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Stimulus Stalemate Sparks Slump In Stocks, Bonds, Oil, & The Dollar
Tyler Durden
Fri, 10/23/2020 – 16:00
Day after day the algos excited pumped and dumped stocks on the back of ‘hope’ and ‘nope’ headlines about the next round of COVID-19 relief from Washington. By the end of the week, stocks were down, bond (prices) were down, oil was down, the dollar was down, and economic data was down…
Source: Bloomberg
But all stocks care about is their next “feed” of free money…
Source: Bloomberg
But apart from that everything is awesome…
Small Caps and Trannies managed gains on the week, Nasdaq underperformed…
Big round-trip in VIX this week but remained higher on the week…
FANG stocks fell for the second week in a row…
Source: Bloomberg
And semis chipwrecked for a second week…
Source: Bloomberg
Interestingly, defensives and cyclicals tracked each other all week as everything was top-down stimulus-on/stimulus-off swings…
Source: Bloomberg
Significant weakness in momo stocks this week…
Source: Bloomberg
“Most Shorted” stocks were squeezed Thursday and Friday back to unch on the week…
Source: Bloomberg
In fact, as yields rose on the week (rallying back lower somewhat today)…
Source: Bloomberg
Pushing yields to their highest since early June…
Source: Bloomberg
The curve rose to its steepest since July 2017…
Source: Bloomberg
Real Yields rose notably on the week but as the chart shows, gold decoupled…
Source: Bloomberg
The dollar extended its decline (down for the 3rd week in the last 4)…
Source: Bloomberg
On the bright side, BANKS were bid as the yield curve steepened…
Source: Bloomberg
And BITCOIN soared back above $13,000…
Source: Bloomberg
Gold futures ended the week very slightly higher, managing to hold above $1900…
Oil prices tumbled on the week, with WTI futs closing below $40…
Finally, this is what the ‘experts’ are panicking about?!!
Source: Bloomberg
And if some more context for this terrifying killer pandemic is also required…
Covid deaths in context pic.twitter.com/ZxeQVZtmw0
— zerohedge (@zerohedge) October 23, 2020
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