If everything is so awesome in a new-but-same-as-the-old gridlock’d Washington (according to stocks), why is the smart money running out of the market?
Source: Bloomberg
We have seen this pattern before and it did not end well…
Source: Bloomberg
The bottom line for the last day or two is that Fed QE will be the heroic replacement for a blue-wave tsunami of stimulus, and that is why everything was higher in price while the dollar dived…
Source: Bloomberg
We can’t help but feel like this won’t end well…
Nasdaq continues to lead the way (up 7% since the election) and Small Caps lagging (‘only’ up 3%)…
As Growth stocks are panic-bid at the open once again…
Source: Bloomberg
This has been the strongest 3-day rally for FANMAG stocks ever (FB, AMZN, NFLX, MSFT, AAPL, & GOOG), up close to 10%…
Source: Bloomberg
Treasury yields were basically unchanged on the day, but rollercoaster’d back higher after bond buying ovenright…
Source: Bloomberg
10Y Yields bounced off their 50DMA…
Source: Bloomberg
The USDollar was dumped for the second day…
Source: Bloomberg
…to its lowest since May 2018…
Source: Bloomberg
Offshore Yuan is soaring higher after Biden became the favorite to win the election…
Source: Bloomberg
As the dollar dived, cryptos gained, with Bitcoin back above $15000 for the first time since Jan 2018…
Source: Bloomberg
Gold and Bitcoin are tracking the resurgence in global negative-yielding debt volumes…
Source: Bloomberg
A weaker dollar also pumped gold higher, with futs back above $1950…
Silver soared back above $25…
Oil prices fell modestly after WTI tagged $39…
And finally, while the ‘soft’ survey data suggests everything is awesome, ‘hard’ data is starting to deteriorate rapidly…
Source: Bloomberg
Hope – remember – is not a strategy!
