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Folks seem so fidgety, frightened too easily, and not standing-still long enough to be hunted down at leisure and calmly receive heads in own hands, so to speak
Some blame it on trump not conceding, others blame it on whatever
I cannot see an utter collapse before end-March but net net am positioned for small surprises, and as we march towards March, shall likely be positioned as did earlier this year, for big surprises
The timing news letter I subscribe to tee-ed up the words “Jaws of Death” last week, never a good omen.
Trumpnado Sparks Late-Day Lurch Lower In Stocks, Dollar Drops On Dismal Data
Core Durable Goods miss, Personal Income and Spending miss and drop, UMich Sentiment miss and drop, total jobless claims remains above 20 million, and new home sales miss and drop... all sending hard and soft macro data plunging...
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Source: Bloomberg
But stocks were up because, hey, it's just a fleshwound...
and stimulus...
And so, as all that hope evaporates, "investors" (used in the loosest way) bought Small Cap stocks with both hands and feet, while dumping big-tech at the cash open. Overnight saw stocks tank as Trump spoke on improvements to the COVID Lockdown Relief Bill, but dip-buyers just could not help themselves. Then with around 10 mins to go, the bottom fell out of the market as headlines on Trump's veto of the defense bill and various Republicans' response hit...
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Semis were clubbed like a baby seal into the close...
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Sending Russell 2000 to its highest relative to Nasdaq 100 since March...
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Source: Bloomberg
For 7 days straight, a short squeeze has been ignited at some point intraday...
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Source: Bloomberg
Bank stocks were bid...
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Source: Bloomberg
But energy stocks outperformed...
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Source: Bloomberg
VIX was monkeyhammered back below Quad-Witch levels...
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Treasuries were dumped today with the long-end yield up around 5bps (and notably steepening). Afternoon gains sent yields back to unch on the week...
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Source: Bloomberg
Notably though, 10Y and 30Y were held within their recent range and below election/vaccine spike highs...30Y reversed back below 1.70% for the 9th time...
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Source: Bloomberg
The dollar drifted lower today but remains higher on the week...
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Source: Bloomberg
Cable jumped on the day amid hope that Brexit talks are nearing completion...
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Source: Bloomberg
Bitcoin saw some vol intraday (dropping below 23k before ripping back above 24k)...
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