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Dip-Buyers Rescue Big-Tech From Dreaded Down-Day As Bond Yields Plunge

Courtesy of ZeroHedge View original post here.

Another day, another dip-buying panic to rescue the Nasdaq from the terrible outcome of a down-day, instead another record high.

Overnight was the standard slow and steady rally and then these events hit, taking the shine off the gains:

  • 0935ET *U.S. READYING FEDERAL CONTRACT BAN FOR COS. USING HUAWEI: RTRS

  • 1010ET *SUPREME COURT SAYS N.Y. GRAND JURY CAN GET TRUMP’S TAX RETURNS

  • 1100ET ARIZONA CASES/DEATHS

But as soon as Europe closed, US stocks were magically bid once again, with only Nasdaq back in the green…

We note that Biden gave an economic speech in the last hour and appeared to spook stocks with these

  • 1520ET *BIDEN: ENDING THE ERA OF ‘SHAREHOLDER CAPITALISM’ IS OVERDUE

  • 1530ET *CHINA IPHONE JUNE SELL-IN DATA WEAKER THAN EXPECTED: NOMURA

and then this sent stocks vertical…

  • 1548ET *TRUMP SAYS ON TRACK TO LAUNCH VACCINE `VERY SOON’

The Dow remains rangebound between key technical levels…

Is someone “meddling with the primal forces of nature…”?

And bear in mind that while Nasdaq roars to record-er and record-er highs, the rest of the major US equity indices all topped a month ago…

Source: Bloomberg

FANG stocks soared to a new record high, reaching the most overbought since the February peak…

Source: Bloomberg

Virus ‘Fear’ rose notably today…

Source: Bloomberg

It’s different this time…

Source: Bloomberg

Nasdaq has a little further to run against Small Caps to reach peak crazy…

Source: Bloomberg

And don’t forget, China stock market cap is exploding too…

Source: Bloomberg

A super-strong 30Y auction helped extend gains in bondland with Treasury yields tumbling on the day with considerable flattening (30Y -9bps, 2Y -1bp)…

Source: Bloomberg

Pushing 30Y Yields back two-month lows (30Y back below 1.30% and 10Y back below 60bps)…

Source: Bloomberg

The yield curve is now at its flattest in two months…

Source: Bloomberg

The dollar bounced back today as stocks and bond yields fell, bouncing off support…

Source: Bloomberg

The DXY dollar index rallied today after making a death cross on Wednesday…

Source: Bloomberg

Cryptos were lower today but are all holding gains on the week (for now)…

Source: Bloomberg

Copper was higher (again) on the day but crude and precious metals slipped lower…

Source: Bloomberg

WTI tumbled early on the headlines above, was ramped back to tag $40… then fell back…

Finally, there’s the total decoupling between stocks and bonds…

Source: Bloomberg

And good luck to whoever is buying these FAAMG stocks at almost 30x…

Source: Bloomberg

What could go wrong?

Source: Bloomberg

So to sum the day up… Dow down, S&P down, Small Caps down, Transports down, Crude down, Bond yields down… but Nasdaq up thanks to FANG new record highs.


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