Nasdaq Whale Sparks Mega-Tech Stocks' Best Day In 6 Months

No Deal (as Pelosi shunned The White House offer), the bond market closed for Columbus Day, Washington quietly focused on ACB's hearing and not making algo-driving headlines, and nothing from The Fed... which all explains the market's best day since April!

Today's massive melt-up squeeze in Nasdaq enabled the best day for the tech-heavy index in six months (and on what?) as Small Caps underperformed...

We do note that the Nasdaq/Small Caps ratio reversed modestly in the last hour...

It wasn't a bottom-up short-squeeze...

Source: Bloomberg

But a gamma-squeeze-driven face-ripper for the record speculative shorts in Nasdaq futures...

The Nasdaq Whale reappeared...

 

Nasdaq vol soared today (despite the gains) as Call-buying dominated...

Source: Bloomberg

The S&P was dragged up by the mega-tech names but could not reach record highs...yet...

Source: Bloomberg

Growth stocks massively outperformed value for the second day in a row...

Source: Bloomberg

FANG stocks surged most since August (up 5 of the last 6 days), despite being put on Europe's "hit list" over monopoly power...

Source: Bloomberg

And amid all this meltup 'hope', election uncertainty rose...

Source: Bloomberg

Additionally a modest unwind of the recent reflation trade which traders agreed had gone too far by Friday, exaggerated the relative outperformance of mega-tech vs small-caps

Source: Bloomberg

Amid all this excitement, Treasury futures (cash market was closed) barely budged (implied around a 1bps drop in 10Y Yield)...

Source: Bloomberg

The dollar also ended the day practically unch...

Source: Bloomberg

Bitcoin popped again today, tagging $11,600 intraday...

Source: Bloomberg

Oil tumbled on the back of re-started production in the Gulf and Libya and the collapse of Norways's oil worker strike...

Silver managed modest gains, bouncing off $25...

 

Finally, greed is really good again...

As Guggenheim's Scott Minerd told Bloomberg, "many stock investors are not being rational... we're entering the mania phase... adding that he expects Treasury rates to turn negative."