Small Caps Surge On Short-Squeeze, Sloppy-Surveys; ETH Outperforms BTC As ETFs Launch
An ugly day for macro with hard data (US home sales) and soft data (regional Fed surveys) all puking...
Source: Bloomberg
...was just the bad news needed to spark good news in STIRs as rate-cut expectations rebounded...
Source: Bloomberg
After yesterday's big exciting "everything's awesome" day, stocks, broadly-speaking did nothing today though as only Small Caps showed any willingness to move. Late-day selling pressure did not help, pulling everything but Small Caps into the red with Nasdaq the biggest loser...
...but that looked like yet another big short-squeeze....
Source: Bloomberg
The NDX/RTY unwind resumed today...
Source: Bloomberg
MAG7 stocks went nowhere ahead of GOOGL/TSLA earnings after the bell...
Source: Bloomberg
Treasuries were mixed today with the short-end outperforming...
Source: Bloomberg
...which dragged the yield curve (2s30s) almost to being dis-inverted....
Source: Bloomberg
Ethereum outperformed Bitcoin on the day as ETH ETFs were launched...
Source: Bloomberg
This followed a huge net inflow day yesterday into BTC ETFs...
Source: Bloomberg
Bitcoin was 3% lower back to $66k...
Source: Bloomberg
...as ETH ETF $ Volume soared to $1BN...
Source: Bloomberg
...which kept ETH around $3500 by the close...
Source: Bloomberg
Gold managed modest gains on the day, finding support at $2400...
Source: Bloomberg
Crude prices extended losses as CTAs pressed through technical levels but WTI found support at $76.69 intraday (its 200DMA) and bounced modestly...
Source: Bloomberg
Finally, prediction markets have Trump still dominating Harris for the win in November...
Source: Bloomberg
...for now she remains below Biden's pre-debate levels.
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