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Daily Note

Everyone Is Getting Caught Out

Jul 8, 2021

Thomas Thornton

  • S&P futures down 1.3% in Thursday morning trading after US equities finished mostly higher in the previous session as growth extended its recent outperformance vs value.
  • Megacap tech was a bright spot and there were pockets of strength in some cyclical groups, including commodities and capital goods, though financials remained sluggish and most reopening plays lagged.
  • Europe and Asia down hard over 2% Charts of Euro Stoxx 50, UK and Italy index on note
  • Treasuries mostly stronger with 10s below 1.30%. Charts of 2/10 and US 10 year yield on note
  • Dollar under pressure vs yen and also weaker vs euro.
  • Gold up 0.9% (sixth straight gain).
  • WTI crude down 0.2%, off worst levels.
  • Bitcoin down nearly 6%. Chart on note
  • Equity bullish sentiment remains very extreme.
  • US 30 year yield with new DeMark Combo buy Countdown 13. Chart on note
  • This is the only note that will be published today
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