Stocks, Dollar, & Bitcoin Jump; Bonds & Black Gold Dump After Record GDP

Stocks, Dollar, & Bitcoin Jump; Bonds & Black Gold Dump After Record GDP

Tyler Durden

Thu, 10/29/2020 – 16:00

A better than expected record rebound in GDP prompted traders to buy the ‘rumor’ ahead of tonight’s explosive set of earnings from FB, TWTR, AAPL, & AMZN with stocks running stops through gamma pivot levels, technical levels, and rolling over… At around 1315ET, the algos went wild…but a weak close as month-end looms…

As investors rushed in for FOMO…

But no bounce in Europe…

Source: Bloomberg

S&P Futs ran above the 3300 pivot and then took out yesterday’s opening ledge stops before rolling over…

Small Caps cluing to their 50DMA, S&P bounced off its 100DMA, Dow bounced off its 200DMA, Nasdaq remains below its 50DMA…

Momentum faded today as value rose marginally…

Source: Bloomberg

XOM held its dividend steady for the first time in decades (but didn’t cut it) leaving its yield (in absolute and spread terms) at record highs…

Source: Bloomberg

FANG Stocks soared ahead of tonight’s earnings extravaganza…

Source: Bloomberg

As opposed to yesterday’s “Sell it all” day, today saw bonds dumped as stocks pumped…

Source: Bloomberg

But bonds made the headlines as an ugly 7Y Auction and reports of a big offering from Boeing (~$5bn) which would require rate-locks sparked a considerable spike in yields, basically erasing the week’s yield drop…

Source: Bloomberg

10Y pushed back above 80bps but we can’t help but a sense of deja vu all over again as after Boeing’s issuance, we will see this pressure unwind…

Source: Bloomberg

Real yields soared higher today (gold largely shrugged it off) to its highest since July (still negative though)…

Source: Bloomberg

The Dollar jumped to 3-week highs before rolling over a little…

Source: Bloomberg

10Y Yields reversed at their 200DMA once again…

Source: Bloomberg

As the Euro tumbled on ECB promises of more money-printing…

Source: Bloomberg

EURUSD’s drop stalled perfectly at the 100DMA however…

Source: Bloomberg

Cryptos were mixed today with ETH and BTC higher…

Source: Bloomberg

Bitcoin bounced higher off $13,000 once again…

Source: Bloomberg

WTI crashed to a $34 handle – 5 month lows…

Gold futures extended their losses below $1900…

 

Finally, we note that the market’s fear of a contested election has subsided significantly…

 

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Author: Tyler Durden

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