hmmm....
We started the day with a gold flash-crash...
Then Durable Goods data and The Chicago Fed's National Activity Index both tumbled and massively missed expectations -smashing the Citi Macro Surprise Index to its weakest since August 2011...
Then Nasdaq (led by FANGs) tumbled at the cash open after levitating overnight - oddly reactive to the tumble in Bitcoin...
Bitcoin was clubbed like a baby seal - down over 15% - the biggest drop since Jan 2015...
On the day, only Nasdaq closed red...markets closed weak (NOTE, the European close saw a buying panic reappear in Nasdaq briefly)
FANG Stocks fell most since the day after the tech-wreck closing NOT "off the lows"...
VIX was smashed back to a 9 handle...But as the chart below shows, it didn't help push stocks back up...
Treasury yields all fell on the day - even the short-end was bid in a very strong auction. The drop started on the dismal data early...
The Treasury yield curve slumped flatter once again with 2s10s dropping to a 78bps handle - lowest since Aug 2016
2s30s tumbled again to 134bps - the flattest since the last recession begain...
The Dollar Index roller-coastered to end the day slightly higher...
Yen was sold hard today (and Yuan weakened)...
Both Gold and Silver flash-crashed overnight but rallied on the weak US data...
On the bright side, WTI Crude saw a modest bounce today... testing below $3 briefly...
We note that while Bitcoin was battered today, it found support at its exponential trendline off March lows...
All 20 of the largest cryptocurrencies were deep in the red...
Finally, we note that at least one corner of the equity market might be getting nervous about the S&P 500 Index hovering near all-time highs. Options contracts that pay off with a drop in the benchmark gauge outnumber those betting on a gain by a rate of more than 2-to-1, the most since January 2016, according to data compiled by Bloomberg.
Since the start of the bull market, the S&P 500 has lost 0.3 percent in the 10 days following put-to-call ratios at or above the current level, compared with a 0.6 percent gain in all 10-day stretches during that period.
Source : ZeroHedge
For only the best of ZeroHedge and articles relating to Steem, Follow me @Zer0Hedge
Its not the cryptos doing it, the monetary system is fucked and its going to fail
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BTFD they say.
https://www.google.ca/search?q=btfd&oq=btfd&aqs=chrome..69i57j0l5.1223j0j1&sourceid=chrome&ie=UTF-8
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buy the blood.
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Thanks for your in depth Techincal Analysis, I don't wanna see BTC go bearish for the rest of summer. I am still pretty bullish and I would like to see a bounce on my chart here
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Wait for autumn or if the bond bubble lets go... this is just noise in my eyes.... I blogged about this today...
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Will take a look!
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Very Easy !!!
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Sideway cat-bounce formation, that's advanced TA right there.
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Perfect video for whats happening today.....love it!!!
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One person's bloodbath is another's party pool, if that person is a vampire or in this case using that opportunity to buy more Ether!
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Much appreciated for bringing zerohedge to steemit, one less stop on my surfing journey.
You've been followed, upvoted and resteemed.
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@zer0hedge you just got a new follower!!!
I like all the update for the day trading but how do you feel about the market long term? I would use the recent pull back as a buying opportunity in the crypto industry.
^^^UPVOTED^^^
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Thanks for the info, i will buy as usual
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Zero is the cat he doesn't give a..... hahaha
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all i am seeing is buy buy buy :)
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Thanks for depth Techincal Analysis.
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nice post
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The same here ;the free fall in all cryptos today? see https://steemit.com/cryptocurrency/@charles1/the-fears-in-crypto-currencies-big-losses-in-steem-etherium-bitcoin-et-al
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crazy town
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Thank you for this awesome Technical Analysis... I still struggle with reading these but I am slowly getting a better grasp on it :)
check out my latest post https://steemit.com/blockchain/@jjjjosue/market-influx-casey-neistat-and-blockchain-applications
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Smart money has already exited the market and will return in August.
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Interesting. Tech stocks have been acting strange lately. I have noticed a correlation with Trump agenda. For example, when Trump agenda seems to pick up a little steam tech stocks crash - dow does well. Today travel ban gets positive result for Trump and tech stocks fail.
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Still hoping for a grow in capital so I can book tickets to somewhere, lol. My faith is in your hands guys.
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Upvoted and followed
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Excellent analysis.Best explanation I've heard thus far.Shows we're still quite interconnected.
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Big money is moving!
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Buy buy buy!
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2billion in gold contracts dumped onto the market in just a couple minutes this morning...its in your face manipulation.. oh well, discount of physical, right?!
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The whole system is upside down. The worse the news the more the markets rise.
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everybody selling before they go on a vacation
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Pretty much.
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Yeah its been an exciting day for sure, good deals to be had. I went long on STR and LTC and pulled a good return on this dip. Probably still down for the day, but the leveraged dip was my first crypto margin trade, and it went very well.
Thanks for all the awesome information :)
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what about steem and sbd? were they also in red?
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Crypto need a wash, to much garbage coins, we need a flash some of these coins down the drain, it would be healthy for us. With the names of some of these coins, I as a cryptocurrency enthusiast would "they can't be serious"
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Great post! Keep it up :)
By the way, I'm following you now
Cheers
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