Morning Market Melt-Up Momentum Fades But Bonds & Bullion Slide
Powell to markets - "Never gonna let you down"...
Chinese markets rallied overnight but faded in the afternoon session...
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European markets also extended last week's gains...
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US Equity markets continued to rise today (Dow up for the sixth straight day higher - the longest streak since May 2018) following the US-Mexico deal (buy the news?)...but no closing melt-up today
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NOTE - the Nasdaq was up over 2% around the European close but stocks faded from that point.
Nasdaq broke above its 50DMA today but was unable to hold it...
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NOTE - The Dow and S&P held above their 50DMA but Small Caps were unable to break the highly clustered DMAs...
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But notably, the market is shifting very modestly more hawkish as stocks rebound...
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And bonds refuse to play along...
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Notably, the initial momentum-ignition short-squeeze faded after Europe closed...
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And then there's BYND!! Now up 600% from its IPO price...
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VIX and stocks are decoupled for the second day in a row...
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Treasury yields rose notably on the day...
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But if we pull back a little, they merely tested the upper range of the last few days trading...
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And no follow-through in the 2Y Yield...
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The Dollar Index ended the day almost unchanged after a small roundtrip higher overnight ...
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Yuan tested down towards 7-month lows
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The peso erased last week's losses, perfectly retracing the post-Trump-tariff threat drop...
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Bitcoin managed to hold gains as Litecoin jumped and Ripple dumped...
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With Bitcoin hovering around $8000...
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After 8 weeks lower, copper was up today as PMs and crude slipped lower...
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Gold was down today, breaking its longest win streak since 2010
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WTI was unable to hold the $54 print...
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Finally, the share prices of the world's most systemically-important banks are not suggesting all is well...
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Live shot of investors waiting to buy the dip pic.twitter.com/iukdnmWMOE
— Hipster (@Hipster_Trader) June 9, 2019
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