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Big-Tech, Bitcoin, Breakevens, & Black Gold Surge As Debt-Limit Doubts Loom
Despite all the chatter, debt ceiling doubts continues to build…
Source: Bloomberg
And US Sovereign risk continues to deteriorate…
Source: Bloomberg
But hey, that shouldn’t stop you panic-buying stocks right?
Nasdaq was the day’s big winner, up around 2%. S&P and Dow also pumped and didn’t dump. Small Caps lurched higher with the rest but gave up early gains…
The late-day weakness left everything red from Friday (Nasdaq never got back to even)…
All the major US equity indices are hovering/testing key technical levels (RTY at 50DMA, S&P at 100DMA, NQ at 100DMA, Dow
While the initial momentum of the day was ignited by a short-squeeze, those gains quickly disappeared…
Source: Bloomberg
Small Caps ramped to their strongest relative to Nasdaq in 3 months before stalling and fading back…
For more context, Small Caps had overshot their relationship relative to Nasdaq when compared with real yields – today flat like reversion in that pair…
Source: Bloomberg
Breadth continues to stink…
Source: Bloomberg
SKEW continues to plunge as it appears traders are actually lifting downside protection relative to upside exposure….
Source: Bloomberg
Treasury yields rose once again with the long-end up around 7bps on the week…
Source: Bloomberg
Yield curve (2s30s) at its steepest in 3 months…
Source: Bloomberg
Breakevens surged to their highest in 4 months…
Source: Bloomberg
That was the biggest 1-day surge in breakevens since Biden was elected…
Source: Bloomberg
The dollar rallied back to unchanged on the week…
Source: Bloomberg
WTI soared above $79 today – a new 7-year-high…
…but some context shows the Barrel of Oil (BoE) equivalent price for European NatGas is a stunning $230 a barrel…
Source: Bloomberg
And US NatGas also soared today to its highest in 12 years (notice that the US NatGas BoE is now around $107, around $30 rich to WTI)…
Source: Bloomberg
Finally, Spot the difference…
Source: Bloomberg
And in case you were wondering about the actual economy, The Atlanta Fed just downshifted its GDPNOW forecast to just +1.33%…
Source: Bloomberg
Tyler Durden
Tue, 10/05/2021 – 16:01
Continue reading at ZeroHedge.com, Click Here.
