Bitcoin Bloodbaths, Big-Tech Battered As Buck Bounce-Back Builds

Bitcoin Bloodbaths, Big-Tech Battered As Buck Bounce-Back Builds

Well that all escalated really quickly…

Bitcoin, Bonds, and Big-Tech stole all the headlines today.

Bitcoin collapsed almost 30% from its $40,000 highs…

Source: Bloomberg

Ethereum crashed back below $1000…

Source: Bloomberg

Overall, cryptos gave back a huge chunk of their 2021 gains but as is clear ETH is still up over 30% and BTC up over 10% YTD…

Source: Bloomberg

Bond yields were up for the 6th straight day (no positive bond price return days yet in 2021)…

Source: Bloomberg

10Y yields were up again today (only around 1-2bps) but testing back up to March spike highs…

Source: Bloomberg

The yield curve continues to steepen, with 2s30s at its steepest since April 2017…

Source: Bloomberg

Interestingly, real yields continued to climb (to -92bps – the highest since early December), but gold refused to follow today…

Source: Bloomberg

And then there was Big-Tech. Nasdaq was the day’s biggest loser (taking out Manchin lows) with all the majors ending red…

This sent Nasdaq back to unch YTD…

As FANG stocks were hit hard to their lowest close since Thanksgiving…

Source: Bloomberg

TSLA tumbled…

But TWTR was the hardest hit of the tech giants after it banned Trump and 1000s of others…

Value and Growth stocks were down today but growth was the hardest hit…

Source: Bloomberg

And momentum was hit hard…

Source: Bloomberg

The dollar ended the day higher (biggest 3-day gain since September) but did find resistance today…

Source: Bloomberg

WTI slipped back below $52 today…

Despite dollar gains (and real yields rising), gold managed modest gains…

And Dr.Copper was clubbed like a baby seal…

Commodities overall dipped today after ramping all the way up to historic resistance…

Source: Bloomberg

And finally, if this doesn’t tell you to de-gross, nothing will… All Noise, No Signal!

Source: Bloomberg

And then there’s this from Morgan Stanley…

“Fourth quarter earnings growth for the S&P 500 is tracking at -9%, more negative than the results we saw in the third quarter”

Trade Accordingly!

Tyler Durden
Mon, 01/11/2021 – 16:00

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