Quite a day...
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Navarro dump - US-China trade deal "is over"
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Trump pump - US-China trade deal "fully in tact"
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Kudlow pump - "absolutely, definitely" no second lockdown due to virus
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Fauci slump - "disturbing surge" in infections
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Fauci pump - "promising" vaccine is imminent
Which of course ended with Nasdaq higher (for 8th straight day - longest streak since Dec - and up 19 of the last 22 days).
..NOTE how the Nasdaq was instantly bid and Small Caps dumped at the cash open...
Led by the FANGs...
Source: Bloomberg
The last time FANGs were this overbought, it did not end well...
Source: Bloomberg
It would appear, thanks to constant jawboning and Powell's Put, that the Nasdaq has gone full Rick Astley...
Quite a notable rotation intraday between momentum and value...
Source: Bloomberg
Despite equity gains, bonds were also bid in the belly of the curve...
Source: Bloomberg
Gold was bid most of the day...
Source: Bloomberg
Pushing to its highest since 2012...
Source: Bloomberg
Silver futures got back above $18...
The dollar chopped up and down on the various headlines but ended lower on the day...
Source: Bloomberg
As the dollar dipped, Bitcoin was bid, trading near $9800 overnight...
Source: Bloomberg
Big roundtrip in WTI today ahead of tonight's inventory data...
Finally, the S&P 500 trades at 22x next 12m consensus EPS and Tech at 25x...
Source: Bloomberg
Bonds ain't buying it...
Source: Bloomberg
And gold's starting to flash red...
Source: Bloomberg
And in case you wondered, since the start of May, the S&P 500 is up 250 points during the overnight session and down 23 points during the day session.
..
Trade Accordingly!
