FAST FIVE: Morning Market Melt-Up Momentum Fades But Bonds & Bullion Slide
Powell to markets – “Never gonna let you down”.
US Equity markets continued to rise today (Dow up for the sixth straight day higher – longest streak since May 2018) following the US-Mexico deal (buy the news?)…but no closing melt-up today NOTE – the Nasdaq was up over 2% around the European close but stocks faded from that point.
Nasdaq broke above its 50DMA today, but was unable to hold it.
NOTE – The Dow and S&P held above their 50DMA but Small Caps were unable to break the highly clustered DMAs.
Bitcoin managed to hold gains as Litecoin jumped and Ripple dumped.