{"id":1471678,"date":"2024-06-17T20:00:00","date_gmt":"2024-06-18T00:00:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1471678"},"modified":"2024-06-17T20:00:00","modified_gmt":"2024-06-18T00:00:00","slug":"bitcoin-black-gold-big-tech-rip-to-start-the-week","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/bitcoin-black-gold-big-tech-rip-to-start-the-week\/1471678\/","title":{"rendered":"Bitcoin, Black Gold, & Big-Tech Rip To Start The Week"},"content":{"rendered":"

Bitcoin, Black Gold, & Big-Tech Rip To Start The Week<\/span><\/p>\n

\n

A mixed (tending towards awful) night of macro from China was somewhat offset (very modestly) by a better than expected Empire Fed Manufacturing print (but still negative) on a quiet macro day.<\/p>\n

Bear in mind that Goldman’s economists pointed out that the Empire survey has been particularly volatile since 2022, swinging by at least 20 points in over half of instances<\/strong> as issues related to seasonal adjustment likely contributed to the month-over-month increase.<\/em><\/p>\n

But overall, rate-cut expectations dipped (hawkishly) lower today<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Treasury yields rose notably…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

But stocks didn’t care as they all melted up as the US cash markets opened…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Nasdaq led the way, up over 1.5% before some late day profit-taking. The Dow was the laggard but all the majors were green on the day. NOTE – stocks went vertical once Europe closed…<\/p>\n

<\/a><\/p>\n

On the back of yet more of a surge into MAG7 stocks…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Breadth continues to worsen…<\/p>\n

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Source: Bloomberg<\/em><\/p>\n

Goldman’s trading desk noted that overall activity levels are down -7% vs. the trailing 2 weeks with market volumes down -7% vs the 10dma. <\/strong><\/p>\n

Our floor tilts 5% better to buy, driven by demand from LOs while HFs tilt modestly for sale<\/p>\n

LOs are +18% better to buy,<\/strong> running their streak of net demand to 10 straight sessions.\u00a0 Demand for Mega Tech is still quite prevalent.\u00a0 From a notional perspective, Tech $-net demand is more than 3x larger than HCare (#2) and 5x larger than Fins (#3).\u00a0 Supply from this group is modest across Staples, Materials & Energy.<\/p>\n

HFs are -6% better for sale <\/strong>(82nd %-ile), using continued Tech strength to make long sales.\u00a0 HFs are modestly selling Fins, Utes, Energy, Macro Products & Energy while buying Staples & Industrials.<\/p>\n

The dollar ended very marginally lower after rallying overnight and then losing those gains during the US session…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Crude prices ripped back up to almost $81 (WTI) a key resistance level…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Gold limped back lower…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Bitcoin surged back above $67,000, erasing Friday’s plunge…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

But Ether limped lower…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Finally, Mag7 stocks have added $2.3 trillion in market cap in Q2 so far<\/strong>… while the 493 other stocks in the S&P 500 have lost $720 billion…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Good luck with that!<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nMon, 06\/17\/2024 – 16:00<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/crude-crypto-mega-cap-tech-rip-start-week<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin, Black Gold, & Big-Tech Rip To Start The Week A mixed (tending towards awful) night of macro from China was somewhat offset (very modestly)…<\/p>\n","protected":false},"author":0,"featured_media":1471679,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1471678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1471678","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1471678"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1471678\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1471679"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1471678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1471678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1471678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}