Finance, US News, Wall Street

Bonds Bid, Breakevens Breakdown, As Dollar, Crypto, & Stocks Skid

Bonds Bid, Breakevens Breakdown, As Dollar, Crypto, & Stocks Skid

Another day, another post-European Close dip-buying panic… but this time it failed to hold…

Overnight headlines from Japan (Olympics/Delta) and China (tech crackdown) started the ball rolling downhill. Small Caps managed to scramble briefly back into the green today but were immediately sold lower. Nasdaq managed to outperform on the day again but all indices were lower…

VIX topped 21 intraday…

The opening tumble in stocks was the 4th most widespread (in terms of breadth) in history…

Source: Bloomberg

Meme Stocks are having an ugly week but saw some dip buying in the middle of the day today…

Source: Bloomberg

Treasuries were bid once again with yields down for the 7th straight day (the longest streak since Nov 2018)

Source: Bloomberg

With 10Y testing down to 1.24% handle overnight…

Source: Bloomberg

Flattening the yield curve dramatically…

Source: Bloomberg

And crushing breakevens…

Source: Bloomberg

All of which is “inconceivable” for many…

The dollar had a down day after testing stops from the payrolls spike…

Source: Bloomberg

Bitcoin had a bad day, but tested back up from its lows to $33k…

Source: Bloomberg

Ether was hit harder on the day…

Source: Bloomberg

Gold pumped and dumped and was unable to hold $1800…

After a couple of ugly days, oil prices rebounded today on a big crude inventory jump and record gasoline demand…

Bond and Oil vols are up notably but so are all asset classes…

Source: Bloomberg

Finally, we note that as yields have dropped globally, negative-yielding-debt volumes have picked up once again, supporting gold… but not crypto…

Source: Bloomberg

Tyler Durden
Thu, 07/08/2021 – 16:02

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