Robinhood Suffers Worst Big IPO Debut Ever As Dollar Dumps To 1-Month Lows

Thanks to Beijing’s National Team, Chinese stocks soared again today…

Source: Bloomberg

And Yuan exploded higher (thought it found resistance at 6.46)…

Source: Bloomberg

…and yuan’s strength helped monkeyhammer the USDollar to one-month lows today…

Source: Bloomberg

But what grabbed the headlines in the US was the excitement over Robinhood’s IPO… which went totally FUBAR…After IPOing at the low end of the range ($38), the stock gambling app opened at $38… and crashed. Goldman stepped into rescue the day and lifted it back to $38 but all those retail investors who were given access were not hanging around and the dumpfest began again…

As Bloomberg notes, Robinhood is in the running to rank as the worst debut on record among IPOs of this size, according to data compiled by Bloomberg (a close below $34.90 would have seen it surpass MFGlobal’s ugliness)…

But on the bright side, it was better than BATS.

It appears retail traders were ‘full’…and Vlad had found his bagholders…

This shitshow happened even as the broad market managed gains, led by Small Caps…

But as stocks rallied, money flow was decidedly negative…

“Most Shorted” Stocks rolled over today, despite the broad market gains…

Source: Bloomberg

NKLA was clubbed like a baby seal today after the former CEO was charged with being a big fat liar…

And as NKLA plunged, TSLA was bid, though remains in its recent range…

Treasury yields were up across the curve (around 3bps) not helped by AAPL’s big bond issue or an ugly 7Y auction…

Source: Bloomberg

10Y Yields remain in their recent range with selling pressure reducing on each bounce…

Source: Bloomberg

Bitcoin trod water around $40,000 all day…

Source: Bloomberg

Bitcoin is hovering at key technical support and at its 100DMA…

Source: Bloomberg

Ethereum was more volatile, erasing the spike gains of the weekend on AMZN’s denial but rallying back above $2300 and holding it for now…

Source: Bloomberg

Gold soared higher today after finally breaking away from $1800…

And real yields suggest it has room to run here…

Source: Bloomberg

WTI surged back above $73 as Cramer’s top-call for crude appears to be not-optimal…

Finally, as a reminder, this is what Fauci, Walensky, Biden, Pelosi, et al. are all freaking out about…

Source: Bloomberg

Be afraid America, despite the fact that no one’s actually f**king dying!!!