Bonds Bid, Stocks Skid, & Crude Crushed As Yellen Pleads & Greece Bleeds
China loses momentum in its manipulation overnight… US industrial production data was dismal… Yellen admits The Fed needs to raise rates sooner or may be forced to raise rates more aggressively… and stocks did not drop until TV images showed blood on the streets of Athens… This just seemed appropriate…
“hearts on fire” indeed – can the small undersize reality of the real market overcome the juicing monstrosity of the Central Banks? Stay tuned…
Stocks flatlined on negligible volume overnight in futures (just like yesterday), were jerked up at the open then tumbled when Greek burning images started to appear..
On the day, Trannies and Small Caps were the laggards early on…
Since the Friday close, Trannies and Small Caps are the biggest losers with NASDAQ suppoprted by biotech
On a side note they tried hard to close S&P green – to make it 5 days in a row higher – the first time since Dec 2014 – BUT FAILED
Stocks and bonds continue in a world of their own… who is right?
As chaos reigned in Greece, the Greek ETF decided it was time to rally and the initial dip on images of teargas and molotov coktails was bought – but the picture is still ugly…
VIX surged on the Greek TV Images… then smashed to try and get S&P green
Treasury yields are now notably lower on the week…
The dollar surged thanks to CAD weakness (surprise rate cut) and EUR weakness (more Greece concerns)
CAD collapsed to near 6 year lows after BoC surprised…
As EURUSD continues to nosedive post-deal
Silver and Gold were clubbed early on as EURUSD plunged…
Leaving GLD at 5 year lows….
Inventories saw a big draw and production dropped BUT after an initial pop, crudeprices collapse – giving back all the “buy the news” Iran Deal gains from yesterday…
Charts: Bloomberg
Bonus Chart: h/t @Not_Jim_Cramer points out that buybacks are now underperforming the market (as he notes “when everyone is doing it….”
Bonus Clip: Absolutely NSFW – Seems appropriate for practically everything going on right now…
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Bonds Bid, Stocks Skid, & Crude Crushed As Yellen Pleads & Greece Bleeds
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