Reddit-Rebels Rout Big-Shorts; Bonds, Bitcoin, & Bullion Bid

Reddit-Rebels Rout Big-Shorts; Bonds, Bitcoin, & Bullion Bid

Reddit-Rebels to big shorts today…

Or put another way…

Source: Bloomberg

This was the biggest short-squeeze day since the peak of the chaos with GME in January…

Source: Bloomberg

And as shorts were squeezed, hedgies unwound some of their favorites for liquidity…

Source: Bloomberg

AMC was the kingmaker today, up over 100% at numerous times…

Which leaves AMC up a stunning 3000% YTD…

Source: Bloomberg

“You’re Welcome!!”

And while GME managed gains, the AMC surge took it above $30 billion market cap and bigger than GME…

Source: Bloomberg

GTT also exploded today (up over 50%)…

AMC’s trading volume today was by far the largest of any in the US – triple TSLA’s which was in second place…

Source: Bloomberg

Oh, and if you cared, the broad indices were up and down like a whore’s drawers (Small Caps puked at the cash open and Nasdaq spiked, in a reverse of yesterday’s action). A late day panic-bid moved them all barely into the green…

VIX had another mini-flash-crash around the pre-open again…

Ok, so enough of that malarkey, here’s what happened everywhere else in the markets…

The dollar pumped and dumped to end unchanged…

Source: Bloomberg

Bonds were bid…

Source: Bloomberg

Bitcoin bounced back up to $38k…

Source: Bloomberg

Ether tagged $2800 intraday…

Source: Bloomberg

And Bullion buying lifted futures above $1910…

Black Gold also extended its gains ahead of tonight’s API inventory data, with WTI tagging $69…

Finally, the correlation between VIX (fear) and 10Y Treasury yields (no fear) is at its highest since late 1999…

Source: Bloomberg

And we all know what happened next, stonks were slammed and yields collapsed…

Source: Bloomberg

Taper tantrum triggered?

For now, no one is worried at all as the Put-Call ratio just hit its lowest since 2011…

Probably nothing.

Tyler Durden
Wed, 06/02/2021 – 16:00

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