Another Day, Another Record High For Stocks And Deaths From Covid-19

As one 'scientist' noted this morning, "we cannot contain an epidemic with wishful thinking," but that hasn't stopped the world's investors from Buying the F**king Meltup once again...

And why wouldn't global stocks be soaring to record highs? Earnings are killing it... oh wait!?

Source: Bloomberg

Chinese stocks have reaccelerated after a brief pause as CCP forces its citizens back to work (ChiNext is now up 8% since the start of Covid-19)...

Source: Bloomberg

European stocks rallied yet again to a new record high, led by DAX (but since the start of Covid-19, the periphery is ripping higher with Spain and Italy leading)...

Source: Bloomberg

And in the US, only The Dow Transports remain red since the start of Covid-19. Today saw everything rip with The Dow up 300 points...

Source: Bloomberg

Dow Futures soared back to record intraday highs again today...

Dow and S&P bounced perfectly off their 50-day moving-averages...

"It's easy, you just buy the fucking dip..."

Nasdaq's surge has been led by the MAGA Stocks, which are now a stunning 17% of the S&P 500's market value, and Apple & Microsoft alone combine to account for more than 10%...

Source: Bloomberg

And it's all levered longs as MSFT call-demand has exploded over the last two weeks...

Source: Marketear

While Defensives have dominated performance since the start of the Covid-19 virus, Cyclicals have ripped back higher in the last few days...

Source: Bloomberg

VIX fell once again today, back near its lowest level since Covid-19, as stocks have soared...

Source: Bloomberg

Credit markets continues to refuse to play along entirely with the "all-clear" message from stocks...

Source: Bloomberg

Treasury yields rose on the day (10Y>1.60%), but rmain dramatically lower since the start of the Covid-19 virus...

Source: Bloomberg

30Y Yields rose again today but remain notably lower since the start of Covid-19

Source: Bloomberg

While the yield curve has steepened modestly in the last two days, it remains notably flatter (almost inverted) since the start of the Covid-19 virus...

Source: Bloomberg

For the 8th day in a row, the dollar was aggressively bid during the US session - after overnight weakness - as USD asset flows (see stocks and bonds) from offshore dominates any reality...

Source: Bloomberg

While the dollar is bid (as the rest of the world's fiat currency migrates to USD assets amid the Covid-19 crisis), it is the rotation for safe-haven gold that is most notable...

Source: Bloomberg

The Euro collapsed to its weakest level against the USD since May 2017...

Source: Bloomberg

Additionally, the Swiss Franc (safe-haven) is soaring, despite SNB's best efforts, to its strongest against the EUR since June 2016...not exactly the signal we are getting from stocks...

Source: Bloomberg

Cryptos all rallied on the day with Ethereum leading the charge...

Source: Bloomberg

Bitcoin extended its gains above $10,000...

Source: Bloomberg

And Ethereum surged back above $250

Source: Bloomberg

Copper and Crude rallied today and PMs fell (with a decent drop in silver), but since the start of Covid-19, gold has held gains as copper and crude have collapsed...

Source: Bloomberg

WTI bounced back above $50 today - despite OPEC cutting demand outlook, record US production, and a huge crude inventory build...

Finally, this could never happen again, right?

Source: Bloomberg

Or this?

Source: Bloomberg

"Not Cheap"... S&P >19x, and Tech > 23x?!!!

Source: Bloomberg