DASH Double Trashes Tech; Dollar Bid Sparks Bullion & Bitcoin Breakdown

Well that all escalated quickly. Some disappointing comments from Washington on the COVID Relief bill appeared to combine with some algo-chaos around the insane IPO release of DoorDash to spark the market’s worst day in over a month…

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This didn’t help either:

• *FAUCI: NORMALITY MAY RETURN END OF 2021 AS HERD IMMUNITY GROWS

• *FAUCI: POLITICAL LEADERS ADDRESSING SOCIAL BEHAVIOR WOULD HELP

• *FAUCI: SOME PARTS OF U.S. POPULATION MAY NEVER CHANGE BEHAVIOR

Everything was awesome, until…

Um, @RampCapitalLLC still gets the yips from his accident. pic.twitter.com/EO1FMI53Gt

— Jim OShaughnessy (@jposhaughnessy) December 1, 2020

Could it be possible that DASH marked the top?

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Remember, it’s definitely not a bubble… Over-Supply much?

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Source: Bloomberg

VIX was chaotic today with some flashy-crashes pre-open, only to ramp back above 22.50…

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Dow dropped back to 30K numerous times but was mysteriously bid each time…

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Momo/LowVol stocks were hammered…

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FANG stocks were clubbed like a baby seal (worst day in a month), not helped by a massive anti-trust suit against FB…

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Source: Bloomberg

TSLA tanked, not helped by JPMorgan analyst Ryan Brinkman calling the shares “dramatically” overvalued and investors thinking of raising their holdings in the company ahead of its impending addition to the S&P 500 Index should not.

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This data is “strongly suggestive of the idea that something apart from the fundamentals (speculative fervor?) is driving the shares higher.”

Most-Shorted Stocks suffered their biggest loss since Oct 30th today…

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Source: Bloomberg

Yesterday’s surge in stocks was not followed by credit… and today’s stock weakness was payback…

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Source: Bloomberg

Interestingly, with stocks hammered, bonds were unable to mount a decent rally with yields higher on the day (up around 1-2bps)…

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Source: Bloomberg

The dollar ripped higher today…

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Source: Bloomberg

And that sparked selling in Gold…

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And Bitcoin ended the day lower, bouncing off $18k…

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Source: Bloomberg

Gold rolled over at its 50DMA…

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Source: Bloomberg

Silver was slammed back below $24…

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Oil prices ended unchanged somehow… after equity markets tanked and inventories exploded higher unexpectedly…

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Finally, one wonders if we hit peak greed once again?

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And we know what happened the last time that happened…

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Source: Bloomberg

Timing is everything…

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