Bitcoin & Bullion Battered As Stocks, Bonds, & The Dollar Do Nothing

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    Bitcoin & Bullion Battered As Stocks, Bonds, & The Dollar Do Nothing Tyler Durden Thu, 05/21/2020 – 16:01 Another 2.4 million Americans added to the jobless rolls, China tensions soar, Leading Indicators were a disaster, Housing Data a shitshow, PMIs bounced but remain historically bad… so buy small cap (domestically focused) stocks, and dump gold, silver, and cryptos… [youtube https://www.youtube.com/watch?v=L-l6tHeseDY] Gold puked on major volume at 10amET… Silver was monkeyhammered even more than gold… Which stalled the silver outperformance of late… Source: Bloomberg Bitcoin was also battered at the same time (around 10amET)… Source: Bloomberg Cryptos have erased a lot of the post-Bitcoin-Halving gains… Source: Bloomberg Notably, the plunge in bullion and bitcoin coincided with the ugly PMI data and a jolt lower in Fed Rate expectations (back towards negative rates)… Source: Bloomberg Nasdaq was the laggard on the day but Small Caps were manically bid off the European Close lows (and took a hit on the China sanction headlines late on)… As shorts were squeezed yet again… Source: Bloomberg Meanwhile, The dollar did nothing… Source: Bloomberg Bonds did nothing… (long-end yields rose around 1bps on a major corporate issuance day) Source: Bloomberg Yuan was dumped as sanctions and threats were traded… Source: Bloomberg   Finally, whatever The Fed, The Market, The Politicians are doing… it’s not working for sentiment… Source: Bloomberg Americans haven’t been this pessimistic about current economic conditions in six years. The Bloomberg Consumer Comfort Index fell to 34.7 last week, a 1.1-point drop from the prior week and its ninth straight weekly decline, matching the longest streak on record.

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