Stocks Bounce On ‘Peak Virus’ Hope Despite World’s Deadliest Day Yet

After the deadliest virus day in the world yesterday, today started with optimistic comments by Fauci about a turning point and the total deaths likely be lower than predicted… only to be crushed by the deadliest day ever in UK, the deadliest day ever in New York and New Jersey, and Italy new cases re-accelerate… and the biggest plunge in consumer confidence ever… and the lowest home purchase mortgage applications.

Worst day yet…

Source: Bloomberg

Screw it – buy Mortimer buy… it appeared that the algos had already made their mind up as every dip was bought today back to yesterday’s highs…

Source: Bloomberg

The market ripped all day but once again – in the last hour there was some weakness again…

Notably The Dow and the S&P made lower highs today…

As Bespoke notes, the S&P 500’s close above 2684.88 today means we are in a new bull market, and each of the last three bull markets (starting 11/20/08, 3/9/09, and current) will have entered bull market territory within 12 or fewer trading days of the bear market low.

Another epic 3-day short-squeeze deja vu all over again…

Source: Bloomberg

VIX refuses to play along with the bullish pump…

Source: Bloomberg

Look over there!

Oil prices mirrored yesterday’s contract-roll/settlement puke by going vertically higher around 1430ET…

WTI settled around 6% higher because of the Algerian Oil Minister, the same day the EIA reported the largest ever inventory build…

Gold was flat on the day…

The Dollar was also flat on the day – roundtripping overnight gains to end unchanged…

Source: Bloomberg

Treasury yields were mixed today with the short-end outperforming once again (2Y -1bps, 30Y +7bps)…

Source: Bloomberg

While the moves have been of note, we remain rather range bound still…

Source: Bloomberg

The yield curve steepened dramatically…

Source: Bloomberg

Cryptos held on to their gains today…

Source: Bloomberg

Finally,  despite every economist knowing what a bloodbath it was likely to be, economic data has still massively disappointed expectations…

Source: Bloomberg

And fun-durr-mentals don’t matter again…

Source: Bloomberg

And don’t forget its jobless claims day tomorrow (and Friday is closed in the US and Europe, and Europe is closed Monday).