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Reddit-Rebels Rout Big-Shorts; Bonds, Bitcoin, & Bullion Bid
Reddit-Rebels to big shorts today…
Or put another way…
Source: Bloomberg
This was the biggest short-squeeze day since the peak of the chaos with GME in January…
Source: Bloomberg
And as shorts were squeezed, hedgies unwound some of their favorites for liquidity…
Source: Bloomberg
AMC was the kingmaker today, up over 100% at numerous times…
Which leaves AMC up a stunning 3000% YTD…
Source: Bloomberg
what a time 2 b alive pic.twitter.com/UxIa5lIv7Q
— Liz Franczak (@liz_franczak) June 2, 2021
“You’re Welcome!!”
And while GME managed gains, the AMC surge took it above $30 billion market cap and bigger than GME…
Source: Bloomberg
GTT also exploded today (up over 50%)…
AMC’s trading volume today was by far the largest of any in the US – triple TSLA’s which was in second place…
Source: Bloomberg
Oh, and if you cared, the broad indices were up and down like a whore’s drawers (Small Caps puked at the cash open and Nasdaq spiked, in a reverse of yesterday’s action). A late day panic-bid moved them all barely into the green…
VIX had another mini-flash-crash around the pre-open again…
Ok, so enough of that malarkey, here’s what happened everywhere else in the markets…
The dollar pumped and dumped to end unchanged…
Source: Bloomberg
Bonds were bid…
Source: Bloomberg
Bitcoin bounced back up to $38k…
Source: Bloomberg
Ether tagged $2800 intraday…
Source: Bloomberg
And Bullion buying lifted futures above $1910…
Black Gold also extended its gains ahead of tonight’s API inventory data, with WTI tagging $69…
Finally, the correlation between VIX (fear) and 10Y Treasury yields (no fear) is at its highest since late 1999…
Source: Bloomberg
And we all know what happened next, stonks were slammed and yields collapsed…
Source: Bloomberg
Taper tantrum triggered?
For now, no one is worried at all as the Put-Call ratio just hit its lowest since 2011…
Probably nothing.
Tyler Durden
Wed, 06/02/2021 – 16:00
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