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Powell Pumps S&P To Best August Since ’86, Dollar & Bonds Puked
Tyler Durden
Fri, 08/28/2020 – 16:00
August 2020’s 6.89% surge in the major US market index is the largest August gain since 1986 (when the S&P 500 rose 7.12%), but as the chart below shows Trannies almost doubled those gains…
Source: Bloomberg
This is the S&P’s 7th straight daily gain, 5th straight weekly gain, and 5th straight monthly gain…
“Do you want to play this game?”
And that strong month sent The Dow back into the green for 2020…
Source: Bloomberg
All thanks to an epic squeeze in the most-shorted stocks (doubling the S&P’s performance)…
Source: Bloomberg
The 5th month in a row…
Source: Bloomberg
With the strength being concentrated in fewer and fewer stocks…
Source: Bloomberg
As AAPL nears the same size as the entire Russell 2000!!!!
Source: Bloomberg
VIX was lower on the day after ‘unusually’ trading higher along with a higher stock market two days in a row…
Source: Bloomberg
It was an ugly month for bonds with the long-end up over 30bps…
Source: Bloomberg
10Y Yields spiked 20bps on the month – the biggest absolute monthly spike since Sept 2018 – back above 70bps (30Y back above 1.50%)…
Source: Bloomberg
But still some context for this rate move is needed…
Source: Bloomberg
Breakevens ripped higher this month (and up 6 days in a row) to their highest since Jan 2020…
Source: Bloomberg
Real yields ended marginally lower (down from -1.00% to -1.04% on the month)…
Source: Bloomberg
The dollar was pummeled for the 5th straight month to its lowest since May 2018…
Source: Bloomberg
Cryptos were mixed with Ethereum strong (DeFi boom), Bitcoin Cash weak, and Bitcoin flat…
Source: Bloomberg
Copper and Crude had a strong month, gold ended lower, silver the big winner…
Source: Bloomberg
Gold rallied back to yesterday’s Powell-spooked highs today…
But Gold ended the month unchanged…
Source: Bloomberg
But despite a big roundtrip early on, Silver rallied notably on the month…
Source: Bloomberg
Which meant the Gold/Silver ratio cratered (for the 4th month in the last 5)…ending the month at the lowest level (silver strongest relative to gold) since April 2017…
Source: Bloomberg
And finally there’s this!
Source: Bloomberg
And this…
Source: Bloomberg
And this…
- *BULLARD: WANT TO GUARD AGAINST ASSET BUBBLES GOING FORWARD
Because it’s different this time…
Source: Bloomberg
Probably nothing!
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