Bitcoin, Bonds, Bullion, Biotech, & Big-Shorts Bid As Buck Breaks-Down

Bitcoin, Bonds, Bullion, Biotech, & Big-Shorts Bid As Buck Breaks-Down

Well the big headline for the day is likely to be bitcoin…

Source: Bloomberg

…and its spike to new record highs on the heels of Tesla’s disclosure…

Source: Bloomberg

That dragged Ethereum up to new record highs (on the first day of ETH futures trading)…

Source: Bloomberg

Biotechs also surged on the day, continuing the ram since we suggested this was where WSB’ers would look next…

Source: Bloomberg

All major US equity markets made new highs today led by another rip in small caps…

Source: Bloomberg

The S&P was rejected at the 3900 Call Wall twice today…

Source: Bloomberg

Energy stocks soared once again today (up a stunning 4.5%, and up for the 6th straight day) as Utes were dumped…

Source: Bloomberg

Value and growth were bid at the open but growth faded rapidly into the European close…

Source: Bloomberg

The Big Shorts rallied on the day…

Source: Bloomberg

along with the biggest hedge fund longs…

Source: Bloomberg

Bonds were sold overnight but once 30Y tagged 2.00% (and 10Y tagged 1.20%), yields tumbled back to earth quickly (on the day 2Y was +1bps, 30Y -3bps)…

Source: Bloomberg

The Dollar was bid overnight but dumped rapidly in early trading…

Source: Bloomberg

Oil prices extended gains in what looks like a straight line, with WTI topping $58 today…

Source: Bloomberg

And as the dollar dumped, gold jumped, extending its gains bouncing back above $1800…

Source: Bloomberg

But ‘Digital Gold’ now trades at a 23x multiple of ‘Old Gold’…

Source: Bloomberg

And all of this melt-up in everything thanks to trillions in “mind boggling” liquidity sloshing into ‘markets’…

Source: Bloomberg

As Larry MacDonald pointed out so eloquently: “The combo of a near $1 trillion check and $120 billion monthly QE is the monetary equivalent of eating a banana split after downing an Italian hero sandwich. The market will be stuffed with reserves. “

Tyler Durden
Mon, 02/08/2021 – 16:16

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