Stocks Saved By Late-Day Buying-Panic As Dollar Dumps, Crypto Slumps

Stocks Saved By Late-Day Buying-Panic As Dollar Dumps, Crypto Slumps

Stocks drifted overnight only to puke at the cash open, but that selling was abruptly ended after Merkel said she did not support Biden’s socialist position of giving away vaccine-makers’ IP. Then markets were also spooked at around 1400ET when the Biden Admin confirmed they are likely to proceed with Trump’s China investment ban… but the last hour saw yet another ubiquitous panic bid into the close. Somebody really wanted these markets higher…

The Dow was the day’s big winner; Small Caps the laggard…

The S&P broke back above Yellen’s ledge…

Small Caps are below their 50DMA…

Nasdaq is glued to its 50DMA…

“Most Shorted” Stocks were slammed…

Source: Bloomberg

The dash-for-trash appears to be over as unprofitable tech tumbled…

Source: Bloomberg

IPOs/SPACs slumped…

Source: Bloomberg

And Cathie Wood’s ARKK crashed (down 35% from its highs), closing below its 200DMA for the first time since April 2020…

Hey Cathie… “where’s my money?”

Treasury yields continued their slide today (albeit marginally) in the face of a significantly heavy calendar. NOTE – the overnight selling met with US session buying…

Source: Bloomberg

10Y yields held below 1.60% again…

Source: Bloomberg

The dollar took a dive today…

Source: Bloomberg

Crypto was very choppy today. Goldman confirmed what we noted last month that it will offer bitcoin derivatives to investors. Then SEC chief Gary Gensler warned that bitcoin trading on large exchanges is “not protected.”

Ether topped $3600 (record high) before tumbling…

Source: Bloomberg

Bitcoin dropped back below $56k…

Source: Bloomberg

Gold futures topped $1800…

WTI slid back below $65 today…

Finally, we note that US macro surprise index has slipped to its weakest since June ahead of tomorrow’s payrolls print…

Source: Bloomberg

And don’t forget about the ‘Eurodollar whale’ betting on a policy-pivot at Jackson Hole..

Source: Bloomberg

Tyler Durden
Thu, 05/06/2021 – 16:01

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