Bitcoin & Black Gold Soared In Q1, Treasuries Suffer Biggest Loss In Over 40 Years

For the fourth straight quarter, US stocks dramatically outperformed Treasuries…

Source: Bloomberg

S&P gained over 6% as Treasury’s total return fell over 4%…

Source: Bloomberg

And despite all of JPM’s wailing of massive rebalance flows, Small Caps and Big-Tech have soared this week (as bonds were dumped)…

Trannies were the best-performing major index in the US in Q1 (up 17%), followed by Small Caps (+12%). The last couple of days melt-up in big-tech dragged then positive for the quarter (Nasdaq 100 +2%)…

Source: Bloomberg

This is the 4th straight quarterly gain for US stocks in a row.

Cyclicals (up for the 4th straight quarter) dominated Defensives (up 10% vs 3.5% in Q1)…

Source: Bloomberg

Value stocks (+10% – 4th straight quarterly gain) dramatically decoupled (higher) from growth stocks (+2.4%) from Mid-Feb…

Source: Bloomberg

Energy stocks soared 30% in Q1 (after rising 26% in Q4) and Tech underwhelmed (but was still higher in Q1…

Source: Bloomberg

The “Most Shorted” stocks in the US markets soared a stunning 33% in Q1 leaving hedge funds scrambling (after the GME debacle) for a modest 3.6% gain in their most-owned stocks…

Source: Bloomberg

HY Bond prices ended Q1 lower – the first quarterly loss since Q1 2020’s crash…

Source: Bloomberg

The entire Treasury complex was sold in Q1 but the long-end was an utter bloodbath with 10Y yields up 80bps!!

Source: Bloomberg

Treasury’s Total Return in Q1 was worst since Q3 1980.

Source: Bloomberg

5Y Yields have soared recently and hover now at the 2016 spike lows…

Source: Bloomberg

After 3 straight quarterly losses, the dollar surged in Q1 to its highest since early November…

Source: Bloomberg

Gold’s worst quarter since Q4 2016 (and worst Q1 since 1982) as the precious metal plunged from almost $1960 at its early January highs to almost $1675 at its lows this week…

Source: Bloomberg

Gold surged back above $1700 today though ahead of Biden’s infrastructure bill announcement…

Source: Bloomberg

Oil surged over 25% in Q1, its best quarter since Q2 2020…

Source: Bloomberg

But we note that WTI tumbled back below $60 this afternoon as Macron unveiled a new 4-week long total national lockdown in France (ahead of tomorrow’s OPEC+ meeting)…

Cryptos all soared in Q1 with Bitcoin surging over 100% in Q1 – its 4th quarterly gain in a row; and Ethereum exploding 150% in Q1 – its best quarter on record…

Source: Bloomberg

Bitcoin flash-crashed $3,000 overnight but buyers bid it all the way back up during the day session…

Source: Bloomberg

Finally, we note that global aggregate central bank balance sheets went absolutely nowhere in Q1, hardly supportive of ‘stonks’ and perhaps why Nasdaq also went absolutely nowhere.

Source: Bloomberg

Get back to work Mr.Powell.