PRECIOUS METALS ARE CRASHING
Over $1.74 TRILLION has been wiped out from precious metals in the last 24 HOURS. Gold is down -4.75%, wiping out $1.41 trillion from its market cap. Silver is down -9%, wiping out $327 billion from its market cap. Source: Bull Theory
Reduce Risk Now in Tech Stocks, warns UBS Trade Desk
Do you agree ??? Source: Barchart
What a turnaround for Fed rates expectations (as implied by Futures). From projecting 6 cuts in September to 2 hikes now
Note that it didn't prevent equities to surge... Source: zerohedge, Bloomberg
The dollar index $DXY bounced off a major long-term weekly trend line and is now pressing into key short-term resistance levels.
The setup has echoes of the 2020/21 consolidation, when an extended period of range trading eventually gave way to a powerful breakout higher. Importantly, the dollar is also trading comfortably above its 50-week moving average, reinforcing the improving medium-term trend. A decisive move through the 100.5 area would strengthen the breakout case. After spending more than a year coiling inside the current range, a break higher risks creating a vacuum move as traders scramble to adjust to a regime shift in the dollar. Source: TME LSEG
While financial markets have priced in the peace deal, shipping markets have not... with Freight rates still 3x pre-war levels...
Source: zerohedge
Retail investors are piling into SpaceX at an UNPRECEDENTED pace:
The ARK Innovation ETF, $ARKK, recorded ~$7 billion in inflows in June, the largest in nearly a year, with the surge coinciding precisely with the day of the SpaceX IPO. Over the first 3 trading sessions following its IPO, retail investors purchased a net $369.8 million of SpaceX, $SPCX, according to Vanda Research. By comparison, retail investors purchased just $88.2 million of Nvidia, $NVDA, over the same time. SpaceX's 3-day retail purchases roughly matched the COMBINED total of Nvidia, Alphabet, Amazon, Microsoft, Meta, the S&P 500 ETF, $SPY, and the Nasdaq 100 ETF, $QQQ. The retail mania is unlike anything seen before. Source: Global Markets Investor, Bloomberg
There is now a 38% chance of a rate hike at the July FOMC and a 0% chance of a rate cut
Source: Barchart
Bloomberg's Michael Ball notes that material flows through Hormuz creates a different problem for crude,
Especially in Asia, as too much supply hits a region that has already adapted to fewer Middle East barrels. Asian refiners replaced disrupted Middle East barrels with US crude and other alternatives, cut some processing runs when prices rose and are now facing a sudden wave of Persian Gulf supply. This has led Middle Eastern crude curves to flip into bearish contango, showing the market is pricing a near-term glut rather than shortage. Source: Bloomberg, zerohedge
