Gold Pops as Bitcoin Drops, Dollar Snaps Longest Win Streak Since Jan 2016
“Contained”…
Post-FOMC, Gold was the biggest gainer…
US Equities were holding to gains but tumbled in the last few minutes with the S&P turning red…
Nasdaq manged to hold gains after The Fed…
VIX was noisy around CPI early on and snapped higher into the close (breaking above the terrifying level of 10.00)…
Financials had an ugly day…
High Tax stocks underperformed Low Tax stocks again (though did ramp after headlines suggested a deal was close)…
Bonds and the Nasdaq were bid after the Fed…
The initial moved after the FOMC was 2Y yield lower and 30Y higher (a modest steepening) but as Yellen spoke so the long-end rolled over…
Overall yields fell notably on the day – with 10Y stumbling oince again at the 2016 close…
On the week, yields are all lower…
After 7 straight days higher – the longest streak since January 2016 –
WTI/RBOB sank on the day after a big gasoline build and record production…
Gold’s gain today was Bitcoin’s loss – its worst down day in a month…note that gold was snapped higher early on when Core CPI disappointed and seemed to catalyze the weakness in crypto…
And notably bitcoin futures tumbled to erase the spot-futs premium…
Source: http://silveristhenew.com/2017/12/13/gold-pops-as-bitcoin-drops-dollar-snaps-longest-win-streak-since-jan-2016/
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