Home Glows Gold Glows As Cryptos Collapse After Musknado; Dollar, Bonds, & Stocks Sink

Gold Glows As Cryptos Collapse After Musknado; Dollar, Bonds, & Stocks Sink

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Black Gold and the barabarous relic were both bid today as crypto, stocks, bonds, and the dollar all slipped lower (and Lumber entered a bear market).

Big-Tech’s dead-cat-bounce from last week is over as it underperformed again today as Small Caps recovered from an early drubbing at the open to get back into the green (all reversing on a dime at around 1345ET…

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Oil prices (WTI) jumped back above $66, but is testing a critical resistance (and though it’s a little tricky to see, that is 3 lower highs)…

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Gold also surged, to its highest since January…

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With real yields continue to tumble, supporting gold’s renaissance…

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Source: Bloomberg

Gold is back above its 200DMA for the first time since January…

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Source: Bloomberg

Bitcoin was a bloodbath after Musk’s machinations, back at its lowest since early Feb after trying to test $50,000 (pretty strong bounces off $42k today)…

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Source: Bloomberg

It was all going so well til Elon opened his mouth…

The recent shift from bitcoin to gold…

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Source: Bloomberg

Suggest, very modestly, that a bottom is being put in on that ratio…

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Source: Bloomberg

Ethereum also rebounded notably off $3100

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Source: Bloomberg

Cathie Wood’s ARKK tumbled back after its panic-bid on Friday…

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And the other wood – Lumber – is down for the 6th straight day and down over 23% from its highs…

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Source: Bloomberg

The big headlines on business media was the AT&T/Discovery merger – the day started well for them but ended ugly…

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VIX pushed back above 20 today (actually topped over 21.5)…

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Bonds were uniformly sold today with yields up around 1-2bps on the day (up around 3-4bps from pre-European open lows)…

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Source: Bloomberg

10Y Yields bounced off the pre-CPI levels around 1.60%…

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Source: Bloomberg

The dollar extended its drop, given up the post-CPI gains…

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Source: Bloomberg

Silver soared back above $28…

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And while soaring commodity prices have generally been seen as a negative for most, Argentina, the biggest exporter of soy products, is getting a boost from the rally in agricultural commodities prices. Central bank reserves in the struggling South American nation are touching a seven-month high after soy meal hit levels unseen since 2014 and oil from the plant stretches out its record price surge.

http://feedproxy.google.com/

Source: Bloomberg

Finally, very quietly this morning, the NAHB survey suggested that homebuilders are about as optimistic as they have ever been. Sadly, the opposite is true of homebuyers, who are nearly as pessimistic as they have ever been in their views of the American Dream…

http://feedproxy.google.com/

Source: Bloomberg

Who are you going to believe?

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