Nasdaq Bounces But Dollar, Ruble, Cryptos, China, Tesla, Italy, & Crude Crumble

Just because it makes me laugh...

The Great Fall Of China continues...

 

European stocks limped lower on the day...

 

But US Stocks miraculously bounced at the cash open once again...but ended ugly with only Nasdaq holding gains...

 

S&P and Nasdaq remain shy of their record highs... (nasdaq up 7 days in a row - longest streak since March)

 

FANGs held their gains...

 

Tesla bonds gave up yesterday's exuberant gains... and the stocks dropped over 2% as Softback talks have failed and headlines that the SEC is investigating Musk hit...

 

Treasury yields went absolutely nowhere today - not something we can remember seeing...

But yields remain 2-3bps higher on the week...

 

Italian bonds tumbled (price) as Di Maio threatened Brussels with more of the same tough tactics in budget negotiations...

 

Another intraday reversal for the dollar index which ended lower...

 

Offshore Yuan was relatively well behaved, hugging the fix but ending very modestly weaker...

 

For once the Turkish Lira was calm (only falling 1%) as Turks met US officials in Washington, but Argentina's Peso started to plunge again... (ARG Bond yields spiked 25bps to over 9% and MERVAL dropped over 4%)

 

And the Russian Ruble tumbled most since April to its weakest since Nov 2016 (election)...

But the move of the day goes to the Loonie which plunged on headlines that the Saudis would be dumping Canadian assets (as retaliation for poking their nose in the kingdom's business), but then decided that this was great news and the canadian dollar exploded higher...WTF!

No wonder they call it the loonie.

But cryptocurrencies were crushed again...

 

PMs and copper managed modest gains as the dollar limped but crude was crushed...

 

WTI has now traded in a narrow $3 range for just under a month...

 

Finally, we note that gold is now at its cheapest relative to stocks in 11 years...

Comments

inhibi Solosides Wed, 08/08/2018 - 16:14 Permalink

Until mj/thc/cbd is on every drugstore like cigs, then the market hasnt peaked.

Trust me when I say that the younger generations would rather smoke dope than go out drinking. Just cause you old bats wouldnt and dont, doesnt mean it will stay that way. 

Of course, you should independently rate a company on its numbers. I wouldn't ever blanket a whole industry as bad or good. If I did it would be damn hard to invest in anything.

In reply to by Solosides

D.r. Funk Wed, 08/08/2018 - 16:04 Permalink

CANT GET A 10-60 VIX CLOSE

[ addressed to the manipulators programmers ]
I can tick you every 10 basis points until
you can't get it.
We know the multiday game being played
in these instances.

And is partially to suck as many in and
capitulate as many as able
[ I Will Beat You ]
 

surf@jm Wed, 08/08/2018 - 16:25 Permalink

That boat video......

Are all ballheaded men stupid dumb jerk dickheads or what.......

Some people should not drive motorcycles also.....

BANKERS-WE ARE… Wed, 08/08/2018 - 16:37 Permalink

$1,000,000.00 BITCOIN COMING SOON.
654 DAYS.
Bitcoin Block Reward Halving Countdown. Google it.  
Just a friendly reminder for the NEWBS.
When you sell your bitcoin, you are selling it to a whale, or even worse, A BANKSTER.
 Never before in the world of finance has a predetermined event of this magnitude happened. It could be the GREATEST FINANCIAL EVENT EVER TO TAKE PLACE. The WHALES know this and are getting coin cheap right now. Organized theft from weak hands.
Don't sell your bitcoin cheap.
  HODL MOON LAMBO
  JC

 

Yen Cross Wed, 08/08/2018 - 18:29 Permalink

  WTF with that mini "flash crash" in aud/usd after NY closed?

   Slammed the TP  on my short from .9425.  :-D

 Me thinks the the $usd is getting ready to take a hit lower.