Dow Slumps, Nasdaq Pumps As Boeing & Bond Yields Dump

Here's the most important chart in the world this week...

(Click on image to enlarge)

Who is right? Bonds of course!!

China had yet another National Team inspired buying-panic in the afternoon session to rescue stocks into the green...

(Click on image to enlarge)

FTSE outperformed ahead of the Brexit vote but EU markets were broadly lower today...

(Click on image to enlarge)

US markets were divergent once again with Dow (and Transports) lower but Nasdaq and S&P higher... (A weak close dragged small caps down to unch)...

(Click on image to enlarge)

Futures show the excitement once again at the cash open...

(Click on image to enlarge)

But Boeing's dead-cat-bounce from yesterday's cash session has well and truly died...(Boeing accounted for -160 points of the Dow's 100 point loss)

(Click on image to enlarge)

Once again a dramatic short-squeeze dragged stocks higher...

(Click on image to enlarge)

Credit and VIX compressed further...

(Click on image to enlarge)

Treasury Yields tumbled dramatically on the day - completely ignoring the equity market gains...

(Click on image to enlarge)

With 30Y Yields breaking back below 3.00% (and 10Y < 2.60% - see top chart)

(Click on image to enlarge)

The Dollar Index tumbled for the 3rd day back below the 97.00 level...

(Click on image to enlarge)

Of course, all eyes were on Cable as the "meaningful vote" on Brexit...

(Click on image to enlarge)

The weak dollar provided support for commodities broadly, but silver outperformed on the day...

(Click on image to enlarge)

Gold jumped back above $1300...

(Click on image to enlarge)

Finally, we reflect on the sudden panic bid that has occurred in Nasdaq stocks in recent days. With Nasdaq earnings plunging to their lowest since July 2018, we wonder what magic hockey-stick these so-called investors are seeing...

(Click on image to enlarge)

1 2
View single page >> |
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.