Stocks, Dollar, & Bitcoin Jump; Bonds & Black Gold Dump After Record GDP
Tyler Durden
Thu, 10/29/2020 – 16:00
A better than expected record rebound in GDP prompted traders to buy the ‘rumor’ ahead of tonight’s explosive set of earnings from FB, TWTR, AAPL, & AMZN with stocks running stops through gamma pivot levels, technical levels, and rolling over… At around 1315ET, the algos went wild…but a weak close as month-end looms…
As investors rushed in for FOMO…
But no bounce in Europe…
Source: Bloomberg
S&P Futs ran above the 3300 pivot and then took out yesterday’s opening ledge stops before rolling over…
Small Caps cluing to their 50DMA, S&P bounced off its 100DMA, Dow bounced off its 200DMA, Nasdaq remains below its 50DMA…
Momentum faded today as value rose marginally…
Source: Bloomberg
XOM held its dividend steady for the first time in decades (but didn’t cut it) leaving its yield (in absolute and spread terms) at record highs…
Source: Bloomberg
FANG Stocks soared ahead of tonight’s earnings extravaganza…
Source: Bloomberg
As opposed to yesterday’s “Sell it all” day, today saw bonds dumped as stocks pumped…
Source: Bloomberg
But bonds made the headlines as an ugly 7Y Auction and reports of a big offering from Boeing (~$5bn) which would require rate-locks sparked a considerable spike in yields, basically erasing the week’s yield drop…
Source: Bloomberg
10Y pushed back above 80bps but we can’t help but a sense of deja vu all over again as after Boeing’s issuance, we will see this pressure unwind…
Source: Bloomberg
Real yields soared higher today (gold largely shrugged it off) to its highest since July (still negative though)…
Source: Bloomberg
The Dollar jumped to 3-week highs before rolling over a little…
Source: Bloomberg
10Y Yields reversed at their 200DMA once again…
Source: Bloomberg
As the Euro tumbled on ECB promises of more money-printing…
Source: Bloomberg
EURUSD’s drop stalled perfectly at the 100DMA however…
Source: Bloomberg
Cryptos were mixed today with ETH and BTC higher…
Source: Bloomberg
Bitcoin bounced higher off $13,000 once again…
Source: Bloomberg
WTI crashed to a $34 handle – 5 month lows…
Gold futures extended their losses below $1900…
Finally, we note that the market’s fear of a contested election has subsided significantly…
via ZeroHedge News https://ift.tt/3mzf9H9 Tyler Durden