Dis-May-Day – Bonds Down, Dollar Down, Oil Down, Gold Down, Economy Down… Stocks Up
By Tyler Durden
China data weakens, Puerto Rico defaults, Japan falls, crude drops, another E&P company defaults, failed M&A deal, US macro data dumps… and stocks surge…
US equities went up today… because why not…just a little too uniformly post-EU Close…
Thanks to a brief USDJPY momentum igntion as Construction Spending, and ISM and PMI all missed expectations…
And what appears like institutional-buying (every VWAP dip bid from fund inflows)
Another day, another short-squeeze…
VIX accelerated lower as the last 30 minutes began and panic-buying was unleashed…on the heel sof AAPL headlines…
AAPL was down for the 8th day in a row…
Until this headline hit (HINT: remember the lying email he supposedly sent Cramer about China when AAPL was last crashing to these lows?) BUT it didnt last and AAPL closed down 0.15%
Treasury yields lifted modestly today…seemingly from one big selling effort into the open (as usual)
Seems bonds had it right after all…
The USD Index is down for the sixth straight day – longest streak since April 2015… note USDJPY tried to bounce but failed…
Crude was monkey-hammrered after hopeful algos ran it higher in the early going. Silver slumped as did copper and gold kept its head despite the weaker USD…
Silver suffered it worst day since the first day of April. Gold fell for the first day in the last 6, having tagged $1300 early in the day…
But Gold remains the big winner post last week's Fed/BOJ debacle…
Charts: Bloomberg
Source: Dis-May-Day – Bonds Down, Dollar Down, Oil Down, Gold Down, Economy Down… Stocks Up
