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Tech Tumbles Into Weekend, Copper Crumbles As Silver Soars
Tyler Durden
Fri, 08/07/2020 – 16:00
While stocks soared on the week (led by Small Caps’ best week in two months)…
Today’s “good” news on jobs (spoiling the odds of more imminent money-printing) and stimulus plan delays (again less money to be thrown around) sparked the biggest drop in Nasdaq in almost 3 weeks… Schumer said today’s meeting was “disappointing” and that sent stocks lower in the last hour, then Mnuchin said Trump would do an Executive Order and stocks rose pushing the Dow and S&P (barely) green on the day…
Nasdaq down for first time in eight days
As Jim Bianco (@biancoresearch) explained so succinctly:
Talks on passing the latest stimulus package are stalled. This is stimulus checks and additions to unemployment insurance.
Does anyone doubt if the stock market tanked 10% to 20% they would pass this bill immediately?
But it does not tank because the Fed and their “unlimited printing press” stand ready to halt any “unpleasantness” in markets.
So, the better the “wealthy” do (stockholders) the less the urgency to help the “not wealthy” (non-stockholders).
The worst inequality ever?
And FANG stocks tumbled…
Source: Bloomberg
Worst day for momentum in almost a month…
Source: Bloomberg
“Someone turn the machines back on!!!”
Amid the biggest weekly short-squeeze in two months…
Source: Bloomberg
After more than a week of decoupling, bond yields and stock prices converged a little today…
Source: Bloomberg
Treasuries were sold today, sending yields positive for the week…
Source: Bloomberg
Treasury yields remain stuck at or near record lows…
Source: Bloomberg
The dollar ended the week basically unchanged after an early roller-coaster…
Source: Bloomberg
Offshore Yuan was hit on US sanctions today…
Source: Bloomberg
Cryptos were mixed on the week, Ripple and Ethereum gained notably (despite today’s weakness), Bitcoin was up very modestly and Litecoin And Bitcoin Cash were red..
Source: Bloomberg
Bitcoin managed to recover the losses from last weekend’s flash-crash… only to flash-crash (smaller) today…
Source: Bloomberg
As Ethereum hit $400 and was immediately slammed…
Source: Bloomberg
On the week, silver soared as copper was clubbed like a baby seal today…
Source: Bloomberg
Gold futures fell today but remain above $2,000…
Silver also fell on the day after futures almost tagged $30…
The gold-silver ratio crashed below 70x this week – its lowest since April 2017…
Source: Bloomberg
But still a long way to go its 60x average level…
Copper diverged dramatically from stocks (what does Dr.Copper know?), suffering its worst week since March…
Source: Bloomberg
Finally, we note that one thing is in great demand.
The physical gold premium over futures prices spiked to its highest since 2014…
Source: Bloomberg
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