Short-Squeeze Surge Sends Stocks To Record High As ‘Soft’ Data Slumps To 14-Month Lows

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    Short-Squeeze Surge Sends Stocks To Record High As ‘Soft’ Data Slumps To 14-Month Lows This morning’s major miss for Richmond Fed’s business sentiment survey confirmed the recent trend of ‘soft’ survey data dumping back to the reality of ‘hard’ data’s disappointment as the stimmies run dry… Source: Bloomberg In fact, all the major economies (and in aggregate) are now seeing economic data surprises going more and more negative… Source: Bloomberg Of course, none of that matters for stonks (in fact it helps because the worse things get the more The Fed ‘gives’). Small Caps soared the most, amid the squeeze, with The Dow and S&P lagging but still modestly higher on the day…(but we note that like yesterday, we saw profit-taking weakness into the cash close)… Record highs for S&P and Nasdaq Well done Mr.Powell, see what you’ve created! Today was an extension of the big short-squeeze we have seen over the previous two days…’Most Shorted’ stocks are now up almost 9% from Thursday’s lows. This is the biggest 3-day short-squeeze since January’s peak panic-bid… Source: Bloomberg Nasdaq Composite topped 15,000 for the first time… WSB/Reddit ‘meme’ stock crowd favorites, like GME and AMC, were off and running again today… …and at the same time Dogecoin was down… Are the gamblers just rotating? Stocks remain completely decoupled from bonds… Source: Bloomberg Treasuries were sold modestly today with yields up 2-3bps… Source: Bloomberg 10Y Yields ramped up to the peak from the FOMC Minutes day… Source: Bloomberg The dollar lost a little more ground today, down for the 3rd straight day… Source: Bloomberg Crypto also fell today with Bitcoin finding support at $48,000 for now… Source: Bloomberg Gold ended marginally higher on the day but appeared to coiling up for a big move one way or the other during the US day session… Oil prices continued their bounceback surge with WTI testing back up toeards $68… Iron Ore was squeezed dramatically higher after its big drop following reports that China will do what it takes to support demand… Source: Bloomberg Finally, with the S&P 500, Nasdaq, and almost the Dow, at all-time record highs,  somehow, the world is ‘fearful’… Source: CNN WTF is going on! Tyler Durden Tue, 08/24/2021 – 16:00

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