Premium"Full F**king FOMO": Stocks Rip To Record Highs On Massive Squeeze, Crude Crash As Bessent Teases 'Imminent Deal'
Tl;dr: With the market having been trained to ignore Trump's 'deal' declarations, TsySec Bessent was trotted out on CNBC this morning to say a deal is nigh, slamming oil prices lower... which pushed stocks higher (to record highs) and slammed bond yields lower. Equities were a FOMO melt-up with chasey 'spot up, vol-up' dynamics and a massive short squeeze. Gold gained as the dollar rolled over, bitcoin extended gains.
Even shorter... we just went from one-month lows to record highs in five trading sessions...with one veteran equity vol trader reflecting on the last couple of days in his usual acerbic manner "...they've gone from GTFO to full fucking FOMO in four days... this is not sustainable."