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“Chaos Is Coming” – Bullion, Bonds, & Big-Tech Bid As Dollar & Dow Dumped

2020-06-10_10-23-11
“Chaos Is Coming” – Bullion, Bonds, & Big-Tech Bid As Dollar & Dow Dumped

Tyler Durden

Wed, 06/10/2020 – 16:01

Hugh Hendry warned that “Chaos is coming”…

And, by many measures, it’s already here – as these two muppet-mutilating stocks show…

And here’s a preview of tomorrow’s carnage-inducing stock…

Well played Robinhood!

FANG stocks were bid once again – with many of the mega-tech stocks hitting record highs…

Source: Bloomberg

Lifting Nasdaq on the day as Small Caps were slammed…

Bank stocks were battered again as rates fell and flattened…

Source: Bloomberg

Banks relative performance has tracked the yield curve almost too perfectly…

Source: Bloomberg

Market-neutral momentum bounced hared again today after briefly touching unchanged on the year…

Source: Bloomberg

Here’s what The Fed did…

But Gold was the big gainer after The Fed unleashed formal QE, pretty much monetizing America’s deficits going forward…

Silver also surged, back above $18…

The dollar was monkey-hammered lower… (this is the 9th down day for the dollar in the last 10 and 14th down day in the last 18)

Source: Bloomberg

To its lowest since early March…

Source: Bloomberg

Treasury yields tumbled…

Source: Bloomberg

The belly of the curve outperformed (7Y -9bps, 2Y -3bps, 30Y -6bps)…

Source: Bloomberg

Short-term rate expectations eased…

Source: Bloomberg

Oil prices rose despite a big crude build to record high US stockpiles… (but it did fall after The Fed)…

Bitcoin briefly spiked above $10k after The Fed…

Source: Bloomberg

Silver outperformed gold today…

Source: Bloomberg

Finally, there’s this… Fed Chair Powell basically admitted to The Fed Put (but stocks still stumbled)

  • *POWELL: WE WANT INVESTORS TO PRICE IN RISK LIKE MARKETS SHOULD

  • *POWELL: POPPING ASSET BUBBLE WOULD HURT JOB-SEEKERS

As Bloomberg notes, stocks may be the ultimate beneficiary of trillions of dollars in economic stimulus from the Federal Reserve, according to Savita Subramanian, Bank of America Corp.’s chief U.S. equity strategist.

“Liquidity looking for a home” is bolstering the FANG stocks…

Source: Bloomberg

To infinity and beyond!

Source: Bloomberg

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