US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

Equity markets just keep speeding along…

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China had an ugly night…

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

Europe was flat and U.S. equities were mixed, with financials and industrials pacing gains in the S&P and Dow, while the Nasdaq lagged. Trannies were best (best day in 3 months) – soaring over 2% thanks to United boosting airlines and CSX beating on earnings.

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

Fed Chairman Jerome Powell’s testimony didn’t influence markets, as he mirrored Tuesday’s remarks in delivering an upbeat assessment on the U.S. economy.

Futures show once again the overnight drift and then panic-bid for US equities at the US open…

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

VIX closed with an 11 handle for the first time in a month…

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

So far in July, the major market indices have not had back-to-back losses…

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

Don’t forget, it’s that time of the month…

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

Netflix limped lower, back towards its 50DMA…

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

GOOGL bucked the trend of weakness in the FANGs today (despite its huge fine)…

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

Yields started to play catch up to the recent equity exuberance today…

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

Treasury yields were mixed today with some steepening as 30Y Yields rose…

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

2s30s steepened notably…

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

The Dollar ended higher on the day but roundtripped back lower after overnight gains…

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

Meanwhile, the offshore yuan tumbled to fresh cycle lows (12-month lows)…

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

NOTE – the two rectangles are the same size and time period…

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

Is the capital flooding out of China and into US stocks?

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

Cryptos were mixed today with Ethereum lower and Bitcoin higher (Bitcoin’ best week since 2017)…

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

Despite record crude production and a huge surprise crude inventory build, WTI rallied, bouncing off its 100DMA…

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

Gold and Bitcoin were generally flat today…

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

Finally, we note more weak ‘hard’; data today from the housing sector this time as soft surveys remain ebullient…

US Stocks Extend Gains As Yuan Tumbles To 12-Month Lows

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