A relatively news-less day saw mega-cap tech (and the dollar) shrug off rising rates as bitcoin was clubbed like a baby seal.
Source: Bloomberg
Tesla soared on an MS upgrade (related more to AI)...
And so Nasdaq outperformed. The Dow and Small Caps limped lower after early gains but held on to green. The S&P was in the middle. With about 15 mins to go in the day we saw some profit-taking
0-DTE helped lift the S&P above its 50DMA but then covering dragged it back down...
This sent the Nasdaq to its all-time high relative to Russell 2000...
Source: Bloomberg
From here on it gets interesting with CPI, PPI, Retail Sales, Triple-Witching OpEx, and The Fed coming up...
Source: Bloomberg
Treasuries were mixed today but traded in very narrow ranges. The long-end underperformed with all the selling coming at the Asian open...
Source: Bloomberg
NYFRB one-year inflation expectations ticked higher (from 3.5% to 3.6%) in their latest survey echoing the recent uptick in the market's pricing for inflation expectations...
Source: Bloomberg
2Y yield topped 5.00% briefly today before falling back but ranges were very narrow...
Source: Bloomberg
The dollar dumped today, its 2nd biggest daily decline since Feb...
Source: Bloomberg
The dollar's drop hit at key resistance once again...
Source: Bloomberg
Bitcoin tumbled back below $25,000 - with some talk of FTX dumping assets - erasing all of the post-BlackRock ETF gains starting in mid-June...
Source: Bloomberg
A lot of chatter in crypto that Altcoins face significant downside as FTX potentially seeks to dump its $3.4BN digital asset holdings. And this is happening as BTC is close to a 'death cross' - 50DMA dropping below 200DMA...
Source: Bloomberg
Oil prices were modestly lower on the day, but look like they are coiling-up/consolidating after the big jump...
Gold ended higher, holding some of the overnight gains (twice topping $1930 Spot)...
Source: Bloomberg
Finally, with Triple-Witching looming, we note that Goldman suggests VIX is significantly 'cheap' (low) relative to the macro-environment...
And remember, the seasonals favor you...
