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

By October 29, 2020Bitcoin Business
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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...

S&P Futs ran above the 3300 pivot and then took out yesterday's opening ledge stops before rolling over, tumbling back to that Gamma pivot...

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...

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...

FANG Stocks soared ahead of tonight's earnings extravaganza...

As opposed to yesterday's "Sell it all" day, today saw bonds dumped as stocks pumped...

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...

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...

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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