Bonds & Bullion Bid, Banks & Bitcoin Battered, But Black-Gold Bounced

“Dow desperately seeking support at 25,000. Beyond this land lie dragons.” - Art Cashin

Dow lost its 200DMA and back below 25,000...

But judging from the constant stream of asset-gatherers and commission-takers on CNBC this is a healthy retracement, a dip to buy, nothing but a fleshwound...

 

China stocks dipped unexpectedly last night after two days of sheer panic buying (not helped by some ugly retail sales data)...

 

Another roller-coaster day for European stocks after the German economy shrank...

 

And a roller-coaster day of crushed dreams and dashed hopes in the US too as the machines tried to revive stocks... twice... but failed... twice... (Trannies managed gains on the day, Nasdaq was the biggest loser)

 

Futures show US stocks sold during Asia session, bid during EU session into US open, then dumped into the 2pmET witching hour of margin calls - panic-bid back to unchanged... then dumped into the close...

 

Bank stocks were battered after Maxine Waters spoiled the deregulation party... (GS down 4th day in a row)

 

AAPL dumped again for the 5th day in a row - back below its 200DMA - and into bear market territory...

 

Treasury yields tumbled into and after the European close after ramping higher into the US open overnight... the belly of the curve notably outperformed the long-end...

 

Notably, 5Y broke below 3.00%

 

And 7Y yields tested down to 3.00%...

 

And Inflation breakevens continue to catch down to crude's carnage...

 

The dollar fell for the 2nd day in a row (accelerating as cable rallied late on)...back in the red for the week...

NOTE - The Dollar Index broke below the key 97 figure today.

Cable was chaotic today but tumbled late on as PM May canceled her supposed Brexit victory speech...then confusion reigned...then she actually appeared and cable jumped back to the highs of the day on comments that she has a deal to sell to EU27...

 

Cryptos dumped into the European close...

 

With Bitcoin crashing to 13-month lows below $6000...

Before we move on from Bitcoin, this was an odd relationship today as bond yields tumbled into the EU close so Bitcoin fell with them...

 

Dollar weakness prompted some gains across the commodity space...

 

WTI bounced - breaking its record 12-day losing streak...but note that the bounce to tag $57 was fading into the close (ahead of API data tonight)

 

Nattie continued its fund-crushing surge higher, smashing every NG-WTI pairs trade in its way...

 

Gold and Silver bounced back through critical price levels...

 

But while gold bounced in dollars, it was very 'stable' in yuan...

 

Finally, we note that the median US stock (as inferred from the Value Line Geometric Index) is now back to critical support - unchanged since the DotCom and Financial Crisis highs...

 

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