Long-Bond, Big-Techs, & Black-Gold Bid As China Stocks Chunder

Long-Bond, Big-Techs, & Black-Gold Bid As China Stocks Chunder

While yesterday was dominated by more macro moves – gold, yield curve, and equity indices – today’s headlines were more focused on idiosyncratic moves in stocks…

TSLA gave up its early gains…

FB tumbled after running stops last night after earnings…

DWAC pumped and dumped…

And BKKT puked back a lot of yesterday’s post-close gains…

And finally BITO fell back below its launch price…

Small Caps were the laggards on the day but after a big rotation at the open, Nasdaq fell back, trending lower with the rest of the market. The Dow ended unch, giving up its gains with a weak close…

And while US Tech stocks rallied today, China Tech chundered hard after its recent dead cat bounce (dumping almost 4% today, the biggest loss in a month)…

Source: Bloomberg

The opening saw yet another huge short-squeeze but that appeared to flush out the last remaining bears on this move and “most shorted” stocks tumbled for the rest of the day…

Source: Bloomberg

VIX spiked above 16.5 intraday today before vol-sellers re-appeared…

Credit markets refuse to follow stocks lead to new highs…

Source: Bloomberg

Treasuries were mixed, flip-flopping again to this time seeing the long-end bid (30Y -3bps) while the short-end yields rose 1-2bps, all of which left the curve 1-2bps lower in yield overall…

Source: Bloomberg

The yield curve reversed to flattening once again, back near crucial support once again…

Source: Bloomberg

The dollar ended very marginally higher on the day but remains stuck in its recent narrow range…

Source: Bloomberg

Crypto ended mixed but only marginally changed with Bitcoin finding support lower around $62k…

Source: Bloomberg

And Ethereum holding above $4200…

Source: Bloomberg

Gold was dumped back below $1800…

And WTI rebounded from yesterday afternoon’s slide to close just below $85 ahead of tonight’s API data…

And finally, remember the taper is coming soon…

Source: Bloomberg

Tyler Durden
Tue, 10/26/2021 – 16:01

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