Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

To all the Tesla bulls who bought earlier in the week on Musk’s Tweet…

[youtube https://www.youtube.com/watch?v=_nVk25ZvTkU]

China stocks rebounded overnight

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

Mixed day for Europe, Germany up, Italy down…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

Nasdaq and Small Caps in the US led the day (short squeeze, see below) but Dow, S&P, and Trannies could not hold a bid…and the close was really ugly (like yesterday)…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

Nasdaq’s 8th gain in a row – best streak since Oct 2017.

2nd day in a row with  a weak close…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

“Most Shorted” stocks have been squeezed at every open so far this week…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

FANG Stocks managed gains on the day – but are holding below the FB gap…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

Tesla tumbled… erasing all the “going private” tweet gains…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

Seems like Tesla bondholders were on to it all along…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

The big banks erased the week’s gains today…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

Amid all the chaos, Treasuries were bid…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

With 30Y yields tumbling after PPI…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

And the yield curve flattened…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

The Dollar Index ripped higher today (but remains in a week-long range for now)…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

EURUSD is testing the critical 1.15 level…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

Emerging Market currencies were a bloodbath…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

Led by a 5% plus collapse in the Turkish Lira – the biggest drop since Oct 2008…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

Russia and Turkish bond yields spiked…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

Cryptos managed a small rebound today after an ugly week…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

Despite the surge in the dollar, commodities trod water today (no bounce in crude)…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

Finally, we note that market breadth remains seriously lagging – Nasdaq near new highs and yet fewer and fewer of its members are even above their 200DMA…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

And finally finally, who do you trust? US Macro data, the Nasdaq (and its 4 or 5 stock driver), or the NYSE Composite of over 2000 stocks and $23 trillion in market cap…

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled
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Author: HEDGE

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