Banks Bloodbath, Bonds Bid, Dollar Drops & Gold Pops

Mnuchin's "difficult to get a deal done before the election" prompted weakness in stock markets but a glance at Nasdaq and it would seem that as op-ex looms on Friday, the 'gamma-squeezers' have backed off...

Source: Bloomberg

It's a mad, mad world for sure...

While Trannies managed gains today, all the majors ended clustered together in the red, led by Nasdaq and Small Caps (ugly close)...

With The Dow and Small Caps back into the red for the week...

Banks were battered again...

Source: Bloomberg

Led by BofA and Wells Fargo...

Source: Bloomberg

Financials continue to track the Treasury curve...

Source: Bloomberg

Election uncertainty improved modestly today but remains highly elevated...

Source: Bloomberg

HY bond spreads reached back to their tightest since COVID...

Source: Bloomberg

Treasury yields were modestly bid today, led the long-end...

Source: Bloomberg

With 30Y back at 1.50%...

Source: Bloomberg

The dollar dumped today (as cable rallied), erasing yesterday's gains...

Source: Bloomberg

Cryptos were broadly lower today...

Source: Bloomberg

Gold futures rallied back above $1900...

Silver futures bounced higher off $24...

And oil gained with WTI back above $41 ahead of tonight's API inventory data...

Finally, "do you even lift?"

Source: Bloomberg

1000% since the March lows - 'natural' gains!