Cryptos & Small Caps Surge As ‘Hard’ Data’s Hammered To 2-Year Lows

Cryptos & Small Caps Surge As ‘Hard’ Data’s Hammered To 2-Year Lows

Small Caps went wild again surging higher at the cash open (after tumbling at the open on Monday, Tuesday, and Wednesday) and everything melted up into the close. All the major indices closed green today with a record high for Nasdaq composite and S&P…

This chart shows the cash-opening moves for Small Caps…

And guess what… today’s surge was yet another major short squeeze…

Source: Bloomberg

HOOD was hammered today, reversing yesterday’s gains after news of an insider share dump spoiled the party…

AMC shares soared after Odey made headlines announcing he was short…

High yield credit markets are starting to show signs of not being as exuberant as stocks…

Source: Bloomberg

You know it’s bad but you just keep buying…

Cryptos were not ‘bad’…

Ethereum rallied back off an early dip around its London Hard Fork, ending back above $2800…

Source: Bloomberg

Bitcoin joined the fun and soared above $41k…

Source: Bloomberg

Bonds were sold today starting as the US session got going after being bid in the EU session…

Source: Bloomberg

The long-bond continues to chop around between 1.82% and 1.86%…

Source: Bloomberg

The dollar ended lower on the day but held most of yesterday’s chaotic surge gains…

Source: Bloomberg

While the dollar dropped, so did Gold, testing and bouncing off $1800 once again…

Oil rallied today after WTI tumbled back down to a $67 and bounced (seems the three-down-day rule worked again)…

Finally, amid all this exuberance in equity markets, ‘hard’ data is falling to its weakest since July 2019… (and ‘soft’ survey data is starting to catch down to reality)…

Source: Bloomberg

Notably, year-to-date has seen household/personal data improve (thanks stimmies) as labor markets and housing have deteriorated rapidly…

Source: Bloomberg

Tyler Durden
Thu, 08/05/2021 – 16:00

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