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‘Teflon’ Tech Stocks Bounce Despite The Biggest Outflows Since 2007

Courtesy of ZeroHedge. View original post here.

Every effort was made to stomp VIX to lift stocks ahead of The FOMC…

Stocks levitated at the open, dipped into the EU close, drifted sideways, then ramped on a tumbling VIX in the last hour…S&P, Dow, And Russell 2000 Record Highs…

Since Thursday’s close only Nasdaq remains red…

Of course, with The Fed due to hike rates tomorrow (June odds 100%), we are not surprised stocks were bid in that magical ‘drift into FOMC’ manner… it’s just that economic data has utterly collapsed since The Fed last hiked rates…

As ‘Soft’ Data collapses back to ‘Hard’ data’s reality…

The rout in U.S. technology shares over the past few days spurred the biggest outflows from the industry’s benchmark exchange-traded fund since the depths of the financial crisis in Nov 2007.

Additionally, option traders also rushed to hedge against losses with 1.42 million put contracts changing hands — the busiest session since September 2008.

Nasdaq VIX continued its decline…

S&P VIX slid back to a 10 handle…NOTE that Nasdaq only managed to get back to its pre-flash-crash ledge and was unable to break above

Notably, FANG stocks closed higher, but made lower highs on the day…

But remain down from Thursday’s close…

Of course, there is still plenty to keep FANG stocks higher…

Treasuries were mixed today with very modest gains (yield lower) at the long-end and yields higher at the short-end…

2s10s and 2s30s have flattened dramatically once again…

The Dollar Index slid lower once again

Gold and Silver closed down for a 5th day in a row…

WTI/RBOB rallied modestly today (back above $46 and 1.50 respectively) ahead of API data tonight…

Oh and Record high Russell 2000… as 2017 EPS expectations hit 2017 lows…


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