«  
  »
S M T W T F S
 
 
 
1
 
2
 
3
 
4
 
5
 
6
 
7
 
8
 
9
 
10
 
11
 
12
 
13
 
14
 
15
 
16
 
17
 
18
 
19
 
20
 
21
 
22
 
23
 
24
 
25
 
26
 
27
 
28
 
29
 
30
 
31
 
 

Dow Soars Over 1000 Points Since Riots Started; Bonds, Bullion, & Dollar Dumped

DATE POSTED:June 3, 2020
Dow Soars Over 1000 Points Since Riots Started; Bonds, Bullion, & Dollar Dumped Tyler Durden Wed, 06/03/2020 - 16:00

So there is this...

  • Worst social unrest in 50 years (cops killed, cities burning, stores looted nationwide)

  • Global Pandemic ongoing (some reopenings but 2nd wave cropping up)

  • WHO sees no drug showing any efficacy in reducing mortality (but we rallied for weeks on vaccine hope)

  • Economic collapse (no v-shaped recovery in any 'hard' or 'soft' data)

  • Earnings plunge (recovery being pushed out)

  • US-China tensions increasing

And then there's this - The Dow is up over 1000 points from Sunday night's open...

The Dow was up over 2% today (topping 26k), Trannies 3.5%! (little weakness into the close)...

The Nasdaq 100 topped its all-time closing record today and at this rate, the S&P 500 will be green YTD by the end of the week...

Source: Bloomberg

VIX compressed to a 25 handle but lags the market...

Source: Bloomberg

Because...

Source: Bloomberg

Scott Minerd, chief investment officer at Guggenheim Investments, said in a Bloomberg television interview today that The Fed sent the world a “buy signal” through its programs propping up the corporate bond market, which will force corporations to become even more leveraged.. BUT...

  • The Fed’s actions will eventually force it to face a “day of reckoning”

  • The Fed will ultimately reduce corporate productivity, and could result in stagflation over the next decade

One word sums it all up...

And as stocks soar, bonds are puked (safe-haven hedges are for pussies)...

Source: Bloomberg

The dollar is dumped...

Source: Bloomberg

The euro hit 12-week highs (up 8 days in a row) are Merkel agreed to stimulus deal...

Source: Bloomberg

And precious metals pummeled (barbarous relics, meh)...

With Gold outperforming silver in the last two days...

Source: Bloomberg

The Treasury curve has steepened significantly...

Source: Bloomberg

After yesterday's battering, cryptos drifted higher today...

Source: Bloomberg

WTI Crude managed to hold gains after a roller-coaster day on OPEC headlines and inventories...

And finally, greed (apparently) is good again!

Source: CNN

Valuations are back at record-breaking levels...

Source: Bloomberg

The Put-Call ratio has reached near cycle low levels once again as fear evaporates... and while not an immediate risk catalyst, it has historically not ended well...

Source: Bloomberg