Stocks Soar To Best Week In 3 Months As COVID-Comeback Concerns Mount

Perhaps the market is seeing the scaremongering from health officials for what it is is and calling locking-down-politicians' bluffs? US COVID cases are soaring... (just don't mention the low death rates)...

Source: Bloomberg

And that maybe why stocks were majestically pumped to their best week in almost 3 months as PMIs and jobs data beat (just don't mention jobless claims or factory orders)... After last Friday's COVID scare plunge, this week saw Nasdaq outperform, surging almost 6% to a new record high...

But they did suffer a very weak close - erasing the jobs spike...

Year-to-date, gold is the best-performing asset, slightly outperforming bonds, with the dollar modestly higher while The Dow is down 9%

Source: Bloomberg

However, Nasdaq is just outperforming gold in 2020, up 19% at today's close...

Source: Bloomberg

Tech valuations are a little rich...just a smidge...

Source: Bloomberg

The S&P bounced almost perfectly off its 200DMA...

The Dow was unable to break back above its 200DMA...

Because, once again...

Today's price action in factor land mimicced yesterday's - with an opening gap down in momo that was quickly panic bid...

Source: Bloomberg

Very little differentiation between cyclicals and defensives this week - just buy it all...

Source: Bloomberg

And opening surge in banks was sold all day...

Source: Bloomberg

The Treasury market closed early today (at 1400ET) but on the week, the long-end notably underperformed (30Y +6bps, 2Y -1bps)...

Source: Bloomberg

The 10Y Yield tried twice and failed to bet back above 70bps...

Source: Bloomberg

The dollar index fell on the week for the first time in 4 weeks...

Source: Bloomberg

Cryptos dipped today, back into the red for the week...

Source: Bloomberg

All the major commodities were higher this week, led by oil...

Source: Bloomberg

WTI is back above $40...

Gold was briefly back above $1800 this week...

Finally, nothing sums up the market idiocy like TSLA...

Earnings, schmearnings...

Source: Bloomberg