TopFeatured.com

The big story of the day today was the acceleration of the recession/QE trade – a return to growth over value…

Source: Bloomberg

Which meant long-duration tech dominated the gains today (with Nasdaq up  over 2% and S&P outperforming). Dow and Small Caps underperformed…

The S&P rallied back above its 50DMA, but the Dow and Nasdaq could not manage it…

Unprofitable tech extended its rebound…

Source: Bloomberg

On yet another short-squeeze…

Source: Bloomberg

But when’s the slide back down?

The two most innocent creatures in the world! ❤️pic.twitter.com/inBmVoIbEg

— Figen (@TheFigen) April 4, 2022

Which makes some sense given the market is now pricing in 9 more rate-hikes this year and a 80% chance of a 50bps hike in May and conditioned on that a 75% chance of another 50bp hike in June… which will then all be followed by almost 4 rate-cuts in 2023/24…

Source: Bloomberg

There was some modest steepening in the yield curve today (long-end underperformed the short-end, 2Y -3bps, 10Y +4.5bps)…

Source: Bloomberg

…as 2s10s steepened (but remains inverted)…

Source: Bloomberg

…but the curve broadly speaking remains significantly inverted from 3s out…

Source: Bloomberg

Gold (in USD) managed gains today…

As Gold in Rubles hovers above The Bank of Russia’s gold price floor…

Source: Bloomberg

The Ruble remains glued at pre-invasion levels…

Source: Bloomberg

The dollar extended its very recent rebound…

Source: Bloomberg

However, Bitcoin was battered lower after yesterday’s spike back up towards its 200DMA…

Source: Bloomberg

Crude oil prices rallied today with the Saudis hiking premia to record highs. Brent rallied significantly as it became clear from Biden and Zelenskiy’s rhetoric that any peace deal is a mile away and WTI ripped back above $100…

Finally, the world’s richest man found a new plaything…

Would be fun to see if he reinstates Trump?