Bitcoin & Big-Caps Reach Record Highs, Bonds & Dollar Dumped

On the heels of Biden’s big blowout, the dollar is tumbling…(biggest 3-day slump since the election/vaccines in early Nov)…

Source: Bloomberg

And bitcoin surged back up near $58,000, erasing the losses from its record highs in mid-Feb…

Source: Bloomberg

Did Washington just ‘cut the rope’ from reality?

Stonks were all bid today with Nasdaq leading the charge as the week’s whipsaws continue…NOTE – Nasdaq was panic-bid at the China open, the EU open, and the US open and faded each time…

S&P and The Dow both hit new intraday record highs today.

It’s been quite a week for Dow/Nasdaq rotations…

Source: Bloomberg

Small Caps are now up over 11% from Friday’s spike lows…

With “Most Shorted” Stocks up over 18% off the Friday lows as the engineered squeeze was unleashed…

Source: Bloomberg

As Bloomberg noted, going all the way back to 1996, there have only been 5 prior days to Tuesday that saw the S&P 500 rally as much as it did and manage to post a net negative number of stocks advancing. Save one day in November last year all of them took place as the dotcom bubble was in the process of popping.

Source: Bloomberg

Amid all the chaos, realized vol for the Nasdaq has soared…

Source: Bloomberg

GME was relatively quiet today ahead of tomorrow’s opex…

Even as $800 strike calls dominated activity…

Source: Bloomberg

TSLA surged back above $700…

With the help of Cathie Wood, we’re sure…

Unprofitable tech stocks were bid once again…

Source: Bloomberg

Bonds were battered today – despite ECB headlines – amid massive issuance (30Y and Verizon) but the selloff stalled after the 30Y Auction…

Source: Bloomberg

But on the week, yields are still lower, for now (ahead of tomorrow’s PPI)…

Source: Bloomberg

Real yields and gold continue to track each other (inversely)…

Source: Bloomberg

Ethereum rallied as Beeple’s NFT auction neared its conclusion, back above $1800…

Source: Bloomberg

Gold managed to cling to gains…

Silver is holding its bounce gains off the pre-Reddit-Raiders spike…

And oil rebounded with WTI back above $66…

If Copper and Gold are right, 10Y yields are due for 3%… what are the chances The Fed allows that? And what will happen to tech stocks (and their contagion)? Be careful what you wish for

Source: Bloomberg

Finally, it’s been a year since WHO (finally) admitted this shitshow was a pandemic – The Dow is up 38% since then! Bonds & the Dollar are down (in price) and gold is holding gains for now

Source: Bloomberg

And all it took was $17 trillion in global liquidity…

Source: Bloomberg