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Schizophrenic Stocks End Near Record Highs As Virus Fears Send Yields To All-Time Lows

DATE POSTED:February 21, 2020
Schizophrenic Stocks End Near Record Highs As Virus Fears Send Yields To All-Time Lows

Yeah, that just happened...

Stocks hover near record highs, bonds crash to all-time lows, and gold is exploding higher...

Source: Bloomberg

As it is becoming more and more obvious that investors in stocks have entirely lost contact with reality since the virus took hold...

Source: Bloomberg

Especially the funny-mentals...

Source: Bloomberg

The 'hope'-filled gap between 'soft' survey data rising and 'hard' real economic data slumping has surged to 16 month highs... until this morning's carnage in PMIs...

Source: Bloomberg

Year-to-date, gold is the biggest winner...

Source: Bloomberg

Chinese stocks soared higher this week...

Source: Bloomberg

European stocks were broadly lower with UK's FTSE managing to scramble back into the green for the week...

Source: Bloomberg

In the US, only Trannies managed to cling to gains as Nasdaq went from outperformer to biggest loser...

Dow ended the week back below 29k...

As @Sentimentrader noted, NASDAQ 100's 20 day moving average has gone up 88 days in a row, THE MOST EXTREME IN HISTORY.

 

Similar streaks always ended with SHARP corrections over the next month.

Cyclicals notably underperformed...

Source: Bloomberg

Momentum was hit hard midweek but stabilized...

Source: Bloomberg

FANG stocks suffered their worst day since Mid-October...

Source: Bloomberg

As global liquidity has sent global stock prices to higher and higher record highs, it has also sparked more and more buying in global bonds (yields inverted in chart). Critically, as investors recognize the growth/inflation that was so hoped for is evaporating, global liquidity suggests the global average sovereign bond yield should be drastically lower... at ZERO!!

Source: Bloomberg

US Treasury yields extended their collapse today ending a major weekly plunge...

Source: Bloomberg

30Y and 5Y yields hit new record lows today, 10Y and 2Y were just shy of their record lows...

Source: Bloomberg

The 30Y Yield hit 1.8840% at today's lows (the previous intraday low was 1.9039% on 8/28/19)...

Source: Bloomberg

The yield curve continued to collapse, falling to its most inverted since October...

Source: Bloomberg

The market is now demanding almost 2 full rate-cuts by end-2020... or else!

Source: Bloomberg

The dollar was clubbed like a baby seal today - worst day since 12/27, after 4 straight up...

Source: Bloomberg

Cryptos were all lower on the week...

Source: Bloomberg

Commodities were all higher on the week (copper barely) with PMs leading...

Source: Bloomberg

WTI managed to get back above $54 briefly but faded back...

Source: Bloomberg

This is the best start to a year for gold since 2016. Today was the best day for gold since mid-August (gold is up 10 of the last 13 days)...

Source: Bloomberg

Silver is also surging, back above $18.50...

Source: Bloomberg

Gold is hitting record highs in many global currencies...

Source: Bloomberg

The dollar is holding up against the rest of global fiat but collapsing against hard assets!!

Source: Bloomberg

Finally, there's this... that Nasdaq 10,000 Y2K analog is spookily accurate still...

Source: Bloomberg

Stock markets seem unable to grasp that the liquidity spigot may not be open forever...

Source: Bloomberg

Maybe Bernie's rise will be the breaking point for stocks?

Source: Bloomberg

For now the market remains convinced that Trump will win...

Source: Bloomberg

Tyler Durden Fri, 02/21/2020 - 16:01