Another Day, Another Record High For Stocks And Deaths From Covid-19
As one ‘scientist’ noted this morning, “we cannot contain an epidemic with wishful thinking,” but that hasn’t stopped the world’s investors from Buying the F**king Meltup once again…
And why wouldn’t global stocks be soaring to record highs? Earnings are killing it… oh wait!?
Source: Bloomberg
Chinese stocks have reaccelerated after a brief pause as CCP forces its citizens back to work (ChiNext is now up 8% since the start of Covid-19)…
Source: Bloomberg
European stocks rallied yet again to a new record high, led by DAX (but since the start of Covid-19, the periphery is ripping higher with Spain and Italy leading)…
Source: Bloomberg
And in the US, only The Dow Transports remain red since the start of Covid-19. Today saw everything rip with The Dow up 300 points…
Source: Bloomberg
Dow Futures soared back to record intraday highs again today…
Dow and S&P bounced perfectly off their 50-day moving-averages…
“It’s easy, you just buy the fucking dip…”
Nasdaq’s surge has been led by the MAGA Stocks, which are now a stunning 17% of the S&P 500’s market value, and Apple & Microsoft alone combine to account for more than 10%…
Source: Bloomberg
And it’s all levered longs as MSFT call-demand has exploded over the last two weeks…
While Defensives have dominated performance since the start of the Covid-19 virus, Cyclicals have ripped back higher in the last few days…
Source: Bloomberg
VIX fell once again today, back near its lowest level since Covid-19, as stocks have soared…
Source: Bloomberg
Credit markets continues to refuse to play along entirely with the “all-clear” message from stocks…
Source: Bloomberg
Treasury yields rose on the day (10Y>1.60%), but rmain dramatically lower since the start of the Covid-19 virus…
Source: Bloomberg
30Y Yields rose again today but remain notably lower since the start of Covid-19
Source: Bloomberg
While the yield curve has steepened modestly in the last two days, it remains notably flatter (almost inverted) since the start of the Covid-19 virus…
Source: Bloomberg
For the 8th day in a row, the dollar was aggressively bid during the US session – after overnight weakness – as USD asset flows (see stocks and bonds) from offshore dominates any reality…
Source: Bloomberg
While the dollar is bid (as the rest of the world’s fiat currency migrates to USD assets amid the Covid-19 crisis), it is the rotation for safe-haven gold that is most notable…
Source: Bloomberg
The Euro collapsed to its weakest level against the USD since May 2017…
Source: Bloomberg
Additionally, the Swiss Franc (safe-haven) is soaring, despite SNB’s best efforts, to its strongest against the EUR since June 2016…not exactly the signal we are getting from stocks…
Source: Bloomberg
Cryptos all rallied on the day with Ethereum leading the charge…
Source: Bloomberg
Bitcoin extended its gains above $10,000…
Source: Bloomberg
And Ethereum surged back above $250
Source: Bloomberg
Copper and Crude rallied today and PMs fell (with a decent drop in silver), but since the start of Covid-19, gold has held gains as copper and crude have collapsed…
Source: Bloomberg
WTI bounced back above $50 today – despite OPEC cutting demand outlook, record US production, and a huge crude inventory build…
Finally, this could never happen again, right?
Source: Bloomberg
Or this?
Source: Bloomberg
Tyler Durden
Wed, 02/12/2020 – 16:00
via ZeroHedge News https://ift.tt/2SmLVyZ Tyler Durden