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Stocks Pump’n’Dump, Bitcoin Jumps With Bonds Away For Columbus Day

Stocks Pump’n’Dump, Bitcoin Jumps With Bonds Away For Columbus Day

To celebrate Indigenous People’s Day, the bond market took the day off so there was less human ‘discipline’ in general in the market.

Treasury futures (prices) ended the day marginally lower, implying perhaps a 1bps rise in 30Y Yields…

Source: Bloomberg

And so the machines were in charge and they tried their best early on to ignite momentum, but that all fell apart as Europe closed.. The Dow was the laggard on the day with Small Caps the last to give up its gains but still outperforming the others…

In fact, as we detailed earlier, 4400 was the line in the sand for the S&P…

The dollar rallied on the day but remained in a relatively tight range…

Source: Bloomberg

And bitcoin had a strong day, pushing up towards $58,000…

Source: Bloomberg

Ethereum had a different day but ended higher in the end…

Source: Bloomberg

Oil prices ended higher on the day despite a small pullback after The White House urged OPEC to ramp up production again…

Finally, we note that the correlation among S&P 500 components has been rising notably recently…

Source: Bloomberg

The fact that individual stocks have started moving around in unison has portended trouble in the past. Rising correlations are “a sign of market fragility — you could see a market pullback if there’s a change in outlook,” Steve Kolano, chief investment officer at BNY Mellon Investor Solutions told Bloomberg.

Tyler Durden
Mon, 10/11/2021 – 16:00

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