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EM FX Crashes As US Dollar & Bonds Soar, Stocks Snore
NASDAQ
Volume 1,826,297,351
Avg. Volume 3,149,229,677
DOW
Volume 278,513,947
Avg. Volume 302,997,096
SP500
Volume 2,015,441,010
Avg. Volume 3,618,766,129
Earnings (dramatically weaker), macro (two-year lows), funding markets (IOER), bonds (yields tumbling), and FX (chaos) - but stocks are at record highs - so everything is awesome, right?
After two dismal days (and a rough morning session), The National Team steeped in to rescue Chinese stocks from their worst run this year.
Trannies and Small Caps managed gains today (another short-squeeze) as The Dow, S&P, and Nasdaq trod water. (See cap #2 blue circle)
Nasdaq 100's first losing day in 8 days.
Volume remains dismal.
Today is the 78th trading day of the year, SPY volume has exceeded 100MM only 10 days so far, 13% of all days.
Through 78 trading days in 2018, SPY volume exceeded 100MM 39 times, 50% of all days.
And as the S&P hovers at its record highs, it seems not many of its components are playing along.
As big tech valuations soared to near record highs, decoupling from the broader market.
A lot of which is thanks to the surge in Semis…
(See cap #3) as their earnings expectations have collapsed.
Don't forget: "Semis don't sell other semis" as the algos refuse to acknowledge TXN's warnings and bid SOX to a new record high.
Stocks and bonds decoupled dramatically today.
With the entire curve now lower on the week, led by the short-end.
With 30Y Yield tumbling to 10-day lows after tagging 2.999% yesterday.
The yield curve has hit a critical resistance level once again.
The Dollar Index extended gains today, pushing DXY to its strongest since May 2017.
Yen tumbled below the recent 112.00 support level - to its weakest since 12/20/18.
Emerging Market FX plunged to its weakest since the start of the year.
Led by Argentina, South Africa, Turkey, and - rather shockingly - Aussie Dollar. (Oggi,Oggi,Oggi…..)
As the peso closed at a record low today.
Cryptos suffered two legs down overnight and weakened in the US session.
Silver and Gold managed gains today in the face of dollar strength as WTI slipped lower on inventory data.
Despite the dollar surge, gold also rallied on the day.
Live Gold
1,275.40Bid
1,276.40Ask
High: 1,279.50
Low: 1,268.80
+3.20 +0.25%
Finally, we note that as stocks hit a record high, positioning in risk-off assets (TSYs, Gold, and VIX) has not bought into the rally.
https://www.zerohedge.com/news/2019-04-24/dollar-bonds-soar-stocks-snore
https://finance.yahoo.com/quote/%5EIXIC?p=^IXIC
https://www.kitco.com/charts/livegold.html
https://www.marketwatch.com/investing/bond/tmubmusd10y?countrycode=bx
Facebook revenue jumps as U.S. privacy penalty looms
(Reuters) - Facebook Inc beat analysts’ estimates for quarterly revenue on Wednesday, aided by growth in its Instagram business and a surge in advertising sales,
(has anyone EVER clicked on a FB ad?) while also setting aside up to $5 billion to cover anticipated official U.S. privacy penalties.
Shares of the company, which have surged almost 40 percent this year, were up nearly 5 percent in extended trading after it said ad sales jumped 26 percent to $14.91 billion in the first quarter, beating analysts’ average estimate of $14.77 billion.
Facebook, Inc. (FB)
190.99 +8.41 (4.61%)
After hours: 4:37PM EDT
Monthly active users rose 8 percent to 2.38 billion, beating estimates of 2.37 billion, according to IBES data from Refinitiv.
Costs jumped 80.5 percent to $11.76 billion, as the company ramped up spending to improve content and security across its platforms.
The company also raised the top end of its provision for losses related to Federal Trade Commission privacy concerns from $3 billion to between $3 billion and $5 billion.
But excluding items including the potential FTC penalty, the company earned $1.89 per share, better than analysts’ expectations of $1.63 per share.
(of course they were excluded!)
The FTC has been investigating revelations that Facebook inappropriately shared information belonging to 87 million of its users with the now-defunct British political consulting firm Cambridge Analytica.
The probe has focused on whether the data sharing of data and other privacy disputes violated a 2011 agreement with the FTC to safeguard users’ privacy.
Total revenue rose 26 percent to $15.08 billion, beating analysts’ average estimate of $14.98 billion.
Net income attributable to Facebook shareholders fell to $2.43 billion, or 85 cents per share, in the first quarter ended March 31, from $4.99 billion, or $1.69 per share, a year earlier.
The FTC did not immediately respond to a request for comment.
https://www.reuters.com/article/us-facebook-results/facebook-revenue-jumps-as-u-s-privacy-penalty-looms-idUSKCN1S02N6?il=0
https://finance.yahoo.com/quote/FB?p=FB&.tsrc=fin-srch
SEC time to do your fucking job here…
I'll take both for $1000 Red
after I PUMP myself up.
kek