Banks Bust, Bullion Battered, But Big-Tech Bid (Again)

Banks Bust, Bullion Battered, But Big-Tech Bid (Again)

Tyler Durden

Tue, 10/13/2020 – 16:02

Another day, another Nasdaq-Whale-driven gamma-squeeze in Nasdaq as the rest of the market deteriorated, giving back a lot (if not all) of yesterday’s gains (Small Caps red from Friday)…

Nasdaq faces record delta and surging gamma into this Friday’s Op-Ex…

Source: Nomura

And if you don’t know what gamma is – probably better not to play at this point in the farce…

Nasdaq outperformed Small Caps once again, but also gave back a lot of the early day outperformance…

The S&P 500 was unable to take out its recent highs…

Source: Bloomberg

Despite claims by the great and the good that earnings were awesome (thanks to cuts in provisions, despite no optimism on the economy?), bank stocks were battered today…

Source: Bloomberg

With Citi hit hardest…

Source: Bloomberg

AAPL tumbled during its iPhone launch as China killed the livestream…

VIX did not rise with the underlying market today, suggesting the (call-buying) whale is starting to leave the market…

Having been closed yesterday, bond yield tumbled today…

Source: Bloomberg

With 10Y back down to 72bps…

Source: Bloomberg

EUR and GBP dropped as Brexit talks breakdown…

Source: Bloomberg

Sending the dollar spiking higher…

Source: Bloomberg

Cryptos slipped lower as the USD rallied…

 

Source: Bloomberg

The dollar spike sparked a plunge in precious metals.

Gold futs tumbled back below $1900…

Silver tanked below $25…

Oil price rebounded modestly today with WTI back above $40 ahead of tonight’s API inventory data…

Finally, in case you were wondering what – aside from Softbank’s Whale call-buying malarkey – is driving this meltup… it’s “hope”…

Source: Bloomberg

…and everyone knows “hope is not a strategy!”

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Author: Tyler Durden

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