“Investors” Panic-Buy Bankrupt Companies, Big-Tech, Bonds, & Bullion
Tyler Durden
Tue, 06/09/2020 – 16:01
Buy all The Things! That’s the message from the markets today…
Bankrupt (with equity worth ZERO), buy it!
Source: Bloomberg
Big Tech (at record valuations amid plunging EPS expectations), buy it!
Source: Bloomberg
Biotechs (a 10-bagger on the day on reports that company has approached the FDA over treatments for e-coli infections)…
Source: Bloomberg
Bonds (but but but last week everyone said inflation was imminent and yields were going to the moon because “v-shaped” recovery), buy ’em!
Source: Bloomberg
Bullion (but but but who needs safe havens when The Fed has yr back), buy it!
Source: Bloomberg
It’s all an utter farce and Jay Powell’s malarkey (and the rest of his liquidity-spewing pals around the world) is at the heart of it…
Source: Bloomberg
There’s one way this ends…
Nasdaq (blue) was panic-bid as soon as the cash market opened and while the other indices opened lower they were immediately bought also…Small Caps (red) lagged on the day – this is the first down day for S&P 500 in June! do not panic!
Nasdaq 100 (and Composite) topped 10k for first time but couldn’t hold it…
AMZN and AAPL hit record highs sending FANGs ever higher…
Source: Bloomberg
There is one thing that is being sold…
The USDollar was dumped for the 9th straight day (11 of last 12 days down)…
Source: Bloomberg
Momentum and Value factors reversed their recent quant-quake trend today…
Source: Bloomberg
Railroad stocks are soaring as rail traffic collapses…
Source: Bloomberg
VIX and stocks have decoupled this week…
Source: Bloomberg
And the VIX decoupling is being driven by Call-buying (levered longs), not hedges…
Source: Bloomberg
Treasury yields tumbled for the second day…
Source: Bloomberg
With the yield curve seeing its biggest 2-day flattening since mid-April…
Source: Bloomberg
Wondering why bonds are suddenly bid? Well, they are once again at a positive currency-hedge yield for foreign investors…
Source: Bloomberg
While the dollar dropped and gold gained, silver ended the day red…
Source: Bloomberg
Bitcoin ended the day very slightly higher after a crazy move overnight…
Source: Bloomberg
Oil prices were higher with WTI back up to $39 ahead of tonight’s API inventory data…
And finally, stocks ain’t cheap!! So buy ’em…on margin!!
Source: Bloomberg
via ZeroHedge News https://ift.tt/2XPOahg Tyler Durden