Redditors Abandon Squeezes, Panic-Buy Penny-Stocks As USD Hits 2-Mo Highs

Redditors Abandon Squeezes, Panic-Buy Penny-Stocks As USD Hits 2-Mo Highs

Redditors Abandon Squeezes, Panic-Buy Penny-Stocks As USD Hits 2-Mo Highs

Redditors Abandon Squeezes, Panic-Buy Penny-Stocks As USD Hits 2-Mo Highs

As ‘most-shorted’ stocks faded, the ‘most-illiquid’ stocks are suddenly bid…

Source: Bloomberg

Since the election, US Micro-Caps are up over 50% – the 3rd such screaming rally since 2009…

Source: Bloomberg

GME was clubbed like a baby seal today, now down around 90% from its record highs…

Maybe time for some Redditors to watch Trading Places…

Small Caps exploded higher today with some rotation out of Nasdaq around the open (and the opposite in the last hour). But as is clear, Small Caps massively outperformed the rest…

The S&P 500 is back at its highs after testing the 50DMA…

Non-profitable tech stocks were bid to new record highs…

Source: Bloomberg

The Value/Growth rotation has stalled again and the 1.69x Russell 1000 Growth/Value level remains key to the downside…

Source: Bloomberg

Momo is starting to fade again…

Source: Bloomberg

VIX crashed back to a 21 handle intraday – some have suggested this is the biggest 3-day drop in VIX ever… it’s not, but it is an impressive reversal…

Treasury yields ended the day unchanged

Source: Bloomberg

10Y yield tagged 1.16% intraday today before fading back to unch (and remember the corporate calendar has been very heavy)…

Source: Bloomberg

The US Yield curve continues to steepen dramatically, now at its steepest (in 5s30s) since Oct 2015…

Source: Bloomberg

And elsewhere in bond-land, Italian bonds rallied on investor bets that former European Central Bank Governor Mario Draghi will be able to form a government to navigate the coronavirus crisis and manage funds coming from the European Union. The yield gap between Italian debt and bunds narrowed to the smallest in five years, falling below 100 basis points for the first time since 2016.

Source: Bloomberg

Real yields have been stable, but near record lows, as gold has faded…

Source: Bloomberg

The dollar rallied significantly today (up 4 of the last 5 days) back to its strongest since 12/1/20…

Source: Bloomberg

Ethereum dropped and popped, back to a new record closing high (if it closed)…

Source: Bloomberg

Cryptos chopped around, bouncing back in the afternoon on headlines that PTJ and LL Cool J are starting a crypto fund.

Source: Bloomberg

ETH is now at its strongest vs BTC since Aug 2018…

Source: Bloomberg

 

Gold futures tumbled back below $1800…

Silver was also slammed, erasing much of the Reddit Raid’s gains, but, unlike gold, remains just above the pre-Vaccine highs…

Finally, just in case you didn’t notice, US Productivity collapsed in Q4 – the biggest quarterly drop since 1981

Source: Bloomberg

Tyler Durden
Thu, 02/04/2021 – 16:00
Redditors Abandon Squeezes, Panic-Buy Penny-Stocks As USD Hits 2-Mo Highs