Featured Story
Just when you thought it was safe to buy any stock – selected at random via Scrabble letters – on any dip, with levered money you can’t afford to lose, COVID-19 reappears in size to steal the jam out of your donut.
Last Friday saw surges in COVID cases across many states and news that Apple would be re-closing stores in a handful of states. That sent stocks tumbling. Today – after a few days of exuberant dip-buying, those same states hitting new record highs (and more Apple store closures) sparked an even more impressive plunge (and was not helped by The IMF’s downbeat forecast for the global economy)…
- 0905ET California COVID-19 cases rise 3.9% or +7,149 to 190,222 (up from +5,019)
- 0938ET Texas reported a 7.3% rise in Covid-19 hospitalizations to 4,389 from 4,092 yesterday.
- 1033ET *FLORIDA COVID-19 CASES RISE 5.3% VS. PREVIOUS 7-DAY AVG. 3.7%
- 1130ET *HOUSTON-AREA INTENSIVE CARE UNITS ARE AT 97% OF CAPACITY: CITY
- 1140ET *NEW YORK, N.J. AND CONNECTICUT ORDER VISITORS TO QUARANTINE
- 1400ET *CALIFORNIA HOSPITALIZATIONS UP 29% IN 14 DAYS, NEWSOM SAYS
- 1440ET *APPLE TO RE-CLOSE 7 STORES IN HOUSTON, TX ON COVID-19 SPIKE
All building on one another to slam stocks lower (led by Small Caps) ending the 8-day win streak in Nasdaq (there was a late-day bounce on chatter of $1 trillion stimulus again but a $3bn MoC ruined that fun and games)…
And the result – a collapse below the Navarro lows, back To Friday’s lows…
As Virus fears surge to one-month highs…
Source: Bloomberg
The S&P fell back towards its 50DMA…
And the Dow failed once again to break above its 50DMA…
Momentum continued its rabid bounce back today – after perfectly reversing at unchanged for 2020…
Source: Bloomberg
The dollar was bid today…
Source: Bloomberg
Treasury yields tumbled 405bps at the long-end today…
Source: Bloomberg
Are stocks about to catch down to bond’s reality?
Source: Bloomberg
Or profits…
Source: Bloomberg
And while bonds saw safe-haven bids, bitcoin did not…
Source: Bloomberg
And gold was monkeyhammered too around the London Fix (after failing to break $1800)…
But note that gold’s tumble stalled at yesterday’s fix…
NEVER MISS THE NEWS THAT MATTERS MOST
ZEROHEDGE DIRECTLY TO YOUR INBOX
Receive a daily recap featuring a curated list of must-read stories.
Source: Bloomberg
Silver was hit harder. busting back below $18…
Oil prices tumbled as COVID (demand) and inventory/production (supply) concerns smacked WTI back to a $37 handle…
Finally, we wonder just how far stocks will fall this time?
Source: Bloomberg
And just how quickly The Fed will need to restart its money-printing malarkey…
Source: Bloomberg ZeroHedge
StevieRay Hansen
Editor, Bankster Crime
Don't Miss
The End Of Money? BlackRock CEO Claims Crypto Will Surpass Traditional Currencies Worldwide–Be Careful With BlackRock!
In an interview with CNBC, BlackRock CEO Larry Fink discussed the potential of crypto as an international asset that can transcend the value of traditional…
JPMorgan Chase Files a Notice of Appeal in Jeffrey Epstein Victim Case It “Settled” for $290 Million
Unless you have been living off the grid for the past month, chances are you have seen a barrage of headlines blaring that the largest…
Ex-Celsius CEO Arrested On Fraud Charges, Bankrupt Crypto Firm Sued By SEC
The U.S. SEC filed a lawsuit against the bankrupt crypto lender on July 13 followed by news reports about the arrest of the former CEO…
Bitcoin Faces Backlash: Bank Of England Governor Expresses Disapproval–Satan Soldiers Will Never Agree to Cryptocurrencies–There Going to be a War
Bitcoin and other cryptocurrencies have long been a subject of debate and scrutiny within the financial world. Bank of England Governor Andrew Bailey recently added…
Silk Road–Linked Bitcoin Worth $300M Moved by U.S. Government: On-Chain Data
The U.S. government previously sold 9,861 bitcoin for $216 million in March. By Oliver Knight Jul 12, 2023 at 9:28 a.m. CDT Updated Jul 12,…
