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Bonds, Commodities, & Dollar Go Nowhere As Tech Stocks Shrug Off Trade War Turmoil

Courtesy of ZeroHedge. View original post here.

Spot the odd one out…

But in the end…

Futures show the initial anxiety in stocks from escalating trade wars but the machines weren’t having any of that…

The Dow dropped for the 5th straight day (longest streak in two months). NOTE the number of times the machines lifted Nasdaq to unchanged, desperately…

As a reminder, the average performance for The Dow in the week after a Quad-Witch is down 1.06%.

Overheard on CNBC today…

“Perhaps we’re pricing in too much negativity”. pic.twitter.com/IU1NisCISQ

— Randy Woodward (@TheBondFreak) June 18, 2018

Still wondering how these momo names just keep getting ripped higher? Simple – yet another major short squeeze…

Tech led financials once again…

And big banks underperformed small banks once again…

Nasdaq and Small Caps continue to dominate the recent run (and 2018) as S&P, Dow, and Trannies roll over…

Despite all the chaotic swings in stocks today, Treasury yields were ‘practically unchanged’ on the day

10Y Yields flatlined in a very narrow range…

The Dollar Index ended the day ‘practically unchanged’ also.

Emerging Market FX dropped modestly to a new cycle low…

The Turkish Lira rebounded modestly, Argentine Peso managed to hold on to gains after BCRA threw the kitchen sink at it, and Brazilian Real limped lower after BCB admitted it couldn’t rescue the currency forever.

Meanwhile, offshore Yuan broke below its 200DMA…

Cryptos spiked today after a tweet from Square’s Jack Dorsey about his CashApp BitLicense – erasing losses driven by a negative report from BIS…

Commodities were ‘practically unchanged’ on the day too…

Oil outperformed…

WTI traded down to a $63 handle then was miraculously lifted back above $65.50 before more OPEC headlines hit…

Gold and Silver managed a minimal bounce on the day after Friday’s plunge…

And finally….

Get in! #ENG pic.twitter.com/JzL7TsMVpa

— Jon Williams (@WilliamsJon) June 18, 2018


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