Banks, Bonds, Black Gold, Bitcoin, & Bullion Bounce Despite Jobspocalypse

Over 36 million newly jobless Americans in the last 8 weeks... and the Nasdaq is up over 30% in the same period...

Mixed bag in US stocks today (more below) with Dow best, Small Caps and Trannies lagged...

This is the 7th week of the last 8 with massive job losses and gains for The Dow...

  • 3/26 - 3.31mm jobless, S&P +6.24%, Dow +6.38%

  • 4/02 - 6.87mm jobless, S&P +2.28%, Dow +2.24%

  • 4/09 - 6.62mm jobless, S&P +1.45%, Dow +1.21%

  • 4/16 - 5.24mm jobless, S&P +0.58%, Dow +0.12%

  • 4/23 - 4.43mm jobless, S&P -0.04%, Dow +0.18%

  • 4/30 - 3.84mm jobless, S&P -0.92%, Dow -1.17%

  • 5/07 - 3.17mm jobless, S&P +1.15%, Dow +0.89%

  • 5/14 - 2.98mm jobless, S&P +1.15%, Dow +1.62%

Major sell program at the open today (almost historic)...

But, the NASDAQ Composite is red year to date (8972)...

Source: Bloomberg

Banks were panic bid today...

Source: Bloomberg

US equity markets rebounded almost perfectly off critical technical levels today...

Dow futures soared over 800 points off the lows

Some claimed the bounce was due to positive comments from Nelson Peltz on CNBC - who mention that he was optimistic that "a vaccine is going to come sooner than later," suggesting that the Pfizer CEO had said something positive (but Pfizer has not even started its trials and has only one vaccine in Phase 1). In fact Peltz poured cold water on the broad market, saying he had two new positions, was not buying the market:

"I'm not buying the market: I’m buying specific companies. In this case, two companies that I like very much."

Peltz comments hit around 1230ET and as the chart shows, there was no reaction at the time... but what what retail heard on their apparently delayed feeds: buy all the things!

After two ugly days, shorts were squeezed once again today (and banks and energy gains - worst performers YTD - suggest this was nothing but a squeeze bounce)...

Source: Bloomberg

The Dow and Small Caps bounced off their 50DMA...

The Fibs held...

At 1345ET The Fed's Kashkari said he had "more confidence in the signal from the bond market than the stock market..." Equity bulls better hope he is wrong...

Source: Bloomberg

It's pretty clear the market wants negative-rates no matter what Powell et al. say...

Source: Bloomberg

Bonds were bid today...

Source: Bloomberg

Bitcoin was bid today...

Source: Bloomberg

Gold Bullion was bid today...

Source: Bloomberg

Silver had even bigger day, back above $16...

Source: Bloomberg

Oil prices surged today, extending the week's gains...

WTI June topped $27,50

The Dollar dropped today...

Source: Bloomberg

As the peso soared after Mexico cut rates by 50bps (yes!?)...

Source: Bloomberg

Finally, American consumers ain't buying what American stocks are selling...

Source: Bloomberg