Dollar Drop, Crypto Pop Reflects “Crazy People” Running The System

Featured Story

The last few months have seen the dollar dive and crypto thrive…

Source: Bloomberg

And the last few days have been no different…

Source: Bloomberg

With bitcoin helped overnight by the Koreans (the Kimchi premium tagged zero then soared)…

Joe Lonsdale, Palantir co-founder explained succinctly why crypto is performing so well (and perhaps why the dollar is not so much)…

“Bitcoin is a bet against a centralized financial system run by crazy people… it is a bet that the emperor has no clothes.”

Echoing Kyle Bass’ infamous comments about gold from a decade ago…

“Buying gold is just buying a put against the idiocy of the political cycle. It’s That Simple”

For now, it seems the market has a preference for one over the other (or one is being suppressed, take your pick)…

Source: Bloomberg

Although the last week or two have seen that swing back the other way a little…

Source: Bloomberg

Away from that malarkey, Small Caps outperformed Big-Tech for the 4th straight day as all major US indices but the Dow managed gains today…

At 1530ET, all hell broke loose in stock land with a sudden, massive-volume puke that came out of nowhere…

This was a major sell program…

TSLA (whose earnings are tonight) went just a little bit turbo during that period too (ARKK was up over 3% today)…

DISCA (think Archegos) surged during this broad index puke.

After stopping perfectly at January’s lows, Small Caps have surged higher relative to Mega-Cap DJIA in the last week or two…

Source: Bloomberg

Growth outperformed Value today

Source: Bloomberg

Despite equity gains, Treasuries ended the day practically unchanged…

Source: Bloomberg

10Y Yields remain in a very narrow range…

Source: Bloomberg

Bitcoin wasn’t the only crypto to see a huge rebound. Ether surged from below $2200 to over $2500…

Source: Bloomberg

ETH is hovering near its highs relative to BTC from February…

Source: Bloomberg

After Friday’s clubbing, (and this morning’s smaller slam), gold managed gains on the day…

Oil prices ended lower, despite a wild intraday swing…

Finally, the price of agricultural commodities is literally exploding…

Source: Bloomberg

“Transitory” of course!

And financial conditions have never… ever… been this easy…

Source: Bloomberg

How much longer are you going to enable this Mr.Powell? Perhaps Mr. Lonsdale is right – “crazy people” are running the system.60

BanksterCrime

Don't Miss

Nasdaq Futures Tumble, Stocks Slide As SoftBank Unwinds, Dollar Jumps

By StevieRay Hansen

If SoftBank’s presence in the public markets was enough to send global markets to 9 consecutive all time highs while stretching tech valuations to unprecedented…

Read More

Stocks Are Crashing, VIX Spikes As Option-Players Panic-Buy Protection

By StevieRay Hansen

Trouble: VIX is back above 30… …and its put-buying not call-buying this time… The S&P is down over 3% and Nasdaq down 5%… As yields…

Read More

The Fed’s Big Lie

By StevieRay Hansen

Insanity is doing the same thing over and over again, but expecting different results. Federal Reserve Chairman Jerome Powell announced on Thursday that the Fed…

Read More

In The Long Run… We Are All Alive

By StevieRay Hansen

In 1976, economist Herbert Stein, father of Ben Stein, the economics professor in Ferris Bueller’s Day Off, observed that U.S. government debt was on an…

Read More

America’s Coming Double Dip

By StevieRay Hansen

www.zerohedge.com Soaring financial markets are blithely indifferent to lingering vulnerabilities in the US economy. But the impact of consumers’ fear of COVID-19 on pandemic-sensitive services are…

Read More

What Are You Going To Do As Our Money Dies?

By StevieRay Hansen

Central banks are killing our currency to protect the already-rich… In our recent article It’s Time To Position For The Endgame, Chris Martenson explained how the…

Read More

“Stand Down!” – How One Navy Seal Killed A Multi-Billion Hedge Fund

By StevieRay Hansen

It has now been revealed that the fall of Dan Kamensky’s Marble Ridge Capital was at the hands of a former Navy SEAL, turned trader. Joe…

Read More

World’s Biggest Sovereign Wealth Fund Lost $21 Billion In First Half 2020

By StevieRay Hansen

Readers may recall in April that Norway’s sovereign wealth fund, the world’s biggest, posted record losses for 1Q20 as the virus pandemic wreaked havoc on global markets.  For more color on the…

Read More

After “Extraordinary Event” Crushes Traders, Credit Suisse Forced To Accelerate “Berserk” NatGas ETN

By StevieRay Hansen

Following yesterday’s “berserk” price action in Credit Suisse’s 3x Inverse Natural Gas ETN, the Swiss banking giant has been forced to do something about it.…

Read More

S&P Jumps Above Record High After $9 Trillion Global Liquidity Tsunami

By StevieRay Hansen

$9 trillion in additional global liquidity (from $79 to almost $88 trillion since the March lows)… Are we Drowning in liquidity? Pushed the S&P above…

Read More
Posted in

StevieRay Hansen

Leave a Comment