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Crypto & Stocks Hit Record Highs Ahead Of Fed Taper Talk

Tyler Durden's Photo
by Tyler Durden
Tuesday, Nov 02, 2021 - 04:04 PM

After yesterday's ridiculous surge in Small Caps relative to Nasdaq, today saw some of that reverse as Nasdaq led the gains with a massive de-rotation trade at the cash open...

Today's biggest winner was the Trannies which exploded over 14% at its best today thanks to the idiotic surge in Avis...

Russell 2000 finally hit a new record high today (taking out the March highs)...

...finally joining the S&P, Dow, and Nasdaq in that never-before-seen cohort...

Defensives dominated gains today as Cyclicals ended unch...

Source: Bloomberg

And shorts continue to get squeezed (not all three green arrows are the same amplitude and timing)...

Source: Bloomberg

Then there's AVIS Budget Car Rental (CAR) for which we have no words today. At its peak today it was the largest company in the Russell 2000...

Source: Bloomberg

VIX was monkeyhammered back to a 15 handle today...

Cryptos soared to a new record aggregate market cap above $2.7 trillion...

With Ethereum surging to a record high over $4500...

Source: Bloomberg

And Bitcoin bid back above $64,000...

Source: Bloomberg

Along with crypto and stocks, bonds were also bid today, especially the short-end (2Y -4bps, 30Y -1bps)...

Source: Bloomberg

20s30s steepened a little today but remains inverted...

Source: Bloomberg

Global inflation breakevens have slipped lower in the last few days...

Source: Bloomberg

The dollar managed very modest gains, desperately clinging to the Friday gains ahead of The Fed...

Source: Bloomberg

Gold failed to get back to $1800 again and slipped lower on the day...

Oil also slipped lower today with WTI unable to hold an $84 handle ahead of tonight's API data...

Finally, the S&P 500 hit a record high for the 4th straight day (and 61st time of the year), pushing the major index into a more worrying "overbought" situation...

And Greed has reached "Extreme" levels - the 'greediest' since Dec 2020...

And the Put-Hate is strong again...

Let's hope that Powell uses lots of lube to feed the taper to the market tomorrow.. or will this be the cry from traders globally...

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