One look at the last few days in stocks and all we can say is...
Video length: 00:00:06
Gold and The Long Bond were the best performers in August with stocks and the dollar unchanged-ish.
(Click on image to enlarge)
Trannies were best among the major indices in August followed by Nasdaq. Small Caps lagged. S&P just managed to close green for August.
(Click on image to enlarge)
Treasury yields tumbled in August... the biggest monthly drop in 10Y yields since Brexit (June 2016)
(Click on image to enlarge)
With the yield curve flattening dramatically... August saw 2s10s collapsed 15bps to below 80bps (the biggest flattening since Feb 2016) near its flattest level since Aug 2016
(Click on image to enlarge)
Debt Ceiling anxiety has exploded during August...
(Click on image to enlarge)
Despite the last two days panic-buying, The Dollar Index ended the month lower - the 6th monthly loss in a row... (NOTE the morning's spike on ECB leaks failed to hold and keep the dollar green for the month)
(Click on image to enlarge)
And notably, of all the majors, Yuan was the strongest against the greenback and cable weakest on the month (this was GBP's weakest month since Oct 2016)...
(Click on image to enlarge)
In virtual currency-land, Bitcoin surged 65% on the month to a new record high...
(Click on image to enlarge)
***
Back to this week's action...
Today's biggest headline-maker was the 14% explosion in September RBOB futures as they expired (amid zero liquidity), but Oct Futs also spiked as more refiners were shut down...
(Click on image to enlarge)
Rather oddly, given the huge cut in demand (from refinery shutdowns), WTI futures spike today magically, back above $47...
(Click on image to enlarge)
All that mattered in the stock land today was getting the cash S&P above 2470.3 for a green month... Sheer panic right at the close saved the day (S&P now up 9 of last 10 months)
(Click on image to enlarge)
FANG Stocks ended the month unchanged despite a massive 5% rip in the last week...
(Click on image to enlarge)
This week's melt-up in stocks is entirely opposite to the strength in bonds and bullion...
(Click on image to enlarge)
10Y yields rolled back to a 2.11% handle today...
(Click on image to enlarge)
The Dollar Index spiked this morning as EUR tumbled on a Reuters story about ECB, but Mnuchin spoiled the party and the dollar started sinking...
(Click on image to enlarge)
Gold flash-crashed overnight (with spot breaking below $1300), but precious metals players just bought the dip and sent it back to the post-Korea-Missile highs...
(Click on image to enlarge)
Finally, we note that gas prices at the pump hit a 2-year high today... and The Fed's about to get its transitory inflation if RBOB plays through...
(Click on image to enlarge)
Comments
Log in or sign up to join the conversation.