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Gold Gains As Stocks Strike Out On MLB “Pause”, Fading Stimulus Hope

Courtesy of ZeroHedge View original post here.

Silver was clubbed like a baby seal overnight after spot prices topped $26 and was unable to get back to even despite a valiant dip-buying effort…

Source: Bloomberg

Gold was hit too (after futures topped $2000 overnight) but rallied back notably during the day to close higher, with spot prices back above $1950…

Source: Bloomberg

Somebody loves goooold…

Nasdaq notably underperformed on the day with stocks accelerating lower after McConnell appeared on CNBC and raised questions of the imminence of the stimulus deal given the differences and The Marlins MLB team "paused" its season(NOTE – a MRNA headline was unleashed as stocks stumbled to stick-save markets). Further headlines from various GOPers also suggested no deal is imminent and sent stocks even lower into the close

As Nomura's Charlie McElligott noted in a warning last week, from an index-options level, QQQ (Nasdaq ETF) remains in far more fragile state than still-stable SPX – where although the QQQ $Delta position has now rather precipitously declined partially due to the implied implied length but also of course as a function of the move lower ($Delta from 97th %ile 1w ago to the current 62nd %ile), the QQQ Dealer Gamma position remains “short,” with spot 259.20 preopen vs our estimated “Gamma Neutral” level up at $262.67…

Investors piled into defensive stocks today with cyclicals suffering…

Source: Bloomberg

FANG Stocks slipped lower late on today ahead of tomorrow's big-tech CEO hearing…

Source: Bloomberg

Treasury yields tumbled all day after a brief spike overnight, erasing all of yesterday's losses…

Source: Bloomberg

10Y Yield tumbled back below 60bps…

Source: Bloomberg

The Dollar rallied briefly into the Asian markets but was sold once again as Europe opened and closed lower for the 7th day in the last 8…

Source: Bloomberg

Cryptos rallied on the day amid some volatility. Bitcoin Cash and Litecoin outperformed on the day…

Source: Bloomberg

Bitcoin neared $11500 overnight and hovered around $11k all day…

Source: Bloomberg

While gold and silver rebounded intraday, oil prices tumbled with WTI back below $41 ahead of tonight's API data…

And as Gold reaches record nominal highs, its has room to run on an inflation-adjusted basis…

Source: Bloomberg

Finally, yields are back at record lows… stocks aren't!

Source: Bloomberg


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