Stocks Surge Intraday ‘Despite’ Global Virus-nado & Plunging US Data


    Stocks Surge Intraday ‘Despite’ Global Virus-nado & Plunging US Data Judging by the intraday surge in US equity prices, you’d think that the Coronavirus was cured and everything was awesome… [youtube] But, it’s not! Virus deaths increase. Virus cases soar in China (23 million quarantined), and Virus cases spread globally (from Singapore to Scotland). And then there’s Leading Economic Indicators at their weakest since 2009… So what did the machines in the US do? Well, that’s obvious – you buy the f**king global pandemic dip of course!! Yes, that is Trannies soaring 2% from the opening lows (not the lows were perfectly at the EU close and then the ramp exploded). Dow ended red… Nasdaq is back in the green for the week – so an economy-crushing pandemic is a buying opportunity for tech? WTF!!   This comes after some serious ugliness in Chinese markets… Source: Bloomberg And Europe tumbling… Source: Bloomberg Dow broke back below 29k early on but the machines were having none of that… As another short-squeeze engineered at the open saved the day… Source: Bloomberg There was a 90-minute period in the middle of the day with no negative TICK… Source: Bloomberg In the US Defensives continue to lead the week, though cyclicals were bid aggressively today… Source: Bloomberg Credit markets were not buying this dip… Source: Bloomberg And while stocks pushed back towards record highs, bond yields plunged to 3 month lows…. Source: Bloomberg Treasury yields fell for the 3rd day in a row… Source: Bloomberg With 30Y Yield back at their lowest since early October… This is the biggest 30Y Yield drop to start a year since 2015 Source: Bloomberg 2y Yields closed at the lowest since Oct 9th… Source: Bloomberg The yield curve tumbled to its flattest in 6 weeks… Source: Bloomberg The Dollar spiked to its highest in a month early on before fading back… Source: Bloomberg Yuan tumbled even further overnight but rebounded modestly intraday… Source: Bloomberg Cryptos legged down today, with Bitcoin testing its 100DMA, but remain notably higher on the year… Source: Bloomberg Commodities were mixed despite the dollar gains with crude and copper falling further – unable to ignore China as easily as stocks – as PMs rose modestly… Source: Bloomberg WTI tested a $54 handle intraday today… Source: Bloomberg Finally, Americans are the least pessimistic about the economy since March 2002… Source: Bloomberg But its starting to look a lot like 2018… Source: @thehawktrader Tyler Durden Thu, 01/23/2020 – 16:02 Tags Business Finance Technology Internet


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