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Thursday, August 18, 2022

Small Caps, Crude Oil, & The Yield Curve Dump’n’Pump As Soaring CPI & COVID...

Sheesh... that was quite a headline-heavy day.The $3.5 trillion socialism bill passes its first hurdle (called "irresponsible" by Manchin), a desperate demands from Biden to OPEC to open the oil production floodgates, Core CPI appears to start to confirm the 'transitory' inflation narrative, a red hot 10Y bond auction, Delta variant COVID cases topping in…

July Jolt: Small Caps & Bond Yields Plunge Most Since March 2020 COVID Crash

Small Caps end the month with a loss for the first time since March 2020, and only the 2nd monthly loss since then (Trannies were also down on the month, its 2nd monthly loss in a row). Nasdaq 100 outperformed on the month but was 'only' up 2.5%...Source: BloombergDiving into this week, Amazon saw no…

Small Caps Slammed As ‘Short Squeeze’ Ammo Dries Up, Bonds & Bitcoin Bid

As investors continue to pile into Big-Tech...Small Caps were hammered today with only Nasdaq making any decent gains......and remarkably it had some sense to it as their outperformance over the week erased relative to Nasdaq...Once again, money flow decoupled from the equity market's rally as it extended...As short-squeeze ammo appeared to dry up for this…

Small Caps Surge Amid Massive Short-Squeeze, Dollar Dead-Cat-Bounces

Spot the odd one out!Small Caps exploded at the cash open (just as they did yesterday) and kept going (unlike yesterday) as Dow, S&P, and Nasdaq trod water. Did Small Caps run the stops and lose momentum?All thanks to a huge short-squeeze - the second biggest daily jump in "most shorted" stocks this year...Source: BloombergSqueeeeze...Small…

Small Business Closures Soar Back Near Pandemic Peak As “Financial Hopelessness” Builds

Despite trillions in Fed "stimulus" and endless government handouts, John Stanford, co-executive director of the Small Business Roundtable, told CNBC this week that "it continues to be a very painful time for small businesses.""We have to remember, PPP was a bridge program," Stanford said."It was meant to keep people on the payroll, it wasn’t meant…

Small Caps & Cryptos Clubbed As Bonds & The Buck Bounce

Stocks slipped a bit around 1115ET when Fed's Kaplan warned "I do worry about excesses and imbalances," adding that "failing to communicate Fed exit could stoke risk-taking." Kaplan went to say that The Fed "should withdraw some accommodation once the pandemic is over."Then Yellen unveiled her Tax America plan and that spooked stocks further.Stocks then…

Small Firm Bust Accelerates As Bankruptcies Soar In September 

Policies promoted by the White House and the Federal Reserve to support small firms have been widely insufficient as bankruptcy filings are back to levels not seen since the dark days of the virus pandemic, according to Bloomberg, citing a new report via bankruptcy court data firm Epiq AACER. At least 620 companies filed for Chapter 11 protection in the first…

Despite Small Tail, 5Y Auction Comes In Hot With Highest Bid To Cover Since...

One day after an impressive 2Y auction, that stopped well through the When Issued and saw a huge spike in Direct bidder demand, today's sale of $41 billion in 5Y notes was more lukewarm. The auction stopped at a high yield of 1.587%, 0.3bps above the 1.584% When Issued and 1.7bps higher than the October…

Nasdaq, Small Caps Plunge Through Key Technical Levels

A 'bad' trade headline and suddenly Nasdaq and Small Caps are tumbling below their 50- and 100-day moving averages. S&P and The Dow have some rom to run yet... What happens next? We are going to need a 'good' trade headline stat!
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