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

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As investors continue to pile into Big-Tech…

Small Caps were hammered today with only Nasdaq making any decent gains…

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…and remarkably it had some sense to it as their outperformance over the week erased relative to Nasdaq…

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Once again, money flow decoupled from the equity market’s rally as it extended…

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As short-squeeze ammo appeared to dry up for this pump…

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Source: Bloomberg

The rebound in “reopening” stocks relative to stay-at-home stalled today…

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Source: Bloomberg

Cyclicals continued their post-Monday outperformance of Defensives…

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Source: Bloomberg

Despite all major equity indices being higher this week, Treasury yields are also lower on the week after today’s rally (with the belly leading)…

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Source: Bloomberg

Bonds were bid today after 10Y tagged unchanged for the week and reversed…

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Source: Bloomberg

The dollar chopped around today end marginally lower (rebounding after tagging unchanged on the week)…

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Source: Bloomberg

Bitcoin extended its gains from yesterday, testing $32.500 intraday…

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Source: Bloomberg

Lumber prices rebounded further today as concerns mount that wildfires in Canada and the Western US will snarl production and supply chain routes…

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Source: Bloomberg

Oil prices extended their rebound today with WTI topping $72 intraday…

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Gold ended higher today after yet another unsuccessful test below $1800…

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Finally, as we noted earlier, with the S&P at record highs, the last time breadth was this week was the peak of the dotcom boom in 1999…

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Source: Bloomberg

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