Nasdaq Continues Record Run Despite Biggest Job Loss Ever

Nasdaq outperformed once again today…(as everything else lagged)…NOTE – like yesterday, everything got a bit jiggy in the last 20-30 mins…

…because nothing says buy stocks like over 20 million job losses!!

Source: Bloomberg

Sending the Nasdaq Composite within a few points of unchanged for 2020…

Source: Bloomberg

And Nasdaq is roaring as earnings collapse…

Source: Bloomberg

Makes you wonder if anyone is actually paying attention…

Bank stocks were battered again (despite higher yields, steeper curves)…

Source: Bloomberg

The Virus Fear trade worsened notably again…

Source: Bloomberg

HYG and LQD are giving back lots of the Fed-supported buying binge…

Source: Bloomberg

Continued dramatic corporate issuance (and a heavy Treasury calendar ahead) sent longer-dated yields higher.

Source: Bloomberg

The moves have been dramatic jerks higher this week which suggest rate-locks, not systemic selling

Source: Bloomberg

The yield curve steepened significantly today (2s30s +9bps)…

Source: Bloomberg

The dollar managed gains, pushing up towards its recent downtrend channel…

Source: Bloomberg

Cryptos were higher on the day…but it was clear there was a rotation into Bitcoin from altcoin…

Source: Bloomberg

With Bitcoin testing $9400 intraday as the halving looms…

Source: Bloomberg

Gold was thumped back below $1700…

WTI could not make its mind up but ended lower on the day – breaking its 5 day win streak…

Wholesale beef prices are screaming higher, but cattle prices plunge as supply chains break…

Source: Bloomberg

Copper and Gold are signaling stocks are way over their skis here…

Source: Bloomberg

And finally, FANG stocks have broken to a new record high… as if the world was not locked down, economies on their backs.

Source: Bloomberg

Don’t you just love buybacks!!??