Stocks Up, Bonds Up, Gold Up, Dollar Up, Oil Up, Virus-Death-Count Up!

Another day, another new record high in stocks as the Powell-Put is well and truly priced in to save the world no matter what – global pandemic, no problem, hold my beer… the assumption seems to be that The Fed will print again and it’s more than priced in…

Source: Bloomberg

Spot The Odd Market Out!

Source: Bloomberg

And then there’s this!

Fed: easing
ECB: easing
BOE: easing
BOJ: easing
SNB: easing
Denmark: easing
Australia: easing
Brazil: easing
Russia: easing
India: easing
China: easing
Korea: easing
Indonesia: easing
Turkey: easing
Mexico: easing
Chile: easing
Philippines: easing
South Africa: easing pic.twitter.com/CPZ5ir8SLu

— Charlie Bilello (@charliebilello) February 19, 2020

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Does make you wonder, eh?

[youtube https://www.youtube.com/watch?v=vt9q-WChfeM]

Lots of excitement about how great the report on US Housing Starts was today and that is a sure-fire leading indicator of the strength of the US economy… there’s just one thing…

Source: Bloomberg

Gold outperformed post-Fed Minutes as stocks lagged…

Chinese stocks limped lower overnight…

Source: Bloomberg

European stocks were all higher with Italy’s FTSEMIB leading the week’s charge…

Source: Bloomberg

US equity markets were all higher again today, once again led by new record highs in Nasdaq (and The Dow briefly lifted back into the green for the week, but slid back into the close)… stocks closed weak for the 2nd day in a row after a solid day.

Source: Bloomberg

Record highs for S&P and Nasdaq

It would appear the world and their pet millennial has decided that owning stocks is for loser boomers and the real game is buying calls as the put/call ratio across US equity markets has collapsed back near its lowest in 7 years (and lowest ever)…“There are very, very high volumes in options markets – and historically you don’t see volume spikes when the market is going up. People are buying options to get exposure to rallies, not to hedge.”

Source: Bloomberg

AAPL erased all of the losses from its outlook cut…

Cyclicals dominated Defensives today…

Source: Bloomberg

And momo is dominating value this year…

Source: Bloomberg

HY Credit is not playing along with the equity exuberance…

Source: Bloomberg

Treasury yields were mixed today with the short-end slightly higher and long-end slightly lower…

Source: Bloomberg

30Y yield hovered around 2.00% today…

Source: Bloomberg

The yield curve remains inverted (which if The Fed’s Neel Kashkari is to be believed, is a sign of confidence that the Fed knows what it’s doing)…

Source: Bloomberg

The Dollar extended its recent gains – up 11 of the last 13 days… to the highest since Oct 2019

Source: Bloomberg

The yen tumbled today to its weakest since May (biggest drop in JPY vs USD since Aug 13th), decoupling notably from gold…

Source: Bloomberg

Cryptos were flat today, but Ether and Vitcoin back towards unch on the week…

Source: Bloomberg

Notably both Bitcoin and Gold have been rising as the volume of global negative-yielding debt has resurged…

Source: Bloomberg

Silver remains the week’s best performer but oil surged again today…

Source: Bloomberg

Gold continued to rally, pushing to its highest since March 2013 against the dollar…

Source: Bloomberg

And back near record highs against the yen…

Source: Bloomberg

WTI extended yesterday’s gains ahead of tonight’s API inventory data…

And while Gold and silver are doing ‘ok’, Palladium hit a new record high today (at $2850), up almost 40% YTD…

Source: Bloomberg

Finally, you have to laugh…

Source: Bloomberg

And it looks like Nasdaq 10k is inevitable now…

Source: Bloomberg

And ahead of tonight’s debate, it appears Bloomberg has peaked and Bernie is the man…

Source: Bloomberg

And as Bernie leads so the odds of a Trump win in November surges…

Source: Bloomberg