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Small Caps Surge On Short-Squeeze, Sloppy-Surveys; ETH Outperforms BTC As ETFs Launch
An ugly day for macro with hard data (US home sales) and soft data (regional Fed surveys) all puking…
Source: Bloomberg
…was just the bad news needed to spark good news in STIRs as rate-cut expectations rebounded…
Source: Bloomberg
After yesterday’s big exciting “everything’s awesome” day, stocks, broadly-speaking did nothing today though as only Small Caps showed any willingness to move. Late-day selling pressure did not help, pulling everything but Small Caps into the red with Nasdaq the biggest loser…
…but that looked like yet another big short-squeeze….
Source: Bloomberg
The NDX/RTY unwind resumed today…
Source: Bloomberg
MAG7 stocks went nowhere ahead of GOOGL/TSLA earnings after the bell…
Source: Bloomberg
Treasuries were mixed today with the short-end outperforming…
Source: Bloomberg
…which dragged the yield curve (2s30s) almost to being dis-inverted….
Source: Bloomberg
Ethereum outperformed Bitcoin on the day as ETH ETFs were launched…
Source: Bloomberg
This followed a huge net inflow day yesterday into BTC ETFs…
Source: Bloomberg
Bitcoin was 3% lower back to $66k…
Source: Bloomberg
…as ETH ETF $ Volume soared to $1BN…
Source: Bloomberg
…which kept ETH around $3500 by the close…
Source: Bloomberg
Gold managed modest gains on the day, finding support at $2400…
Source: Bloomberg
Crude prices extended losses as CTAs pressed through technical levels but WTI found support at $76.69 intraday (its 200DMA) and bounced modestly…
Source: Bloomberg
Finally, prediction markets have Trump still dominating Harris for the win in November…
Source: Bloomberg
…for now she remains below Biden’s pre-debate levels.
Tyler Durden
Tue, 07/23/2024 – 16:00
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