Big-Tech & Bitcoin Pumped As Banks, Bonds, & Bullion Dumped

Big-Tech & Bitcoin Pumped As Banks, Bonds, & Bullion Dumped

Big-tech was bid as soon as the cash market opened and both Small Caps (Russell 2000) and Big-Caps (Dow Industrials) were dumped with the S&P under water most of the day until the late day panic-bid hit as the gamma-meltup struck

That’s a record close for the S&P and Nasdaq.

The Nasdaq’s outperformance pushed it to its highest relative to The Dow since April…

Source: Bloomberg

Lordstown Motors was clubbed like a baby seal today as its CEO/CFO abandoned ship…

Retail traders were back buying today…

Source: Bloomberg

Elon Musk’s ability to influence crypto is as evident as ever as he tweeted that he is not full of FUD and bitcoin ripped over 10% higher (helped by PTJ’s positive perspective on crypto in an inflationary environment)…

Source: Bloomberg

JPM’s Dimon spooked bank stocks even further – despite rising yields today…

Source: Bloomberg

Uranium/Nuclear-related stocks tumbled on the China Nuke emissions headlines…

Source: Bloomberg

VIX jumped back above 17 intraday…

S&P 500 Realized vol has tumbled to its lowest since Nov 2019…

Source: Bloomberg

Will The Fed’s “most important meeting in years” this week get it moving?

Treasuries were sold today, erasing more of the gains from Thursday’s CPI malarkey. The short-end yield rose 1-2bps, the long-end yields rose 4-5bps…

Source: Bloomberg

We note that 10Y yields hit 1.50% and the selloff stalled…

Source: Bloomberg

Amid all the chatter on inflation, breakevens went nowhere at all…

Source: Bloomberg

The Dollar trod water after spiking Friday up to fill the payrolls gap down…

Source: Bloomberg

Gold ended the day lower despite the dollar going nowhere…

Oil prices rollercoasted on the day but ended unchanged with WTI pushing up near $71.80 at its highs…

Finally, if you’re wondering why people are buying USTs again… here’s one reason… 5Y greek debt is now trading at a negative yield (yes, really)… so which would you rather own 5Y UST at 75bps or 5Y GGB at -0.4bps!?

Source: Bloomberg

Tyler Durden
Mon, 06/14/2021 – 16:00

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Author: Tyler Durden

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