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Silver Soars As Nasdaq Underperforms Most Since 2009

Silver Soars As Nasdaq Underperforms Most Since 2009
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Silver Soars As Nasdaq Underperforms Most Since 2009

Tyler Durden

Fri, 07/17/2020 – 16:00

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…

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.


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About The Author

Tyler Durden

Zero Hedge's mission is to widen the scope of financial, economic and political information available to the professional investing public, to skeptically examine and, where necessary, attack the flaccid institution that financial journalism has become, to liberate oppressed knowledge, to provide analysis uninhibited by political constraint and to facilitate information's unending quest for freedom. Visit https://www.zerohedge.com

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