Bonds, Bullion, & Big-Tech Bounce As Headline-Hockey Hits The Dollar

Quite a day…

• Navarro dump – US-China trade deal “is over”

• Trump pump – US-China trade deal “fully in tact”

• Kudlow pump – “absolutely, definitely” no second lockdown due to virus

• Fauci slump – “disturbing surge” in infections

• 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!