Massive Short-Squeeze Sends Small Caps Soaring; Big-Tech Skids, Bitcoin & Black Gold Bid
Jobless claims just won't quit and were enough to send Treasury yields higher today after ARM and DIS earnings' blast-offs last night.
Rate-cut expectations drifted lower still (hawkish)...
Source: Bloomberg
But stocks hit a new record high...
Source: Bloomberg
The S&P 500 hit 5000.4 intraday...
Source: Bloomberg
...thanks to a miraculous sudden huge buy program in the last few seconds...
Source: Bloomberg
One thing of note, the S&P 500 is an new all-time high, while the Russell 2000 is still in a bear market...
Source: Bloomberg
No, 'banking crisis 2.0' is not over. NYCB dumped today...
...and the overall Regional Bank index went sideways...
Source: Bloomberg
Today saw small caps rip higher while the rest of the majors trod water (at a very marginal new high for S&P)...
This was the second-best daily RTY-NDX outperformance in two months, which happened to occur at a critical resistance level...
Source: Bloomberg
It's been quite a wild ride this week for the RTY-NDX pair - whipsawing from one side to the other... PRESUMABLY tomorrow brings a big Nasdaq outperformance day...
Source: Bloomberg
ARM was up 50% (yes 5...0)... lol
Source: Bloomberg
DIS rallied over 11% on the day, to one-year highs...
Source: Bloomberg
MAG7 stocks drifted very modestly lower on the day...
Source: Bloomberg
Amid a massive short-squeeze...
Source: Bloomberg
Treasury yields were higher on the day (despite a strong 30Y auction), with the belly (5-10Y) underperforming (2Y +2.5bps, 10Y +6bps, 30Y +4bps).
Source: Bloomberg
Even though the 30Y auction was solid, yields pushed up to two week highs...
Source: Bloomberg
Bitcoin surged back above $45,000 today...
Source: Bloomberg
...after yet another strong day of net inflows to spot bitcoin ETFs...
Source: Bloomberg
...and bitcoin notably outperformed ethereum today...
Source: Bloomberg
The dollar jumped higher on the strong claims data...
Source: Bloomberg
Gold ended the day practically unchanged (despite the dollar strength), after diving to $2020 and finding support...
Source: Bloomberg
Oil prices surged today with WTI back above $76, erasing the drop at the end of last week...
Source: Bloomberg
Finally, all eyes remain on tomorrow's CPI revisions and next Tuesday's January CPI print. With S&P vol skews at near-record lows...
Source: Bloomberg
...what could go wrong?
