US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

Equity markets just keep speeding along...

China had an ugly night...

Europe was flat and U.S. equities were mixed, with financials and industrials pacing gains in the S&P and Dow, while the Nasdaq lagged. Trannies were best (best day in 3 months) - soaring over 2% thanks to United boosting airlines and CSX beating on earnings.

Fed Chairman Jerome Powell’s testimony didn’t influence markets, as he mirrored Tuesday’s remarks in delivering an upbeat assessment on the U.S. economy.

Futures show once again the overnight drift and then panic-bid for US equities at the US open...

 

VIX closed with an 11 handle for the first time in a month...

 

So far in July, the major market indices have not had back-to-back losses...

 

Don't forget, it's that time of the month...

 

Netflix limped lower, back towards its 50DMA...

 

GOOGL bucked the trend of weakness in the FANGs today (despite its huge fine)...

 

Yields started to play catch up to the recent equity exuberance today...

 

Treasury yields were mixed today with some steepening as 30Y Yields rose...

 

2s30s steepened notably...

 

The Dollar ended higher on the day but roundtripped back lower after overnight gains...

 

Meanwhile, the offshore yuan tumbled to fresh cycle lows (12-month lows)...

NOTE - the two rectangles are the same size and time period...

 

Is the capital flooding out of China and into US stocks?

 

Cryptos were mixed today with Ethereum lower and Bitcoin higher (Bitcoin' best week since 2017)...

 

Despite record crude production and a huge surprise crude inventory build, WTI rallied, bouncing off its 100DMA...

 

Gold and Bitcoin were generally flat today...

 

Finally, we note more weak 'hard'; data today from the housing sector this time as soft surveys remain ebullient...

 

Comments

Solosides Wed, 07/18/2018 - 16:02 Permalink

WORK FASTER AND WORK HARDER GOYIM*

*And dont you ever dare look out the window at the sunlit outdoors. That stuff is designed to kill you and is extremely unprofitable to the business.

gdpetti Solosides Wed, 07/18/2018 - 16:08 Permalink

Yes... same as the rest of the 'entertainment' vehicles from the OWO establishment... our fake market has gone total libtard/contard... same lunacy we see in DC/London et al... same BS, same 'outing' as it exposes itself in total lunacy and ridiculousness... until... 'ashes, ashes, we all fall down'... 'out with the OWO, in with the NWO'.

In reply to by Solosides

Solosides lester1 Wed, 07/18/2018 - 19:26 Permalink

Like I said yesterday, and will keep saying forever. It's just one of hundreds CBD pump and dump scams currently in business. Being intimately involved with the cannabis market, I know that 99.99% of all Cannabis "businesses" that exist today will fail in the next 5 years.

In reply to by lester1

Balance-Sheet Wed, 07/18/2018 - 16:07 Permalink

Lower interest rates and bump tariffs against China higher- watch the trade deficit with China and go higher still. Explore the entire space under the imaginary Zero Bound!

spastic_colon Wed, 07/18/2018 - 16:08 Permalink

listen.....the indexes will remain propped this month and thru the first week of august until all earnings are properly falsified.

look at the daily chart of the dow....this almost has the feel of Madoff scrambling to raise $$ to pay off previous investor redemptions.

the "time of the month" chart could go on for 5 years......the trend channel could end up at dow 60k by then....QE is still in the markets.

Sanity Bear Wed, 07/18/2018 - 16:14 Permalink

If you call for a crash every day, one day you will be correct.

It will not be this day. (SPOILER ALERT) It will not be tomorrow either.

Enough of the crying wolf please. The level of seriousness and quality of material here continues to erode and is verging on the "too junky to retain interest" level.

D.r. Funk Sanity Bear Wed, 07/18/2018 - 16:30 Permalink

Some of us are true prognosticators buddy. We said in Two-Thousand-Ten (2010), that the only (ONLY), result of band aids and kicking the can and not accepting clearing the system, would be boombust#3 in a series of a boombust dependent society, or 2x 3x lehman anyway.

It, didnt, matter, about, being, perceptionally wrong, fucking-8, years ago. The vindication grows, through time. Prognosticator-realist glory, and enshrinement. In the lens of history or macro timelines.

In reply to by Sanity Bear

Albertarocks Phat Stax Wed, 07/18/2018 - 17:20 Permalink

Thanks for the info.  I'm sure it will come in handy someday.

Did you notice that at the 1:30 mark one of those bastards sucked her into sticking her fingers into a 'handhold' and didn't even tell her that he had stuffed a scorpion in there?  What a kunt.  As if that wasn't mean enough, 45 seconds later she had her liver cut in half and her lungs swapped sides thanks to courageous Captain Baldypants. 

In reply to by Phat Stax

MrNoItAll Wed, 07/18/2018 - 16:38 Permalink

Stock buybacks, short and sweet. Keeping stock markets in the green while smart money and smart people move to the sidelines as fast as they can. Defying reality is a short term strategy that never ends well. But we can rest easy for another day, knowing that the corporations are still in control.