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Bitcoin, Black Gold, & Breakevens Bounce As Retail Sales Slump Sinks Stocks

Courtesy of ZeroHedge View original post here.

Futures trod water overnight but the wave of selling pressure began at the cash market open (remember Friday is Quad Witch and there is some serious gamma malarkey flying around as yesterday's closing ramp showed). Small Caps bounced hard after the European close but faded late on. Nasdaq was the day's biggest loser…

Stocks just could not sustain the idiocy of the late-day meltup in stocks yesterday…

A strong 20Y auction eased some of the weakness in Treasuries today, but 30Y yields are still up 6bps on the week…

Source: Bloomberg

But notably – ahead of tomorrow's FOMC – 10Y Yields were unable to break and hold above 1.50%…

Source: Bloomberg

Breakevens rebounded today…

Source: Bloomberg

The dollar broke out of its short-term narrow range to the upside today, testing stops above last week's payrolls print…

Source: Bloomberg

Cryptos managed gains today with Bitcoin leading once again, back above $41k, erasing the losses since the China crackdown crash

Source: Bloomberg

After 4 straight limit down days, Lumber rebounded from limit down to limit up today before sliding into its close – but ended higher (finding support at $1000)…

Source: Bloomberg

Gold was down again today…

Copper crashed by the most since October (4th down day in the last 5)…

But crude surged ahead of tonight's API inventory data, with WTI back above $72…

Brent crude and the global macro economic surprise index have been glued at the hip since early March…

Source: Bloomberg

Finally, the dismal disappointment in retail sales today, combined with Empire Manufacturing's miss, a worse than anticipated drop in homebuilder confidence, and a bigger than expected drop in business inventories, the US macro surprise index fell to its lowest since May 2020

Source: Bloomberg

Maybe Dr.Copper is on to something!?


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