Silver Soars As Nasdaq Underperforms Most Since 2009

Well that was not supposed to happen…

The Nasdaq 100 suffered its worst weekly underperformance relative to the S&P 500 since 2009…

Source: Bloomberg

Nasdaq found support after erasing all its gains relative to the S&P for the month…

Source: Bloomberg

Notably, the reversal this week in Nasdaq relative to the S&P was at a key level from the past and found support at that level…

Source: Bloomberg

As FANG stocks suffered one of their worst weeks since Dec 2018’s collapse…

Source: Bloomberg

And Nasdaq dared to put in a negative week (near its worst since March) – despite all the other majors green on the week (Small Caps outperformed)…

Likely overheard today…

[youtube https://www.youtube.com/watch?v=j4SRsGn14PI]

China also had an ugly week…

Source: Bloomberg

Most of the damage to FANGs was done on Monday after its gap up, but Friday did not show the usual buying rampage…

Source: Bloomberg

While FANGs were dumped, Biotechs were bid for the 3rd week in a row to new record highs…

Source: Bloomberg

It appears TSLA momo has lost its mojo (pinned at $15000 for 3 days)…

As those far OTM options expire worthless…

Source: Bloomberg

Banks were mixed with GS and JPM outperforming…

Source: Bloomberg

Momentum dramatically underperformed value this week (first time in 6 weeks)…

Source: Bloomberg

Shorts were squeezed this week on Tuesday and Wednesday but were ominously quiet Thurs/Fri…

Source: Bloomberg

This won’t end well… options traders are at their most complacent since the peak of the dotcom bubble…

Source: Bloomberg

Treasury yields ended the week lower (no thanks to three decent selling surges)..

Source: Bloomberg

The dollar ended the week lower (3rd week lower in a row) to its lowest weekly close since early March…

Source: Bloomberg

Is the dollar about to breakdown hard?

Source: Bloomberg

Gold suggests it should…

Source: Bloomberg

Cryptos ended the week lower with Bitcoin the least worst of the bunch…

Source: Bloomberg

Commodities ended the week higher, led by a big move for Silver…

Source: Bloomberg

Silver is up for a 6th week in a row (up 10 of the last 11 weeks)…

Source: Bloomberg

Silver’s outperformance vs Gold has pushed the ration between the two down to its lowest since February (and back below the key 100x level)…

Source: Bloomberg

 

 

Finally, The Fed Balance Sheet rose very modestly in the last week…

Source: Bloomberg

And it appears the S&P future short squeeze is almost over…

Source: Bloomberg

And don’t forget, this whole market game is easy, right! Just buy the f**king overnight session…

Source: Bloomberg

What happens next?

Source: Bloomberg

Sleep Well.