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
TSLA vs MSTR indexed 1-year return
The question is not which company will buy bitcoin next. It’s which company won’t pic.twitter.com/KqTiJvkuFy
— zerohedge (@zerohedge) February 8, 2021
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
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