For a few brief moments today, stocks rallied to record highs and all was fixed in the world as leaked “scoops” suggested Mitch McConnell was readying a $900bn COVID Relief Bill that might just work… but then that was dismissed and algos refocused on disappointing vaccine headlines once again…
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1154ET SOME STATES’ COVID VACCINE ESTIMATES USED OUTDATED FIGURES, STATE FIGURES ASSUMED MORE PFIZER SHOTS WOULD BE AVAILABLE” HHS
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1200ET McConnell re-evaluating liability protection, to announce $900bn bill at 3pm
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1215ET McConnell will not be announcing bill at 3pm
“You shall not pass” the bill…
Here’s what that looked like in markets. Nasdaq held gains while Dow and S&P were red with Small Caps trying hard to eke out some gains…
The Dow battled for 30k in the afternoon before the late-day buying-panic hit…
After their recent magnificent squeeze higher, Energy stocks were clubbed like a baby seal today as health officials warned of the darkest winter in the history of dark winters (or some such scary bullshit)…
Source: Bloomberg
Bonds were bid on the day…
Source: Bloomberg
With 10Y yields erasing the post-Payrolls spike from Friday…
Source: Bloomberg
And 30Y Yields appear to have topped out at a key level once again…
Source: Bloomberg
The dollar ended the day modestly higher but well off its overnight highs (seemingly seeing a bid during the Asian market session and offered during Europe’s)…
Source: Bloomberg
Cable was active all day on Brexit deal headlines but ended near the highs of the day…
Source: Bloomberg
Bitcoin dipped back below $19,000 today…
Source: Bloomberg
Oil prices saw two big moves intraday but ended lower with WTI back below $46…
Gold and Silver outperformed today…
Bouncing off their 200DMA and 50DMA respectively…
Source: Bloomberg
Finally, this is probably nothing…
Source: Bloomberg
As Bloomberg’s Jan-Patrick Barnert writes, with an eye-watering 43% rally this year, the Nasdaq 100 Index is among the world’s best-performing gauges amid the pandemic. During the period, investors have poured more money into the largest exchange-traded fund tracking the index than in any year since the height of the dotcom era. The Invesco QQQ Trust Series 1 ETF has logged $17.2 billion of net inflows to date, not far off the $19.7 billion record set in 2000.
Still, at least they are buying some protection after those massive gains… oh wait!?
Source: Bloomberg
What could go wrong?
