Crypto, Gold, Oil, & Stocks Soar On Dismal Data As Dollar Dumps


    Crypto, Gold, Oil, & Stocks Soar On Dismal Data As Dollar Dumps EU consumer sentiment tumbled this morning (mirroring US’ sentiment collapse) and US PMIs both plunged to multi-month lows… that’s great news right? US economic surprise data plunged to -45.5 – as bad as it was in March 2020 – and global economic surprise data has been tumbling for weeks and just went negative… Source: Bloomberg ‘Bad news is good news’ for stocks (and vol-selling flows) as Taper Tantrums are potentially delayed and stocks roared higher at the cash open and never looked back. Small Caps and Nasdaq were the most impacted by panic-buyers as vol-sellers dominated… The last few minutes some profit-taking on the day’s gamma-squeeze malarkey… Put graphically all of that equates to this… The last two days were the biggest short-squeeze since early June… Source: Bloomberg As the major indices push back to record highs, the ‘median’ US stock has been falling for three months… Source: Bloomberg Energy stocks soared today (after an ugly week last week) as oil prices rebounded. Utes were weakest… Source: Bloomberg VIX was monkeyhammered back down to a 16 handle today… Equity markets were completely divorced from bond markets today… Source: Bloomberg Treasury yields ended down very marginally on the day (5Y/7Y -1bps) after being sold during the Asia session and bid during EU/US… Source: Bloomberg The Dollar extended Friday’s losses today with no looking back… Source: Bloomberg Bitcoin spiked back above $50,000 for the first time since May… Source: Bloomberg And Ethereum topped $3300… Source: Bloomberg Gold spiked back above $1800, erasing the payrolls/flash-crash loses… Oil prices rebounded very strongly – up over 5.5% – with WTI back to $66 briefly before fading… Finally, as we noted earlier, credit markets are flashing some serious red light about this ongoing ramp in stocks (HY credit is wider 7 straight weeks – the longest streak since 2014)… Source: Bloomberg “probably nothing” Tyler Durden Mon, 08/23/2021 – 16:00


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