Home Record Stocks Dump’n’Pump To Record Highs As Real Yields Hit New Record Lows

Stocks Dump’n’Pump To Record Highs As Real Yields Hit New Record Lows

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Stocks tanked in the pre-market with small caps down over 1% before Factory Orders printed at 10amET (better than expected but entirely decoupled from ISM)…

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Source: Bloomberg

…and everything took off. Dow and S&P outperformed (S&P Record Highs) while Small Caps lagged but all were green on the day

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…because this proves the recovery is real, right?

China made headlines with a (since removed) op-ed reference to video games being “spiritual opium” and “electronic drugs”, sending various gaming stocks significantly lower (and getting no bounce on the retraction)…

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And then there was HOOD, which exploded over 20% higher, soaring above its IPO-day highs…

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Treasury yields ended the day unchanged to very modestly lower after being bid in Europe and sold after Europe closed…

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Source: Bloomberg

10Y yields dropped to 1.15% again intraday…

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Source: Bloomberg

Real yields plunged to yet another new record (negative) low…

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Source: Bloomberg

Tumbling real yields also suggest Russell 2000 will continue to underperform Nasdaq 100…

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Source: Bloomberg

Cryptos were sold today extending losses from Friday for Bitcoin and erasing much of Ether’s gains…

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Source: Bloomberg

The dollar had another sideways rangebound day with overnight selling and US session buying again…

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Source: Bloomberg

Oil prices tumbled again today, despite the stronger than expected Factory Orders data, with WTI texting a $69 handle ahead of tonight’s API inventory data)…

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Gold was also lower today but well north of $1800 still…

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Finally, the amount of global negative-yielding debt topped $16.5 trillion again today…

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Source: Bloomberg

And we note that stagflation anxiety is growing extremely rapidly…

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Source: Bloomberg

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