Home Sparks Musk Sparks Major Crypto Spike, Stock Short-Squeeze Continues

Musk Sparks Major Crypto Spike, Stock Short-Squeeze Continues

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The Dow and S&P joined Nasdaq and Small Caps in the green for the week after today’s escalation of the rip off the Monday’s lows…

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Sparked by another major short squeeze (bigger than the PPT inspired bounce in mid-June)…

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Source: Bloomberg

But we do note that after the initial surge, the squeeze stalled…

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Source: Bloomberg

Even more evidenced by the massive divergence between money flow and the market from the cash open…

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Source: Bloomberg

Monday’s big losers (banks and energy) are now the week’s biggest winners (Utes are the week’s laggards… for now…)

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Source: Bloomberg

Get Out & Party stocks continued to massively rebound against Stay At Home stocks (but we note after the initial opening rip, things stopped)…

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Source: Bloomberg

Does anybody else feel like this week’s stick-save made them think of this ‘miracle’ (I definitely hear the music in the back of my head)…

VIX was monkeyhammered back to a 17 handle (still modestly elevated)

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And as we noted earlier, there is a kink around J-Hole in the vol term structure…

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Bonds were sold again today, just enough to 10Y unch for the week and 30Y marginally higher in yields…

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Source: Bloomberg

As we detailed earlier, the relationship between bonds and stocks has changed once again…

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Source: Bloomberg

10Y Yield tested back above its 200DMA…

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Source: Bloomberg

But 10Y tagged 1.30% and buyers returned…

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Source: Bloomberg

Big bounce in bitcoin today after The B-Word Conference

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Source: Bloomberg

Ether also jumped significantly, back above $2000…

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Source: Bloomberg

Musk “We need to watch out for bitcoin and proof of work for using energy that’s maybe a bit too much and not necessarily good for the environment… but on balance I support bitcoin.

Musk says he hasn’t sold any personal stake in crypto (owns BTC, ETH, and DOGE): “I might pump, but I don’t dump”

Musk reflected on the improvements occurring on the energy use side of bitcoin – from an ESG perspective – adding that “Tesla accepting bitcoin again is most likely.”

Dorsey thinks bitcoin is the best candidate for a native internet currency for many reasons. Cites its resilience and creation story.

The dollar took a dive today…

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Source: Bloomberg

The bounce back in black gold continues with WTI topping $70 again (despite a surprise crude inventory build)…

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Dr.Copper just ain’t buying that the reflation trade is back…

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Source: Bloomberg

Lumber futures surged higher today (after weeks of tumbling) on concern that wildfires in western Canada will reduce supply and spur more curtailments at sawmills…

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Source: Bloomberg

Gold once again bounced off $1800…

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And finally, don’t expect bond vol to ease anytime soon…

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Source: Bloomberg

Spurious or not?