Long-Bond, Big-Techs, & Black-Gold Bid As China Stocks Chunder
While yesterday was dominated by more macro moves – gold, yield curve, and equity indices – today’s headlines were more focused on idiosyncratic moves in stocks…
TSLA gave up its early gains…
FB tumbled after running stops last night after earnings…
DWAC pumped and dumped…
And BKKT puked back a lot of yesterday’s post-close gains…
And finally BITO fell back below its launch price…
Small Caps were the laggards on the day but after a big rotation at the open, Nasdaq fell back, trending lower with the rest of the market. The Dow ended unch, giving up its gains with a weak close…
And while US Tech stocks rallied today, China Tech chundered hard after its recent dead cat bounce (dumping almost 4% today, the biggest loss in a month)…
Source: Bloomberg
The opening saw yet another huge short-squeeze but that appeared to flush out the last remaining bears on this move and “most shorted” stocks tumbled for the rest of the day…
Source: Bloomberg
VIX spiked above 16.5 intraday today before vol-sellers re-appeared…
Credit markets refuse to follow stocks lead to new highs…
Source: Bloomberg
Treasuries were mixed, flip-flopping again to this time seeing the long-end bid (30Y -3bps) while the short-end yields rose 1-2bps, all of which left the curve 1-2bps lower in yield overall…
Source: Bloomberg
The yield curve reversed to flattening once again, back near crucial support once again…
Source: Bloomberg
The dollar ended very marginally higher on the day but remains stuck in its recent narrow range…
Source: Bloomberg
Crypto ended mixed but only marginally changed with Bitcoin finding support lower around $62k…
Source: Bloomberg
And Ethereum holding above $4200…
Source: Bloomberg
Gold was dumped back below $1800…
And WTI rebounded from yesterday afternoon’s slide to close just below $85 ahead of tonight’s API data…
And finally, remember the taper is coming soon…
Source: Bloomberg
Tyler Durden Tue, 10/26/2021 – 16:01
Source: http://freedombunker.com/2021/10/26/long-bond-big-techs-black-gold-bid-as-china-stocks-chunder/
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