Bitcoin Bounced, Tesla Trounced, Platinum Pummelled, Yield Curve Crushed

It all just has that feeling...

 "It’s not a happy start to the second half. Trade war concerns, U.S. sanctions, Trump’s rants and political problems in Europe, as well as worries about slowing emerging-market growth are all playing their part." - Saxo's Ole Hansen.

China was ugly overnight...


Europe also closed red - but rebounded from the gap down open...


But US equities shrugged it all off as Trump walked back his WTO comments somewhat and all major indices went bid...


The Dow closed below its 200DMA for the 6th day in a row...


The percentage of stocks in bear territory is also rising sharply with over 22% of the MSCI World names now down more than 20% – more than three times as many seen at the end of January.


Tesla pumped (on "hitting" an aribtrary milsetone) then tumbled on "missing" the deadline...


Treasury yields roundtripped on the day. After being bid overnight, bonds were sold from 830ET on today back to around unchanged... (short-end underperformed)


The yield curve reverses Friday's sudden steepening...



The Dollar was a one-way street higher today - erasing Friday's losses - until later in the day when the dollar began to roll over...


The Mexican Peso slipped overnight after AMLO's election victory but bounced into the close...


Emerging Market FX continues to push lower against the dollar...


And cryptos all surged today on the heels of some major short liquidations in Bitcoin...


All the major commodities were weaker on the day (with a notable gap down open last night)...


As the dollar strengthened, precious metals slipped lower, led by Platinum...


Gold and Silver were monkey hammered lower at the 830am fix and never looked back...


Platinum plunged today - dropping the most since 2011 to its lowest since 2008...


And finally - because it's the big thing that everyone is ignoring - Offshore Yuan continues its freefall, accelerating today...



38BWD22 lester1 Mon, 07/02/2018 - 16:12 Permalink


The Au:Pt ratio is the highest I have ever seen, something like 1.48:1.  Historically Pt has been some 10% more (on average) than gold.

There may be some kind of fundamental reason though (no more catalysts if cars go electrical (vs. fuel cells)).  Pt sells BIG in the automotive industry.

Still, Pt seems a compelling buy, but I felt that way when it was 1.30 - 1.35 or so vs. gold...

In reply to by lester1

38BWD22 Arnold Mon, 07/02/2018 - 16:31 Permalink


If there is some reason I don't know about platinum.....  There could be ugly surprises I know nothing about.

I am a fan of Pt though.  Probably will buy more, as well as more Au.

None of our fundamental financial problems are being solved, but at least we do not have HRC making thin gs worse even faster.

In reply to by Arnold

Albertarocks 38BWD22 Mon, 07/02/2018 - 17:10 Permalink

"38BWD22 lester1 Mon, 07/02/2018 - 16:12

The Au:Pt ratio is the highest I have ever seen, something like 1.48:1.  Historically Pt has been some 10% more (on average) than gold."

Exactly right.  Platinum hasn't been this cheap compared to gold in 36 years.  And people think gold is cheap?  People who argue that gold, silver and platinum are not incredible bargains will have to explain the opposite... why the USD is worth a fortune, at a time when US deficits are in the process of exploding higher, in a country that is already literally bankrupt.  I don't meant to be singling out the US, all countries are bankrupt.  But in this scenario, an explanation about why the USD (or 'any' of the currencies) is worth 'anything' compared to real money would be appreciated. 

In reply to by 38BWD22

D.r. Funk AynRandObjectivist Mon, 07/02/2018 - 16:19 Permalink

Appreciate. Any new comments like this [ regarding vix ], at this point, do add to the validation. Those of us pointing it out around 2014, early-mid 14, of the clear direct programming and machination of the vix. And it's being noticed, now? Kind of adds a robust layer of credibility to those observations-then-assertions. (As with all the 'manipulation theories' these were done [observed] over time, not just fingerpoint-guessed)

They Were Suppressing Vix 4 - 4.5+ Years Ago And I/We Called It Out. And Now Others In A Later Stage See&Feel The Same Thing.



In reply to by AynRandObjectivist

D.r. Funk Rise Of The Machines Mon, 07/02/2018 - 16:27 Permalink

- Just the right level of sarcasm -

Yes this has been part of the observational logic for EVER. Ever is slight sarcasm. I started noticing a pretty clear control regime over tech and biotech by early 2014. In the last couple years they have clear attachment hookups to the highflyers and naz100 in the same way they have the several or most of the dow components. Magically, we get overzealous anomalous anomalous-context buying surges. (i.e. the logic of the buying leans ridiculously heavily toward a central manipuative force / power. duh)

K continues to be proven, the

bullshit of the manipulation in control

of the United States stock market

In reply to by Rise Of The Machines

JoeTurner Mon, 07/02/2018 - 16:06 Permalink

Welp, time to buy MOAR cryptos....I've seen about a hundred adverts on my Roku for training courses how to get rich buying and selling Bitcoin...

lookslikecraptome JoeTurner Mon, 07/02/2018 - 16:57 Permalink

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In reply to by JoeTurner

Rise Of The Machines Mon, 07/02/2018 - 16:11 Permalink

I just get the feeling that when the NDX breaks they will all break at the same time. Facebook, Amazon, Netflix, Google. They will all go decisively lower at the same time and quickly. Then all the ETF's and trackers will have to follow suit. It will be carnage.

leeholsen12 Mon, 07/02/2018 - 16:12 Permalink

quoting the late fred Thompson from red October, "this business will get out of control and we will be lucky to live thru it !"


given everything that ZH put up here, the only thing to do today was BTFD. fantasyland.