Stocks Sink As Silver Soars To Best Week In 40 Years
Tyler Durden
Fri, 07/24/2020 – 16:01
FANG Stocks dared to have their first consecutive weekly close lower since the March collapse…
Source: Bloomberg
Which pushed Nasdaq to its second weekly loss in a row and underperformance this week… After Monday’s meltup, it was downhill (and remember this has typically been the pattern post VIX options expiry)…
Notably, Nasdaq has reversed at a key historical level of richness relative to the S&P…
Source: Bloomberg
Perfectly testing and failing at the dotcom peak…
Source: Bloomberg
AAPL was clubbed like a baby seal…
AMZN was monkeyhammered late in the week (again) but managed to cling to green on the week…
TSLA was twatted…
Boeing didn’t help as emergency FAA headlines hammered it…
Is this the start of the herd move out of the high-flyers?
[youtube https://www.youtube.com/watch?v=08PmD3Ljiuw]
And as stocks were sold, ‘safe-havens’ like bonds, bullion, and bitcoin (and ethereum) were bid…
The long-end of the yield curve dropped around 10bps on the week with the short-end flat…
Source: Bloomberg
10Y Yield back near intraday lows
Source: Bloomberg
Cryptos screamed higher this week dominated by Ethereum…
Source: Bloomberg
Pushing the biggest altcoin to February highs…
Source: Bloomberg
Gold gained notably on the week with spot back above $1900, back near 2011 record highs…
But while gold gained significantly, this week saw silver surge over 17% to $23…
Its best week in 40 years (since The Hunt Brothers tried to corner the silver market)…
Source: Bloomberg
And investors appeared to reject the USDollar (falling for the 4th straight week)…
Source: Bloomberg
Sending it lower for the year…
Source: Bloomberg
Precious metals dominated the week in commodity land with copper stalling and crude sliding as the week progressed…
Source: Bloomberg
Dr. Copper has stopped signaling a resurgence in growth, stalling at key levels once again…
Source: Bloomberg
Silver is now outperforming gold YTD…
Source: Bloomberg
Finally, WTF is going on here… (stocks at record highs, bond yields at record lows)…
Source: Bloomberg
And one has to ask what the message of the market is…
Source: Bloomberg
Are the Sino-US tensions raising doubts about the dollar and sending the world into ‘real’ money?
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