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Stocks Pump'n'Dump As "What China Giveth, China Taketh Away"
07-03-2018, 01:22 PM,
#1
Stocks Pump'n'Dump As "What China Giveth, China Taketh Away"
Stocks Pump'n'Dump As "What China Giveth, China Taketh Away"

<p>'Murica, F**k Yeah...</p>

<p><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/9t1IK_9apWs" width="560"></iframe></p>

<p>Despite the holiday-shortened trading day, there was plenty of vol for everyone today...</p>

<p>Equity futures show the chaos best as PBOC Governor Yi rescued the world overnight but US investors used his overnight pump to dump their gains (not helped by China's court ruling against Micron)....</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-07-03_10-00-26.jpg?itok=LCI_rjYn" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_10-00-26.jpg?itok=LCI_rjYn"><img data-entity-type="file" data-entity-uuid="7c6a2da0-5987-47ee-ac24-060b2978726c" data-responsive-image-style="inline_images" height="332" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-07-03_10-00-26.jpg?itok=LCI_rjYn 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_10-00-26.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>In cash equity land, Small Caps remain green on the week...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-07-03_10-02-13.jpg?itok=wupXjlQV" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_10-02-13.jpg?itok=wupXjlQV"><img data-entity-type="file" data-entity-uuid="a9fd64a9-33a8-43ee-a19a-2b39af0bb150" data-responsive-image-style="inline_images" height="259" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-07-03_10-02-13.jpg?itok=wupXjlQV 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_10-02-13.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>The Dow closed below its 200DMA for the 7th day in a row...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-07-03_9-53-26.jpg?itok=0ifBiA2V" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-53-26.jpg?itok=0ifBiA2V"><img data-entity-type="file" data-entity-uuid="60c8c3ba-b380-4a4d-9d26-9a0e9516af1a" data-responsive-image-style="inline_images" height="295" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-07-03_9-53-26.jpg?itok=0ifBiA2V 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-53-26.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Micron was a mess after the headlines...dropping to 2-month lows...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-07-03_9-37-15.jpg?itok=na2qkCx8" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-37-15.jpg?itok=na2qkCx8"><img data-entity-type="file" data-entity-uuid="b5971c0e-146b-456c-9b65-d91d48097d2b" data-responsive-image-style="inline_images" height="260" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-07-03_9-37-15.jpg?itok=na2qkCx8 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-37-15.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>But Tesla is worse - down over 14% from its post-production goal highs...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-07-03_9-35-19.jpg?itok=HS85urw7" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-35-19.jpg?itok=HS85urw7"><img data-entity-type="file" data-entity-uuid="6699e0eb-9dd2-4dd9-bc14-467cf514be16" data-responsive-image-style="inline_images" height="260" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-07-03_9-35-19.jpg?itok=HS85urw7 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-35-19.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Treasury yields tumbled today as stocks reversed around the cash equity open...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-07-03_9-51-22.jpg?itok=riEaA4kA" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-51-22.jpg?itok=riEaA4kA"><img data-entity-type="file" data-entity-uuid="251623f2-a375-47a8-8efa-5c5f53d016cd" data-responsive-image-style="inline_images" height="264" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-07-03_9-51-22.jpg?itok=riEaA4kA 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-51-22.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>We are starting to see a pattern intraday in Treasuries - buying overnight, selling during US day...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-07-03_9-47-37.jpg?itok=NofLzofT" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-47-37.jpg?itok=NofLzofT"><img data-entity-type="file" data-entity-uuid="9e489b1b-890a-46c5-9ebb-0320b45f40ec" data-responsive-image-style="inline_images" height="260" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-07-03_9-47-37.jpg?itok=NofLzofT 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-47-37.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>The Dollar erased yesterday's gains as China's intervention rippled through markets but as stocks sold off in the last hour of the short-day, the dollar bounced a little...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-07-03_9-42-48.jpg?itok=oLUD6Zde" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-42-48.jpg?itok=oLUD6Zde"><img data-entity-type="file" data-entity-uuid="4b274640-a472-406c-8f24-452c18452345" data-responsive-image-style="inline_images" height="260" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-07-03_9-42-48.jpg?itok=oLUD6Zde 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-42-48.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>The biggest news overnight (and into the open) was China's intervention to rescue the Yuan from freefall...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-07-03_5-10-00_0.jpg?itok=hLvo7DTo" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_5-10-00_0.jpg?itok=hLvo7DTo"><img data-entity-type="file" data-entity-uuid="7b48e9ab-adbd-4cb0-b5a9-f8623c93d050" data-responsive-image-style="inline_images" height="264" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-07-03_5-10-00_0.jpg?itok=hLvo7DTo 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_5-10-00_0.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>But some context is important for this bounce...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-07-03_5-20-13_0.jpg?itok=Rs0n4-U4" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_5-20-13_0.jpg?itok=Rs0n4-U4"><img data-entity-type="file" data-entity-uuid="91e71a77-2c4d-4494-924a-9299a5ff987b" data-responsive-image-style="inline_images" height="261" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-07-03_5-20-13_0.jpg?itok=Rs0n4-U4 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_5-20-13_0.jpg" alt="" typeof="foaf:Image" /></a></p>

<p>China's stocks managed to surge on the intervention but only CHINEXT is back to breakeven on the week...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-07-03_9-58-29.jpg?itok=xML9rwQT" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-58-29.jpg?itok=xML9rwQT"><img data-entity-type="file" data-entity-uuid="1cfef88b-293c-4025-b0ce-6653cc3a9e67" data-responsive-image-style="inline_images" height="266" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-07-03_9-58-29.jpg?itok=xML9rwQT 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-58-29.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Cryptos pumped and dumped today but ended the day unchanged, still up notably on the week...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-07-03_9-57-37.jpg?itok=250Mna9I" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-57-37.jpg?itok=250Mna9I"><img data-entity-type="file" data-entity-uuid="4a989616-63a8-4a64-993a-c6472719d115" data-responsive-image-style="inline_images" height="265" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-07-03_9-57-37.jpg?itok=250Mna9I 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-57-37.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>PMs rallied on the dollar weakness but copper and crude faded...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-07-03_9-52-12.jpg?itok=y64qispb" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-52-12.jpg?itok=y64qispb"><img data-entity-type="file" data-entity-uuid="76a5b593-aaf5-4b1a-85ac-c24d121e73d8" data-responsive-image-style="inline_images" height="265" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-07-03_9-52-12.jpg?itok=y64qispb 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-52-12.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Notably WTI tumbled after reports that the Saudis would increase production as Trump asked...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-07-03_9-55-24.jpg?itok=ki3twHiv" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-55-24.jpg?itok=ki3twHiv"><img data-entity-type="file" data-entity-uuid="36e25971-37d2-413d-8f19-9953d037f9d0" data-responsive-image-style="inline_images" height="302" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-07-03_9-55-24.jpg?itok=ki3twHiv 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-07-03_9-55-24.jpg" alt="" typeof="foaf:Image" /></a></p>

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