News Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold...

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

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The pointless search for catalysts or market-moving headlines hit a wall today for sure as US equities went panic-bid vertical at the US cash open on the basis of absolutely nothing.

But the machines went full Monty (Python) today…

Because the US cash equity market open is now ‘bullish’…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

Chinese stocks were broadly lower overnight…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

Source: Bloomberg

European stocks benefited from the US spike and positive Brexit headlines…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

Source: Bloomberg

US equities manage to push back above the pre-trade-deal levels, but Small Caps were barely able to hold that gain…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

 

S&P 500 algos was utterly bemused by the 3,000 level all day (S&P back above 3,000 for first time since Sept 24)

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

 

A juicy short-squeeze starting at the US cash open provided just the momentum ignition needed to cross that 3k level…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

Source: Bloomberg

Bank stocks rallied for the 5th straight day…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

Source: Bloomberg

And just look at Goldman’s big reversal…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

Source: Bloomberg

And Semis surged to a new record high…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

Source: Bloomberg

VIX was clubbed like a baby seal, back to a 13 handle – its quad witch lows…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

 

Bonds are back from celebrating Columbus Day and were unceremoniously dumped from overnight highs in price (lows in yield)…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

Source: Bloomberg

30Y Yields pushed up to Friday’s highs, then fell modestly…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

Source: Bloomberg

The dollar was more volatile today but ended the day modestly lower…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

Source: Bloomberg

Cable squeezed higher once again – to its highest since May 16th…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

Source: Bloomberg

This is the biggest 4-day surge in sterling since Dec 2008 (and 2nd biggest since July 1989) – BUT note where today’s surge stalled – at the bottom of the initial plunge in cable after the Brexit vote…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

Source: Bloomberg

Cryptos were all lower on the day…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

Source: Bloomberg

Commodities were down across the board today…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

Source: Bloomberg

WTI was very volatile today (ahead of tonight’s API inventory data)… critically crude did not follow stocks…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

Gold futures tagged $1500 for the second day in a row, then tumbled (for the 3rd day in a row)…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

 

Finally, there’s a resurgent demand for Fed liquidity…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

And soaring recession risk…

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

Source: Bloomberg

“probably nothing”

Source

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