Stocks Surge After Monday Mayhem; Bonds, Bullion, Bitcoin, & Black Gold Flat

After an ugly Delta-driven growth scare plunge at the open on Monday, “Get Out & Party” stocks soared this week. The Nasdaq outperformed and Dow lagged on the week as Small Caps gave back their mid-week panic-buying (swinging from down over 2.5% to up over 3.5% to end the week up 2%)…

And the S&P is hitting all time highs because yeah fun-durr-mentals…

“Everything is awesome” though right?

The midweek surge in stocks was all short-squeeze-driven and the last day’s push appears simple momentum and lack of gamma pushing back…

Source: Bloomberg

After Monday’s monkeyhammering, Energy stocks made it back to unch on the week, Tech and Discretionary outperformed…

Source: Bloomberg

Cyclicals outperformed Defensives on the week but both ended higher (NOTE today’s gains were dominated by Defensives)..

Source: Bloomberg

Cryptos followed a similar path, tumbling into lows on Monday night before rallying back as Ethereum handily outperformed, Bitcoin was around unchanged…

Source: Bloomberg

The dollar managed gains on the week (the 3rd weekly gain of the last 4) back to 3-month highs

Source: Bloomberg

The “weak dollar” narrative driving stocks higher has been conveniently disregarded…

Source: Bloomberg

Bonds were bid on Monday as the world briefly fell apart but sold back to unch on the week. 5Y yields actually fell around 5-6bps on the week…

Source: Bloomberg

10Y Yields tried and tried again to get above 1.30% and hold… they failed…

Source: Bloomberg

Copper rebounded strongly this week. Gold’s modest drop on the week was its first in 5 weeks. Crude managed to barely end green (still pretty impressive after Monday’s barf)…

Source: Bloomberg

Gold has decoupled from the drop in real yields for now…

Source: Bloomberg

Finally, don’t tell anyone but the T-Bill market is starting to get spooked by the debt ceiling chatter…

Source: Bloomberg

Get back to work Mrs.Yellen.