Home Crypto Crypto Pops, Dollar Drops, Bonds & Stocks Chop

Crypto Pops, Dollar Drops, Bonds & Stocks Chop

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Before we get started on today’s market malarkey, we would like to spend a moment of reflection – today is the 9th anniversary of Draghi’s infamous “whatever it takes” moment…

It appears to have worked… for stonk markets at least…

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Source: Bloomberg

Since that date, bitcoin is up 454,000%!

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Source: Bloomberg

Cryptos grabbed all the headlines today as bitcoin surge over the weekend…

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Source: Bloomberg

Bitcoin pushed past its 50DMA and tested above $40k toward the end of the US equity day session (even with Tether headlines)…

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Source: Bloomberg

What happens next? Raoul Pal has some ideas…

2/ And here is the non-log version… pretty much perfect from a contextualization standpoint. pic.twitter.com/rTkETw6R5L

— Raoul Pal (@RaoulGMI) July 26, 2021

Ethereum also soared, getting within a tick of $2400…

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Source: Bloomberg

As crypto gained, the dollar slipped lower on the day, hitting one week lows…

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Source: Bloomberg

Chinese tech stocks were a bloodbath again as Beijing’s crackdown deepens…

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Source: Bloomberg

And while US Small Caps did their usual chaotic thing at the cash open, by the close US equities had eked a very modest gain with a small positive drift all day…

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Energy stocks outperformed dramatically as Healthcare and Utes lagged…

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Source: Bloomberg

After Friday’s op-ex, VIX opened above 19 this morning but drifted lower all day to end below 18 (but that is still above Friday’s close)…

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But we do note that all major asset’s realized vols remain below average…

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Treasuries ended the day practically unch after some overnight bid was erased. The long-end very modestly underperformed. As the chart shows, Asia was buying, Europe was selling, and US did nothing…

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Source: Bloomberg

The 10Y tested down to 1.22% but ended unch…

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Source: Bloomberg

Real yields crashed a new record (negative) low today…

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Source: Bloomberg

The last time real yields were here, gold was trading above $2000, but the precious metal struggled to break away from $1800 today…

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While energy stocks soared, WTI ended unchanged after a rollercoaster of a day…

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Finally, Bloomberg notes that few times in recent history history has the mood of U.S. technology investors been so bright heading into a crucial earnings week. Beneath the surface, however, there’s a level of anxiety rarely seen. Hedge funds have been net short Nasdaq 100 Index futures for 22 consecutive weeks, according to recent data from the Commodity Futures Trading Commission.

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Source: Bloomberg

The only time that streak was exceeded was during the 2008 financial crisis, when the cohort was short tech for 41 weeks.

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