Stocks & Bonds Shrug At Historic Summit, Surging Inflation, Sky-High Optimism

An historic Summit in Singapore, near record high business optimism, 7 year high surge in consumer prices, PTJ saying markets may meltup at some point, and bonds & stocks go nowhere...

The S&P and Dow struggled to stay green all day...but when 3pmET hit - markets were panic-bid... just because

 

Trannies remain best on the week...

 

Tech outperformed Financials once again...

 

Most eyes were on AT&T and TWX ahead of the judge's decision tonight...

 

Treasury yields remained in a very narrow range once again with the long-end modestly outperforming the short-end ahead of tomorrow's FOMC...

 

10Y yields made an early run towards 3.00% again but failed and ended unchanged...

 

But while overall yields didn't move much the yield curve tumbled to a fresh 11 year flat...

 

The Dollar Index spiked on headlines that Jay Powell is planning on a press conference at every FOMC Meeting... This broke the dollar closing price out of its 18-day tight range)... (1168, 1170, 1169, 1168, 1169, 1168, 1171, 1173, 1177, 1170, 1171, 1172, 1171, 1172, 1170, 1170, 1170, 1172, 1176...)

 

EM FX slid for the 2nd day...

 

But ARS and BRL both gained on the day amid interventions...

 

Cryptocurrencies crashed ahead of the US equity market close...with Bitcoin now back below $6,500...

Bitcoin is back at its lowest since Feb 2018...which is perhaps the driver of the plunge as it breaks April support lows...

It's been an ugly few days...

 

Despite USD strength, commodities did a whole lot of nothing...

 

Gold fell back below $1300 into the close today...

 

Finally, after February's rapid PANIC correction, the markets heading back into EUPHORIA territory once again

 

 

Comments

IntelligenceActs thesmallwheel Tue, 06/12/2018 - 19:01 Permalink

And today's winner of the dumbed down American 'investor' goes to thesmallwheel (which implies small grey matter even tho they don't realize it). Any fool who 'believes' the official narrative ("You do realize that inflation is 2.7% right"?) can only parrot the status quo phony narrative. It's true 'cause the media told me so! And to think, this is the caliber of idiot who may be in the bunker beside you when TSHTF!

In reply to by thesmallwheel

Kaiser Sousa Tue, 06/12/2018 - 16:08 Permalink

What a complete fucking joke the Dow Jones Propaganda Index has become...it took "them" attempts to turn it positive with the last ramp taking right at the 30 minute mark OF COURSE..

Led by - wait for it...Caterpillar,and fucking Home Depot???

yeah...right...

DEATH TO THE MONEYCHANGERS.

TheRideNeverEnds Tue, 06/12/2018 - 16:13 Permalink

The perpetual bull market is still going higher?  Headline news this is! 

 

Surely as we surge over 30,000 on the Dow the crash will be just around the corner!

 

  

Rise Of The Machines Tue, 06/12/2018 - 16:15 Permalink

95% of the trading day is completely pointless these days. All you do trade the open, enjoy the rest of the day off and then come back to trade the close. When there is a miraculous surge every day!

jim942 Tue, 06/12/2018 - 16:27 Permalink

After all these years of the Fed bailing out the big banks and Wall Street, tens of  millions of middle class Americans are on their way into poverty from inflation. When do the torches and pitchforks appear?

Blankfuck Tue, 06/12/2018 - 16:45 Permalink

WELCOME TO FED RESERVE FUCKERS FANTASIA WORLD! DID A GREAT PONZI JOB PLACING THE USA IN MEGA TRILLIONS IN DEBT DIDN'T THEY! WHERE THE COLLUSION OF THEIR BANKTARD FRIENDS MADE OFF WITH THE PONZI HEIST OF THE CENTURY! NO ARRESTS MADE!

NOW NOW,  ONLY FOR THE LITTLE PEOPLE DO THEY ARREST SO THEY CAN PROFIT FROM IT