Biden’s Big Week Buoys Big-Tech & Bullion, Batters Bitcoin & Black Gold

Biden’s Big Week Buoys Big-Tech & Bullion, Batters Bitcoin & Black Gold

A mixed bag this holiday-shortened week. Biden’s big week saw big-tech stocks soar as bitcoin was battered, gold gained along with bonds, oil slipped lower along with the dollar, and growth/value stocks defended a crucial line in the sand as COVID cases, hospitalizations and deaths improved dramatically.

That’s the ticket!

Nasdaq was the week’s biggest gainer (its best week since the election)…NOTE the utter panic buying of Small Caps into the close today!!!

This was good for a laugh today (if you weren’t short)…

That is a record high… for Gamestop!!

Source: Bloomberg

At one point, Gamestop was the most actively traded U.S. company with a market value above $200 million, data compiled by Bloomberg show, as millions of shares exchanged hands every few minutes.

And this is just f**king insanity!!!

Source: Bloomberg

And if you really want to laugh, there’s this!!

Source: Bloomberg

That is a 5% surge off the lows today

Source: Bloomberg

As we explained…

Growth/Value was rescued from a critical support level once again, with Growth’s late-week gains erasing all Value’s relative YTD gains…

Source: Bloomberg

Serious swings in Value/Momentum this week also…

Source: Bloomberg

Is 2021 going to be a 2010 redux?

Source: Bloomberg

Bonds were mixed also on the week with long-end yields up by around 2bps and short-end down around 1-2bps…

Source: Bloomberg

10Y Yields continued to trade in a tight range since the first few days of the year…

Source: Bloomberg

The brief rebound in the dollar to start the year is over…

Source: Bloomberg

Ethereum closed higher on the week but the rest of the big cryptos were lower…

Source: Bloomberg

Lots of headlines about Bitcoin’s drop (worst week since September) but few noted that BTC bounced back by 17% today off unch YTD

Source: Bloomberg

Gold was monkeyhammered a few times this week but was bid each time to end with its best week of the year…

Gold’s outperformance of Bitcoin this week erased the cryptocurrency’s relative gains YTD. But as the chart shows, when it got close to unch YTD, Bitcoin sudenly became bid…

Source: Bloomberg

Oil prices were lower on the week, but WTI seemed to find support around $52…

Finally, as we noted earlier, the incredible surge in “puts sold to open”…

Offer an ominous sign of short-term returns…

Source: Bloomberg

And as today’s opex went off, the put-call ratio spiked dramatically…

Source: Bloomberg

And while Biden seemed to claim that things are about to get worse, it appears like things are getting better… fast!

Source: Bloomberg

Tyler Durden
Fri, 01/22/2021 – 16:00

Share DeepPol