Precious Metals
Bitcoin, Banks, & Black Gold Bid As Tech Stocks Tumble Ahead Of CPI
Bitcoin, Banks, & Black Gold Bid As Tech Stocks Tumble Ahead Of CPI
Weaker US Small Business optimism and German sentiment back at COVID-lockdown…
Bitcoin, Banks, & Black Gold Bid As Tech Stocks Tumble Ahead Of CPI
Weaker US Small Business optimism and German sentiment back at COVID-lockdown lows were the only macro catalysts of note today as micro-events dominated (ORCL earnings and AAPL launch event). Though we do have to caveat that with the fact that the Census Bureau reported a decline in real household incomes in the US for the 3rd year in a row…
So much for Bidenomics.
Slowing cloud business growth sent Oracle shares crashing (down 14%, the most since Dec 2011)…
Apple stock slid on its big innovative new iPhone/Watch release (on lower than expected price points)…“There is some disappointment the company didn’t raise iPhone prices on models other than the Pro Max, but the presentation spent a lot of time emphasizing the higher-end devices over the base ones (which could help drive the mix in favor of Pro and Pro Max vs. 15 and 15 Plus)”
Banks were bid today…
Both of which dragged down the Nasdaq (and S&P). About 30 mins into the AAPL launch event (around 1330ET), all the majors started to see heavy selling pressure which dragged Small Caps and The Dow into the red…
All the majors closed below their 50DMAs (Russell 2000 below its 100DMA)…
Treasuries were mixed with the short-end lagging (2Y +2bps, 30Y -3bps)…
Source: Bloomberg
The 2Y Yield pushed barely back above 5.00% but the ranges were very narrow once again…
Source: Bloomberg
The yield curve (2s30s) flattened, erasing yesterday’s steepening…
Source: Bloomberg
The dollar ended higher on the day but was sold for most of the US session…
Source: Bloomberg
After yesterday’s puke back below $25k briefly, today saw Bitcoin panic-bid back up to $26,500…
Source: Bloomberg
Oil prices surged, breaking out of their pennant pattern with WTI tagging $89 – its highest since Nov ’22…
Gold was lower on the day with spot trading below $1910 intraday…
Source: Bloomberg
Finally, with Triple-Witching looming, you are here…
Brace for the unclench.
With all eyes focused (for now) on tomorrow’s CPI, we are seeing inflation expectations (1Y inflation swap) surging higher again…
Source: Bloomberg
That will spoil the ‘goldilocks’ narrative.
Tyler Durden
Tue, 09/12/2023 – 16:00
nasdaq
ax
gold
Canadian Silver Co. Will See Big Changes in 2024
Source: Michael Ballanger 12/22/2023
Michael Ballanger of GGM Advisory Inc. takes a look at the current state of the market and shares on stock…
EGR options out Urban Berry project in Quebec to Harvest Gold – Richard Mills
2023.12.23
EGR Exploration Ltd. (TSXV: EGR) has moved from owner to shareholder at its Urban Berry project in Quebec, this week announcing it is optioning…
Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar
Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar
A weird week of macro data – strong jobless claims but…
