Banks Bust, Bullion Battered, But Big-Tech Bid (Again)

Another day, another Nasdaq-Whale-driven gamma-squeeze in Nasdaq as the rest of the market deteriorated, giving back a lot (if not all) of yesterday's gains (Small Caps red from Friday)...

While Nasdaq ended very marginally lower on the day, it outperformed significantly as FANG stocks managed gains (despite AAPL losses)

Source: Bloomberg

Nasdaq faces record delta and surging gamma into this Friday's Op-Ex...

Source: Nomura

And if you don't know what gamma is - probably better not to play at this point in the farce...

Nasdaq outperformed Small Caps once again, but also gave back a lot of the early day outperformance...

The S&P 500 was unable to take out its recent highs...

Source: Bloomberg

Despite claims by the great and the good that earnings were awesome (thanks to cuts in provisions, despite no optimism on the economy?), bank stocks were battered today...

Source: Bloomberg

With Citi hit hardest...

Source: Bloomberg

AAPL tumbled during its iPhone launch as China killed the livestream...

VIX did not rise with the underlying market today, suggesting the (call-buying) whale is starting to leave the market...

Having been closed yesterday, bond yield tumbled today...

Source: Bloomberg

With 10Y back down to 72bps...

Source: Bloomberg

EUR and GBP dropped as Brexit talks breakdown...

Source: Bloomberg

Sending the dollar spiking higher...

Source: Bloomberg

Cryptos slipped lower as the USD rallied...

 

Source: Bloomberg

The dollar spike sparked a plunge in precious metals.

Gold futs tumbled back below $1900...

Silver tanked below $25...

Oil price rebounded modestly today with WTI back above $40 ahead of tonight's API inventory data...

Finally, in case you were wondering what - aside from Softbank's Whale call-buying malarkey - is driving this meltup... it's "hope"...

Source: Bloomberg

...and everyone knows "hope is not a strategy!"