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Small Caps Surge On Short-Squeeze, Sloppy-Surveys; ETH Outperforms BTC As ETFs Launch

An ugly day for macro with hard data (US home sales) and soft data (regional Fed surveys) all puking...

Source: Bloomberg

...was just the bad news needed to spark good news in STIRs as rate-cut expectations rebounded...

Source: Bloomberg

After yesterday's big exciting "everything's awesome" day, stocks, broadly-speaking did nothing today though as only Small Caps showed any willingness to move. Late-day selling pressure did not help, pulling everything but Small Caps into the red with Nasdaq the biggest loser...

...but that looked like yet another big short-squeeze....

Source: Bloomberg

The NDX/RTY unwind resumed today...

Source: Bloomberg

MAG7 stocks went nowhere ahead of GOOGL/TSLA earnings after the bell...

Source: Bloomberg

Treasuries were mixed today with the short-end outperforming...

Source: Bloomberg

...which dragged the yield curve (2s30s) almost to being dis-inverted....

Source: Bloomberg

Ethereum outperformed Bitcoin on the day as ETH ETFs were launched...

Source: Bloomberg

This followed a huge net inflow day yesterday into BTC ETFs...

Source: Bloomberg

Bitcoin was 3% lower back to $66k...

Source: Bloomberg

...as ETH ETF $ Volume soared to $1BN...

Source: Bloomberg

...which kept ETH around $3500 by the close...

Source: Bloomberg

Gold managed modest gains on the day, finding support at $2400...

Source: Bloomberg

Crude prices extended losses as CTAs pressed through technical levels but WTI found support at $76.69 intraday (its 200DMA) and bounced modestly...

Source: Bloomberg

Finally, prediction markets have Trump still dominating Harris for the win in November...

Source: Bloomberg

...for now she remains below Biden's pre-debate levels.

Tyler Durden Tue, 07/23/2024 - 16:00
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Small Caps Surge On Short-Squeeze, Sloppy-Surveys; ETH Outperforms BTC As ETFs Launch SocialTwist Tell-a-Friend

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