We get the clear impression today that we heard this from the depths of The Eccles Building…
[embedded content]As earnings offer little to no support whatever here….
This was the worst day for FANG stocks in 6 weeks – NFLX was crushed on weak growth expectations, (and non-FANG TSLA tanked on Consumer Reports questioning quality of Model X)…
Which explains Nasdaq’s considerable underperformance… (back into the red for the week)
It was all about S&P 2,100 and Dow 18,000 again today…
Energy and Financials onc again popped at the open…
As perhaps the best example of the reality under the surface of stock trading, XOM traded in a 2c range for over 90 minutes today…
Treasury yields rose on the day with some volatility around the dismal housing data early on…
The USD Index continued to slump as commodity currencies strengthened (JPY was slightly weaker on the day)
Pushing the USD Index (Bloomberg Spot) to 10-month lows
Silver soared on the day as did most commodities amid the USD weakness…
The Gold/Silver ratio continues to plunge…to 5-month lows
As Silver enters a bull market off the Jan lows (toppiong $17 and up over 25% at the highs today)…
Finally there is this…
Charts: Bloomberg
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