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Energy Stocks Slammed Most In 4 Months, Nasdaq Bounces Despite "Worse Than Lehman" Bearish Bets

Seemed appropriate...

 

Once again 'soft' data is hope-ing as 'hard' data is nope-ing...

 

Nasdaq outperformed (avoiding its worst losing streak since 2016) and Small Caps underperformed... Dow closed unch

 

Having first pointed out the spike in relative Nasdaq risk in early June, Put Open Interest in QQQ (Nasdaq ETF) has since spiked to its highest level since 2007...

 

"Value" dipped as "growth" bounced back into the green for July..

 

It was a weird day for stocks and bonds...

 

Oil prices tumbled after Russia hinted it would not support further output cuts...

 

Which in turn smacked Energy stocks - biggest drop in 4 months - as banks and tech outperformed...

 

FANG Stocks bounced modestly but remain lower in July so far...

 

And Tesla Tanked..

 

The Dollar Index ended the day practicaly unchanged - jumping and dumping after the Fed minutes...Notice that for the 3rd day in a row, the dollar was incessantly bid from 3am to 7am ET (green arrows)...

 

The biggest movers in FX land were The South African rand (tumbled around 1.75% on local political worries and land confiscation concerns), while the Turkish lira fell near 1.5% as Kurdish tensions heightened.

 

Treasury yields fell modestly on the day (bonds rlalied into the close after an initial sell-off after the fed)...

 

Gold and silver ended the day lower (though rallied post FED)...