Stocks, Dollar, & Bitcoin Jump; Bonds & Black Gold Dump After Record GDP

A better than expected record rebound in GDP prompted traders to buy the 'rumor' ahead of tonight's explosive set of earnings from FB, TWTR, AAPL, & AMZN with stocks running stops through gamma pivot levels, technical levels, and rolling over... At around 1315ET, the algos went wild...but a weak close as month-end looms...

As investors rushed in for FOMO...

But no bounce in Europe...

Source: Bloomberg

S&P Futs ran above the 3300 pivot and then took out yesterday's opening ledge stops before rolling over, tumbling back to that Gamma pivot...

Small Caps cluing to their 50DMA, S&P bounced off its 100DMA, Dow bounced off its 200DMA, Nasdaq remains below its 50DMA...

Momentum faded today as value rose marginally...

Source: Bloomberg

XOM held its dividend steady for the first time in decades (but didn't cut it) leaving its yield (in absolute and spread terms) at record highs...

Source: Bloomberg

FANG Stocks soared ahead of tonight's earnings extravaganza...

Source: Bloomberg

As opposed to yesterday's "Sell it all" day, today saw bonds dumped as stocks pumped...

Source: Bloomberg

But bonds made the headlines as an ugly 7Y Auction and reports of a big offering from Boeing (~$5bn) which would require rate-locks sparked a considerable spike in yields, basically erasing the week's yield drop...

Source: Bloomberg

10Y pushed back above 80bps but we can't help but a sense of deja vu all over again as after Boeing's issuance, we will see this pressure unwind...

Source: Bloomberg

Real yields soared higher today (gold largely shrugged it off) to its highest since July (still negative though)...

Source: Bloomberg

The Dollar jumped to 3-week highs before rolling over a little...

Source: Bloomberg

10Y Yields reversed at their 200DMA once again...

Source: Bloomberg

As the Euro tumbled on ECB promises of more money-printing...

Source: Bloomberg

EURUSD's drop stalled perfectly at the 100DMA however...

Source: Bloomberg

Cryptos were mixed today with ETH and BTC higher...

Source: Bloomberg

Bitcoin bounced higher off $13,000 once again...

Source: Bloomberg

WTI crashed to a $34 handle - 5 month lows...

Gold futures extended their losses below $1900...

 

Finally, we note that the market's fear of a contested election has subsided significantly...