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The Trump Triumph: Dow Hits Record High Amid Bond Bloodbath, Currency Carnage, And Tech Turmoil

Thursday, November 10, 2016 15:42
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An archaically-weighted index of just 30 companies’ stocks reached an all-time record high as the most widely held stocks collapse, emerging market currencies crash, and bonds around the world are seeing unprecedented spikes in yields…

So – The Dow hit an all-time record high today… (Goldman, JPMorgan, IBM, and UnitedHealth 180 points between them)

But Nasdaq plunged back into the red from the election…(Dow Futures are up from 17418 to 18821 – up 1400 points)

As FANGs crashed..

S&P went nowhere, Nasdaq tumbled, and Trannies and Small Caps surged on the day… (worst day for Nasdaq since September 9th)

The post-Trump “rotation” continues with Tech, Utes, and Staples into Financials, Healthcare, and Energy…

On the week, Small Caps are exploding higher (up 8%) and the Dow are having their best week since Dec 2011 (just look at this idiocy – Monday and Tuesday surging on Comey “guaranteeing” a Clinton win then exploding higher on a Trump win)

With the biggest 5-day streak of short-squeezes since the March lows…

But while that was happening, other asset classes were turmoiling…

The global bond bloodbath continues…

Led by US Treasuries yields soaring at the longer-end…

Stocks and Bonds now have the same yield for the first time since Jan 5th…

With 30Y UST Futs down over 5% since Trump’s win…

Biggest drop in 30Y UST since Oct 2011…

Emerging Market bonds crashed most since May 2010…

Emerging Market FX crashed (decoupling from stocks)…

As everything was hammered to new lows… MXN is back at record lows…

Gold, Silver, and Crude all slid on the day as Copper extended its streak to 13 days up in a row…


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