tyb
US Market Report
Volumes on the day
DOW
Volume 289,281,228
Avg. Volume 298,048,548
NAS
Volume 1,961,110,324
Avg. Volume 2,193,109,516
SP500
Volume 2,050,948,801
Avg. Volume 3,524,246,935
both DOW and NAS are better in this regard but the engine of the economy, SP500, continues to be well below daily averages.
Some headlines
PBOC Pumps in More Cash After Baoshang Seizure Spooks Market
China’s central bank moved to curb the risk of a funding squeeze on banks after the government’s surprise seizure of Baoshang Bank Co. sparked a jump in borrowing costs.
The People’s Bank of China injected net 250 billion yuan ($36 billion) into the financial system via open-market operations on Wednesday, the most since Jan. 17, following a net addition of 150 billion yuan in the first two days of the week. That’s after the seven-day repo and one-month interbank rate both spiked this week, making funding costs more expensive for financial institutions.
https://www.bloomberg.com/news/articles/2019-05-29/pboc-pumps-in-more-cash-after-baoshang-seizure-spooks-market
Exxon holders reject separate CEO-chairman, climate resolutions
https://www.reuters.com/article/us-exxon-mobil-agm/exxon-holders-reject-separate-ceo-chairman-climate-resolutions-idUSKCN1SZ22Z
Stocks drop As Credit Cracks, Retail Routed, Yield Curve Craters
The Fed trying to hit its inflation goal.
Chinese stocks are outperforming Europe and US this week (thanks to a panicking PBOC throwing liquidity at it).
see story above
As buying-panics keep rescuing stocks.
depends on your definition of PANIC fren-kek
European Stocks were uniformly ugly today.
US markets traded very much in sync today, chopping and popping together with a late-day surge that dragged us "off the lows".
S&P and Nasdaq both broke below their 200DMA today (joining The Dow and Small Caps already well below it), but the machines did their best to get them both back above that key level.
YTD, Nasdaq remains up almost 14% and Dow up around 8%.
relax as it's all good, this is usually a great return for an ENTIRE year.
unless you own retail stocks
But the entire retail space is getting monkey-hammered.
Treasury yields tumbled once again today but a weak 7Y auction sparked some yield give-back.
See cap#3
Additionally, as Bloomberg notes, rates on 10-year and 30-year securities hit an additional milestone, retracing over half of their climb from the record lows of 2016 to the multiyear highs in 2018. Having broken through those levels, the yields’ next major technical objectives include the 61.8% retracements, which for the 30-year is fewer than 5 basis points away.
For the 10-year, which rose from 1.318% in 2016 to 3.259% in 2018 and touched 2.2081% today, the 50% re-tracement was at 2.289%; the 61.8% is at 2.0596%.
no way to sugar coat this-very bad for the banks and institutions that hold this paper-I'm sure you feel as bad for them as I do-kek
This prompted the yield curve to collapse to new cycle lows.
See Cap#4
PBOC threats to Yuan shorts keep failing.
As soon as they said shorting it would fail, you should have shorted it….how wrong would you have been?-not at all.
Commodities were mixed on the day with PMs modestly higher (despite USD gains), copper clobbered, and WTI doing a huge circle-jerk.
WTI Crude collapsed to a $57 handle before going vertical back to unchanged…early weakness was growth scare and rare-earth escalation fears and the spike was seemingly catalyzed by Iran chatter and rumors that MPLX’s Ozark pipeline would restart early on Thursday.
The gold-silver ratio has surged to a 26-year high.
After a decade of reliable support, the Fed may find it tougher to support flailing U.S. stocks in the months ahead. Rates markets are already pricing in the steepest policy easing since October 2008, so it'll take something extraordinary for the Fed to deliver a dovish surprise from here.
==Rate cut in September-bank it-pepe traders never want to guarantee something but they already have it at about 50-50 now.''
https://www.zerohedge.com/news/2019-05-29/stocks-slammed-credit-cracks-crude-crushed-yield-curve-craters
https://finance.yahoo.com/quote/%5EDJI?p=^DJI
https://www.marketwatch.com/investing/bond/tmubmusd30y?countrycode=bx
Sage Therapeutics Pres/CEO sold $14.98m in shares-May 29
Cap#1 is today's filing, Cap#2 is most recent
SAGE Therapeutics, Inc. is a clinical-stage biopharmaceutical company. The Company is engaged in developing and commercializing medicines to treat central nervous system (CNS) disorders. The Company's lead product candidate, SAGE-547 is an intravenous formulation of allopregnanolone, a neurosteroid that acts as a synaptic and extrasynaptic modulator of the Gamma-Amino Butyric Acid-A (GABAA) receptor. The Company's next-generation product candidates, SAGE-217 and SAGE-689, also target the GABAA receptor system. The Company is focused on developing drugs based on selective allosteric modulation of CNS synaptic and extrasynaptic receptors. The Company's chemistry platform is focused on the chemical scaffolds of endogenous or chemically modified synthetic neuroactive steroid compounds that are allosteric modulators of GABAA or N-Methyl-D-aspartic acid or N-Methyl-D-aspartate (NMDA) receptors.
Number of employees : 257 people.
https://www.marketscreener.com/SAGE-THERAPEUTICS-INC-16917559/company/
https://www.secform4.com/insider-trading/1597553.htm
Saying they really have to do that to give them the space they need-I do no think they are setting it up for our good, they only think of themselves but it will benefit POTUS' policy's. They need to create a wider spread and this is the only way to do it. When the FOMC cut the discount rate it only accelerated the yield curve inverting. It is now about 10 basis points lower via the treasury markets for the system to loan money to each other then to go to the FRB. That has a limit too.
First Data Corp CFO sold $10.2m in shares-May 24
First Data Corporation is a provider of commerce-enabling technology and solutions for merchants, financial institutions and card issuers. The Company's segments are Global Business Solutions (GBS), Global Financial Solutions (GFS), Network & Security Solutions (NSS), and Corporate. The GBS segment provides businesses of all sizes and types with a range of solutions at the point of sale, including merchant acquiring, e-commerce, mobile commerce, point-of-sale, and other business solutions. The GFS segment provides financial institutions, which include bank and non-bank issuers, such as retailers with card portfolios, with a range of solutions that enable them to offer financial products and solutions to their customers. The NSS segment provides a range of network solutions and security, risk and fraud management solutions to business and financial institution clients in its GBS and GFS segments, and to financial institutions, businesses, governments, processors and other clients.
https://www.marketscreener.com/FIRST-DATA-CORP-24446327/company/
https://www.secform4.com/insider-trading/883980.htm
kek
ty anon
the longer you ignore it….
kek