Stocks Sink On Momo Meltdown But Biogen & Boeing Bounce

So close and yet so far – UK parliamentarians voted in favor of Johnson’s deal but rejected his shortened timeline… running away from making any actual decision…

China stocks surged into the close of the afternoon session to end higher on the week (led by Small-cap/tech)

Source: Bloomberg

European stock were lower on the day with UK’s FTSE weakest (DAX rallied back to almost unchanged on the day)…

Source: Bloomberg

Mixed bag in US equities today with tech wrecked by NFLX and FB weakness (among others) while a Boeing short-squeeze bounce sent Trannies surging… S&P and Dow ended red…

 

Facebook was hit on State AGs looking to break up the social media entity (and suggestions that Libra will be delayed)…

Netflix extended its post-earnings spike losses as Verizon announced it would give Disney+ away for free…

Biogen exploded higher as the Alzheimer’s drug they thought was done, miraculously proved efficacious… (BUT… *BIOGEN ALZ DRUG HAS 0% CHANCE OF WINNING APPROVAL:RAYMOND JAMES)

Source: Bloomberg

Another major short-squeeze lifted Trannies more than Small Caps for a change…

Source: Bloomberg

Quants faced some chaos today as momo was hit hard…

Source: Bloomberg

Treasury yields fell on the day, with 30Y almost back to unch on the week as the curve flattened…

Source: Bloomberg

30Y Yields erased all of yesterday’s rise…

Source: Bloomberg

The Dollar rallied for the first time in 6 days…

Source: Bloomberg

Cable was very volatile intraday as various Brexit votes came and went…

Source: Bloomberg

Turkish Lira surged on Erdogan-Putin deal headlines…

Source: Bloomberg

Cryptos were flat to modestly lower on the day…

Source: Bloomberg

Oil surged on the day and gold managed small gains as copper and silver trod water…

Source: Bloomberg

WTI was up on reports that OPEC+ may discuss extending, deepening production cuts when they meet in December

Finally, US macro data continues to disappoint after Q3’s “use it or lose it” panic…

Source: Bloomberg

And Smart money is signaling notable weakness…

Source: Bloomberg