Bond Bears Barf, COIN Carnage Continues As Dollar Dumps, Crypto Jumps

Bond Bears Barf, COIN Carnage Continues As Dollar Dumps, Crypto Jumps

Before we get to the real bloodbath (for bond bears), COIN was a shitshow again (down over $100 from its highs yesterday)…

Will Cathie be buying the dip again?

Big-tech stocks surged, continuing to outperform small caps. Dow and S&P made new record highs…

The cash open saw a panic puke in Small Caps while everything else was bid… so bid in fact that the TICK surged to two-week highs (after last night’s puke)…

Source: Bloomberg

Banks were mixed on their second day of earnings…

Source: Bloomberg

Value underperformed Growth as the reflation trade unwinds along with bond shorts…

Source: Bloomberg

But today’s big story was the bloodbath for bond bears. Long-end yields crashed 10bps or so, the belly down 5bps…

Source: Bloomberg

It appears the global macro funds and CTAs were ‘stuffed’…

Today was the biggest yield drop since 2/26/21 and 2nd biggest since 11/12/20 and this was the biggest 3-day drop in 10Y TSY yields since June

Source: Bloomberg

The NOB Spread seemed to signal something was coming…

Source: Bloomberg

The dollar also signaled trouble ahead for bond bears as it has tumbled since the start of Q2…

Source: Bloomberg

The question is – with the Dollar at what looks like key support, will it bounce or break?

Source: Bloomberg

Cryptos were more mixed. Bitcoin managed modest gains, erasing COIN losses…

Source: Bloomberg

But Ether was well bid back to new record highs near $2500…

Source: Bloomberg

As ETH continues to outperform BTC…

Source: Bloomberg

Gold extended the recent gains, above $1760 and near two-month highs…

WTI also extended gains, closing back above $63…

 

 

 

Finally, we note that this is the longest streak of ‘extreme’ overbought readings for the S&P 500 since January 2018.

Source: Bespoke

And smaller U.S. companies are weaker relative to larger peers than they have been in more than a quarter century. This conclusion is based on a comparison made by Strategas Research Partners LLC in a Twitter post Tuesday. Strategas cited the percentage of stocks in the Russell 2000 and S&P 500 indexes which exceeded their 50-day moving average, a gauge of price trends.

Source: Bloomberg

Just 50.7% of the Russell 2000’s components were above the average as of Tuesday’s close, according to data compiled by Bloomberg. The index trailed the S&P 500 by 40.2 percentage points, the most since the figures began in 1995.

Tyler Durden
Thu, 04/15/2021 – 16:00

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