Pukefest!
As Elon Musk made yet more headlines today - by doing nothing today apart from tweeting this...
The extreme antibody reaction from those who fear free speech says it all
— Elon Musk (@elonmusk) April 26, 2022
It appears someone decided he needed to be punished for daring to preserve free speech (oh the horror!) as TSLA shares tumbled over 11% today, raising questions from many on who was behind this move...
As Trey Henninger (@TreyHenninger) detailed, "If $TSLA stock hits $570, Elon Musk will be margin called on his Twitter purchase loan. If that occurs, he'll have two business days to either pay the entire $12.5 billion margin loan, post $3.57 billion USD in CASH, or sell his $TSLAQ collateral shares. So, Soros has to short TSLA to 570 to kill the deal."
TSLA's tumble weighed heavily (given its weighting) on the major indices, with Nasdaq clubbed like a baby seal today, back below March's lows (down 3.5% today)...Nasdaq's worst day since Sept 2020
Erasing all of yesterday's gains and then some...
The Nasdaq and Small Caps are now back below the March lows...
Source: Bloomberg
FANG+ stocks puked to their lowest since September 2020...
Source: Bloomberg
"Most Shorted" Stocks have erased all of the late-March gains and then some are now testing the spike lows from the day Putin invaded Ukraine...
Source: Bloomberg
It appears stocks are starting to converge down to the extreme hawkishness priced in to STIRs...
Source: Bloomberg
"Better get a bucket..."
But it wasn't just stocks as Bitcoin was monkeyhammered back below $40k and below yesterday's lows...
Source: Bloomberg
Gold fell back below $1900 today...
But Bonds & Black Gold were bid amid all the chaos.
Treasuries were bid across the curve today, led by the short-end (2Y-9bps, 30Y -3bps). Notice the pattern was similar today to yuesterday but lower magnitude on the post-EU close selloff...
Source: Bloomberg
WTI traded up, back above $100...
And the dollar just refuses to weaken...
Source: Bloomberg
Now surging to its highest against its fiat peers since May 2020...
Source: Bloomberg
Finally, will Alphabet or Microsoft's earnings spark a squeeze into the 5/4 FOMC/Russia-Default-Deadline?
Source: Bloomberg
As Put volumes soar, stoking the fuel for a squeeze...
Source: Bloomberg
Or does The Fed need a crash to justify jawboning the extreme hawkishness back from the cliff's edge?
The following is a big deal that few are paying attention to - the credit market is cracking...
Source: Bloomberg
(for now)...
JPMorgan Struggling to Offload Carvana Debt Even at 10.5% Yield: BBG
— zerohedge (@zerohedge) April 26, 2022
Finally the credit market is freezing up - rejoice for it means BRRRR is not far behind
