Gold Hammered As Short-Squeeze Saves US Stocks Ahead Of Micro/Macro Storm This Week


The "calm before the storm" of earnings and big macro this week (and no WW3 over the last weekend) was all the algos needed to ramp stocks during the US cash session after being reminded that the buyback-blackout period is almost over...

Source: Market Watch

US Stocks had fallen from up around 0.6% at the cash open to unchanged by the European close... and then the algos all remembered, buybacks are coming back soon to save the world and stocks went vertical... together... with everything up 1.5% at the highs before the 1430ET margin-calls and the squeeze ammo ran out, leaving stocks fading into the close (but still a solid green day after some recent pain).

US 2y still sticky at 5% yield while the only big mover overnight was Gold which got clubbed like a baby seal - after rising for 13 of the last 17 days, overnight saw its biggest daily loss since June 2022. But that drop only pulled it back to one-week lows...

Happy Tuesday!

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