Momo Dumps, Powell Pumps, Crypto Slumps
A bad day for people with the word "wood" in their name (too soon?).
Tiger tumbled his car and Cathie's ARKK Invest crashed even harder...
ARKK USD-volume today was un-fucking-believable! That's a fifth of the ETF's market cap!
Source: Bloomberg
Cryptos were crushed.
Bitcoin back below $50k...
Source: Bloomberg
Ether ended back below $1500...
Source: Bloomberg
Momentum crashed...
Source: Bloomberg
And while stocks were clubbed like a baby seal at the cash market open...
Good Morning pic.twitter.com/V798sf7s4g
— Stalingrad & Poorski (@Stalingrad_Poor) February 23, 2021
...Powell's promise of moar of whatever it takes (which is exactly what he has now said consistently for a year) sparked the standard buying panic, lifting the Dow (orange), S&P (green), and Nasdaq (blue) back to unchanged, Small Caps (red) ended red...
NOTE: Europe's open also saw major selling pressure
"Did you not hear a single word of what I just said? Buy the f**king dip!"
Nasdaq found support at its 50DMA...
"Most Shorted" Stocks puked by the most since March 2020 at the open, only to be squeezed back higher...
Source: Bloomberg
Energy stocks ended the day best with Cons Disc worst but everything levitated after the initial puke...
Source: Bloomberg
TSLA tumbled but dip-buyers also screamed in there too...
Could be worse - could be Workhorse...
Small Cap Biotechs had a bad day...
Source: Bloomberg
Bonds were mixed with the belly outperforming the tails (30Y +3bps, 5Y -2bps, 2Y unch)...
Source: Bloomberg
Despite all the chaos in stocks, 10Y Yields traded in a very narrow range on the day...
Source: Bloomberg
The dollar ended lower are tumbling along with stocks at the equity open...
Source: Bloomberg
Gold was lower on the day, but held above $1800... just...
Oil prices continued higher with WTI back above $62 ahead of tonight's API inventory data....
Finally, the most-crowded longs held by hedge funds has erased all its losses relative to the massive WSB short-squeeze (of the "most-shorted" stocks)...
Source: Bloomberg
And if Biden and his pals want $1.9 trillion stimulus, they better get it done soon before this pandemic is over...
Source: Bloomberg
