Friday before Memorial Day...

 

The yield curve ended very modestly flatter on the day but 2s30s did briefly dip to a new cycle low at 55bps... (and 2s10s just 41bps)

 

Don't get too excited about today's extension in 10Y Yields - it looks like a run-stop on very low volume...

 

The Dollar Index ended the day modestly lower but after ramping back during the US session from overnight weakness...USD remains in a very narrow range...

 

Cryptocurrencies faded today after a strong weekend...

 

Commodities were very mixed with Copper surging and crude crushed... PMs ended unch...

 

WTI Crude tumbled to a $64 handle - neat two-month lows

 

WTI broke below its 100DMA...

 

Gold tested back above $1300 today but was rejected again...

 

Comments

Buckaroo Banzai TheWholeYearInn Mon, 06/04/2018 - 16:30 Permalink

FANG = Facebook, Apple, Netflix, Google.

These aren't "Tech" stocks, they are more properly classified as "Niggertech" stocks. Because this shit represents an almost completely unproductive application of technology. If these four companies vanished tomorrow, the actual productive enterprises of the world would carry on almost entirely unhindered. This shit is suitable only for keeping niggers--and people who love niggers, or desire to emulate niggers--distracted, disinformed, and misinformed.

In reply to by TheWholeYearInn

D.r. Funk Mon, 06/04/2018 - 16:07 Permalink

"Ok" "Eat this"

When bad news and negative data was good news?
Nah so what prompted today when there was nothing?
was NEVER the market reacting was the CB-CIRCLE

1)Futures built up slowly last night (tripledigit by 4am)
2)So there was no single popup headline
3)Europe already reacted to nfp friday
4)ALSO - SO IT'S NOT -- MEAN REVERSION
5)However futs were EASILY and OBVIOUSLY primed
6)The logic over and over, by 2015 at the latest,
demonstrates someone is providing intent, to movements
7)Of course levitation without fluctuation entire day, "investors
are just happy" with the level attained, the entire day
8)LOL fuckin manipulators know they are in final stage,
final countdown but hate seeing some not backdowncapitulate

My inverse accts are doing just fine bankster cartel masterminds
 

Conax Mon, 06/04/2018 - 16:16 Permalink

These mockets are faker than a $10 Rolex.

They opened at the high and stayed there all day.

Got to keep them muppets confused.

"Gold tested back above $1300 today but was rejected, er, hammered down yet again.."  FIFY.

Son of Captain Nemo BandGap Mon, 06/04/2018 - 16:35 Permalink

Yeah... You're right!... And if we really wish to get more precise and depressed at the same time 1913 that made it ALL possible!...

The only reason I like using 2001 is that it really was the "last rail" moment to save it from itself one last time before "disappearing".  Could have had our civil war before Bush gave US his second rigged election and the biggest insult of ALL TIME, the "9/11 Commission Report" that said "shut the fuck up now"... I'm the decider I decide or you die!... But we just took it.  Even when we knew what a lying torturing, murdering thieving sack of shit he was and that inevitably if it was allowed to continue it would end badly!

Looking back on 2004, something tells me in a very short time we will wish we had made some major sacrifices 14 years ago to see G.W. , The "Dick" Cheney, Dante Rumsfeld and Condesleeza Rice "ON" a banquet table with an apple stuffed in each of those mouths and the only thing breaking the silence being the sound of an electric carving knife "turned on"!

In reply to by BandGap

CoCosAB Mon, 06/04/2018 - 16:17 Permalink

As long as the FRS, BoE, BoJ and ECB keeps the ponzi markets fed with ZIRP/NIRP/QQE/EAPP/ and other financial terrorist scams there will be no downside!

 

Edit: Already -2, meaning 2 financial terrorists read this!

Son of Captain Nemo CoCosAB Mon, 06/04/2018 - 16:34 Permalink

Then if what you just said is true this single agency wouldn't have spent this much (https://msutoday.msu.edu/news/2017/msu-scholars-find-21-trillion-in-una…) x 10 in the last 2 decades with 9/11 being the excuse to rob every Middle Eastern Country of it's energy and "other" (http://www.viral4real.com/us-stole-trillions-of-oil-and-gold-from-iraq/) with less control and more money $pent for these project(s) to show for it... which will never see King $USD in control again!...

Unless of course the United States, Israel and UK have a secret weapon that "through stealth and silence" will murder 143 million Russians, 1 billion Chinese and 80 million Iranians "simultaneously" preserving all of their energy and mineral resources from "contamination" without a "nuke" or conventional warhead being fired into those territories.

At this juncture... you might as well prepare for a very humbling Venezuela circa 2018 existence CONUS.  Or put that loaded shot gun in your face and end it before reality "bakes in"!!!

In reply to by CoCosAB

Cautiously Pes… Mon, 06/04/2018 - 16:38 Permalink

Technical analysis and fundamental analysis has been flashing red for so long that the world is colorblind to it.  Yes, it is all going to come crashing down at some point and any moron can make that call. As long as debt can get created and put away to an end account, whether that account be private or public, this slow motion train wreck can go on for miles and miles and miles.