Mixed bag in stocks today (mega-tech bid, rest of market offered) but Bitcoin grabbed the headlines as it overtook Nasdaq’s performance in the last 12 months…
Source: Bloomberg
And longer-term, it’s not TSLA…
Source: Bloomberg
Nasdaq outperformed and the machines tried desperately to get the S&P green on the day. Small Caps and The Dow lagged…(NOTE, everything slid into the close after Trump said “Your 401(k)s, down the tubes. Look how great our stock market – – had a little blip yesterday because Nancy Pelosi will not approve stimulus, that’s all,”)…
Nasdaq manage to hold its bounce above the 50DMA but S&P and The Dow did not…
As we noted earlier, we have seen persistent “large lot” selling and “small lot” dip-buying…
Will everyone follow each other’s tracks down too?
Europe was ugly again today as lockdown threats escalated (no bounce)…
Source: Bloomberg
YTD, China (SHCOMP) still leads the US (Nasdaq is outperforming but S&P seems more appropriate) as Europe (DAX) dumps…
Source: Bloomberg
Nasdaq surged relative to Small Caps once again…
Momentum continued to rebound as Value lagged…
Source: Bloomberg
Some rotation today with value dumped as growth rebounded modestly…
Source: Bloomberg
Semis were marginally lower on the day after the AMD/XLNX deal…
Source: Bloomberg
Bank stocks sank again today…
Source: Bloomberg
FANG stocks erased yesterday’s losses…
Source: Bloomberg
Meanwhile, HOG had its best day ever as the machines ran the stops to the pre-COVID levels…
VIX was higher on the day, signaling more pain to come for stocks…
Source: Bloomberg
Bond yields fell for the 3rd day in a row with the curve flattening significantly (2Y -0.5bps, 30Y -11bps)…
Source: Bloomberg
With 10Y back to 76bps intraday…
Source: Bloomberg
Real Yields tumbled back in line with gold today…
Source: Bloomberg
The dollar leaked lower today…
Source: Bloomberg
Cryptos were mixed today with Bitcoin leading, now up over 20% in the last 10 days…
Source: Bloomberg
Bitcoin surged above $13,500, its highest close since Jan 2018…
Source: Bloomberg
Oil prices rebounded from yesterday’s weakness but WTI failed to get back to $40 ahead of tonight’s API inventory data…
Gold futures rallied off $1900…
Finally, we note that implied correlation is on the rise suggesting investors are piling into protective macro overlays ahead of the election (as opposed to individual stock hedging), expecting a systemic re-rating of stocks…
Source: Bloomberg
