Stocks, Bonds, Silver, & The Dollar All Soar As 2020 Starts

By January 5, 2020Bitcoin Business
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Overheard in Apple's corporate treasury office...

Chinese stocks were up on the first day of 2020...

Source: Bloomberg

European markets were also all higher today...

Source: Bloomberg

And while most of the US major equity indices were higher, Small Caps notably underperformed...

Nasdaq was back above 9,000 and the S&P spiked back above 3250 (the massive gamma level)...

Defensives were discarded in favor of cyclicals...

Source: Bloomberg

AAPL kept on doing what it does - rallying 2% today above $300... AAPL added more market cap today that 301 S&P 500 companies!

...to its most overbought since Sept 2018...
Source: Bloomberg

With AAPL's vol completely decoupling (is everyone now buying AAPL calls?)

Source: Bloomberg

VIX began to recouple with stocks today...

Source: Bloomberg

So VIX was slammed and stocks and bonds bid... smells like Risk-Parity reallocations... and sure enough...

Source: Bloomberg

Treasury yields were a little mixed today with the short-end unchanged and long-end yields tumbling most in a month today

Source: Bloomberg

30Y Yields fell 10bps from overnight highs!!!

Source: Bloomberg

Flattening the yield curve dramatically...

Source: Bloomberg

The Dollar was also bid today - rallying most in two months...

Source: Bloomberg

Cryptos legged lower again to start the year...

Source: Bloomberg

Bitcoin fell back below $7,000...

Source: Bloomberg

Silver outperformed on the day (despite a strong dollar) while oil lagged - despite China stimulus...

Source: Bloomberg

Gold extended gains...

Silver continued to find support at $18...

Finally, the market has never, ever been more complacent...

Source: CNN

And the market has never, ever been more highly priced. The last time that the S&P 500's price-to-sales (far harder to manipulate that P/E) was March 2000 (right before the dotcom collapse) and late Jan 2018 (right before VIXmageddon)...

Source: Bloomberg

And the stock market has never, ever been more decoupled from actual (un-faked) earnings...

Source: Bloomberg

And here's what happened the last time that The Fed piled billions of special liquidity into the market to support uncertainty (during Y2K)...

Source: Bloomberg

European markets were also all higher today… Source: Bloomberg And while […]

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