Small Caps Slammed As ‘Short Squeeze’ Ammo Dries Up, Bonds & Bitcoin Bid

Small Caps Slammed As ‘Short Squeeze’ Ammo Dries Up, Bonds & Bitcoin Bid

As investors continue to pile into Big-Tech…

Small Caps were hammered today with only Nasdaq making any decent gains…

…and remarkably it had some sense to it as their outperformance over the week erased relative to Nasdaq…

Once again, money flow decoupled from the equity market’s rally as it extended…

As short-squeeze ammo appeared to dry up for this pump…

Source: Bloomberg

The rebound in “reopening” stocks relative to stay-at-home stalled today…

Source: Bloomberg

Cyclicals continued their post-Monday outperformance of Defensives…

Source: Bloomberg

Despite all major equity indices being higher this week, Treasury yields are also lower on the week after today’s rally (with the belly leading)…

Source: Bloomberg

Bonds were bid today after 10Y tagged unchanged for the week and reversed…

Source: Bloomberg

The dollar chopped around today end marginally lower (rebounding after tagging unchanged on the week)…

Source: Bloomberg

Bitcoin extended its gains from yesterday, testing $32.500 intraday…

Source: Bloomberg

Lumber prices rebounded further today as concerns mount that wildfires in Canada and the Western US will snarl production and supply chain routes…

Source: Bloomberg

Oil prices extended their rebound today with WTI topping $72 intraday…

Gold ended higher today after yet another unsuccessful test below $1800…

Finally, as we noted earlier, with the S&P at record highs, the last time breadth was this week was the peak of the dotcom boom in 1999…

Source: Bloomberg

Tyler Durden
Thu, 07/22/2021 – 16:00

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