Bitcoin, Big-Tech, Bullion, & Bonds Bounce As Breakevens, Black Gold, & The Buck Breakdown

Bitcoin, Big-Tech, Bullion, & Bonds Bounce As Breakevens, Black Gold, & The Buck Breakdown

After yesterday’s bloodbathery, today was the big bounce back. Big-tech had bounced off the intraday lows yesterday to end unchanged and were violently panic-bid from the cash open today (only briefly stalled in their gamma-squeeze surge into tomorrow’s opex by a brief interruption as Yellen tanked crypto). Nasdaq ended up over 2% today (and up 4% from yesterday lows ahead of the cash open). The S&P erased yesterday’s losses, but The Dow and Small Caps, despite today’s gains, could not get back to even from Tuesday…

Nasdaq stalled today at its 50DMA…

Small Caps bounced back to their 100DMA…

Bitcoin bounced back above $42k intraday but was knocked down to $40k on the Treasury/IRS headlines – still well off the $30k lows from yesterday…

Source: Bloomberg

Ether bounced back up just shy of $3000 intraday…

Source: Bloomberg

For context, BTC is still down around 7% over the last two days, ETH down over 18%…

Source: Bloomberg

The buck’s Fed-driven bounce yesterday has been erased…

Source: Bloomberg

And mirroring the Dollar, 10Y Yields fell back today, wiping out the Fed-driven spike yesterday…

Source: Bloomberg

Today’s rally sent yields back down to unchanged on the week…

Source: Bloomberg

As Breakevens broke down significantly…

Source: Bloomberg

The relationship between breakevens and stocks appears to have broken…

Source: Bloomberg

Oil prices extended their losses today with WTI back to a $61 handle…

Spot Gold rallied further today, extending gains above its 200DMA and critical downtrend resistance line…

Source: Bloomberg

Lumber extended its big bounce from limit down yesterday to limit up at yesterday’s close and limit up again today…

Source: Bloomberg

Finally, US Macro Surprise data has turned negative for the first time since June 2020 (after LEI and continuing claims disappointed today)…

Source: Bloomberg

And a quick reminder why none of that fundamental malarkey matters…

h/t @Not_Jim_Cramer

We’re gonna need more stimmies.

Tyler Durden
Thu, 05/20/2021 – 16:01

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