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$9 trillion in additional global liquidity (from $79 to almost $88 trillion since the March lows)…

Are we Drowning in liquidity?

Ach joh, dat plasje, daar rijden we toch zo doorheen in deze stoere auto… pic.twitter.com/Pej315sjkg

— IdiotenOpdeWeg (@PGekkies) August 12, 2020

Pushed the S&P above its prior record closing high (3386.15 from 2/19/20) but could not hold it…

Because it sure isn’t being driven by fun-durr-mentals…

Source: Bloomberg

The recent Momo/Value rotation is over…

Source: Bloomberg

Growth surged today, erasing the losses of the last three days…

Source: Bloomberg

And that was evident in today’s rip higher in Nasdaq and big laggard Small Caps…

Small Caps weakness today in the face of tech’s resurgence sent AAPL to a new record high relative to the entire Russell 2000..

Source: Bloomberg

TSLA shares soared a ridiculous 15% after announcing a 5-for-1 stock split… just fucking idiotic!!!

Europe’s Stoxx 600 surged today, back above its 200DMA…

Source: Bloomberg

Treasury yields rose for the 4th straight day (up around 2-3bps across the curve, but notice that it chopped around in a small range for most of the day)…

Source: Bloomberg

With 10Y Yields closing above their 50- and 100-DMA

Source: Bloomberg

As far as inflation expectations are concerned, the pandemic is apparently over. After today’s data, the 10-year breakeven spiked to 1.67%. That’s the highest it has been since mid-February, before the March Covid-19 collapse.

Source: Bloomberg

The dollar ended the day lower, sold from the European open…

Source: Bloomberg

Bitcoin bounced today…

Source: Bloomberg

Real yields led gold higher…

Source: Bloomberg

Silver rebounded from weakness in early Asia trading…

Silver’s chaos of the last couple of days sent SLV (the Silver ETF) to the steepest discount to NAV since Lehman (Oct 2008)…

Source: Bloomberg

Elsewhere in commodity-land, there was this chaos in NatGas ETNs…

And Lumber Futures soared above $700, a new record high…

“We had to pay three times the price,” Ron Woods, the owner of Firehouse Builders said.

“The explanation they had for us was that COVID-19 shut down the plants that treat the wood, and that finally caught up.”

Source: Bloomberg

Finally, just another reminder…

Source: Bloomberg

Now that fear has been fully removed…As Bloomberg detailed, concern about the prospects for U.S. stocks has dropped to a level last seen almost 20 years ago, according to one option-based indicator. The gauge is a 50-day moving average of the ratio between company-specific put and calloptions, as compiled by Cboe Global Markets, and was cited Tuesday in a Twitter post by the SentimenTrader blog. Monday’s reading was the lowest since October 2000, based on data compiled by Bloomberg.

Source: Bloomberg

“Even less extreme cases led to pullbacks/corrections” for stocks before, SentimenTrader wrote.