Stocks Pump'n'Dump After FTC Spoils The MAGA Party

Having ignored the rapidly escalating global issues surrounding the Covid-19 virus (and the bond, FX, and commodity markets' less sanguine view), today saw Fed Chair Powell offer nothing uber-dovish to ignite momentum during his annual Humphrey-Hawkins testimony, Boeing's first Zero orders January since 1962, the worst drop in job openings... ever, and the FTX launching a probe into the mega-tech MAGA stocks. And stocks still never really gave a shit... S&P and Nasdaq at new record high, Dow unch.

Spot the odd market out...

Source: Bloomberg

"This is madness"

China went nowhere overnight...

Source: Bloomberg

European stocks surged...

Source: Bloomberg

In the US MAGA stocks rolled over notably after the FTC headlines (this is the first drop in the last 8 days)...

Source: Bloomberg

With Facebook hardest hit but the drop in MSFT was the biggest since August 23rd...

Source: Bloomberg

Second day in a row of an opening short squeeze... again...

Source: Bloomberg

VIX continues to refuse to play along with stocks...

Source: Bloomberg

Treasury yields rose - somewhat illiquidly - 1-2bps across the curve, lifting rates back top unch on the week...

Source: Bloomberg

The yield curve un-inverted... barely...

Source: Bloomberg

The Dollar drifted lower for the first time in 5 days...

Source: Bloomberg

Cryptos rallied today led by Ethereum...

Source: Bloomberg

Bitcoin spiked back above $10,000 (the highest since Sept 15th)...

Source: Bloomberg

Copper and Crude managed gains today (but WTI remains lower on the week) as PMs limped lower...

Source: Bloomberg

WTI Crude hardly looked positive despite a green day for a change (ahead of tonight's API data), falling back below $50...

Finally, the Y2K analog continues to hold for Nasdaq as the end of The Fed's emergency liquidity supply looms...

Source: Bloomberg

Different this time though for sure!

The gap between liquidity and stocks is getting wide again...

Source: Bloomberg

Or maybe stocks are rallying on this...

Source: Bloomberg