Bitcoin, Bullion, & Big-Tech Soar As Dollar Drop Resumes

Bitcoin, Bullion, & Big-Tech Soar As Dollar Drop Resumes

As the inflation narrative fades amid a now-negative China credit impulse, all of the old favorite trades are back and today was the panic-buying of big-tech reignited once again. Nasdaq roared higher, Small Caps lagged along with the Dow, S&P ended up 1%..

Small Caps are coiling in a tight range between 50- and 100-DMAs…

And Nasdaq bounced after closing below its 100DMA, back above its 50DMA…

Growth outperformed Value…

Source: Bloomberg

VIX tumbled back below 19…

Another short-squeeze (filled the gap from last Wednesday’s tumble) provided some more ammo for the rip today…

Source: Bloomberg

Cryptos all rallied hard today, surging back into the green after another illiquid bloodbath over the weekend…

Source: Bloomberg

…with Bitcoin back above $38,000 after falling beloe $32k over the weekend…

Source: Bloomberg

Ether outperformed dramatically, ripping back from below $2000 to over $2500…

Source: Bloomberg

And gold held its gains…

As the dollar reversed its gains from late Friday…

Source: Bloomberg

Bonds were bid today – even as stocks rallied – with the majority of the curve down around 1-1.5bps…

Source: Bloomberg

10Y Yields found support at 1.60% again…

Source: Bloomberg

Real yields dipped, catching (up) gold’s lead…

Source: Bloomberg

Crude oil surged higher today too, with WTI back above $66…

Finally, as we detailed earlier, the banks sent another, even louder message to The Fed today with a near-record RRP…

Source: Bloomberg

The message is simple “f**k off, I’m full!”

Tyler Durden
Mon, 05/24/2021 – 16:01

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