‘Growth’ Stocks Near Record Highs To ‘Value’, Bitcoin Battered To 2Mo Lows

A ‘smashing’ Philly Fed survey print (but disappointing Kansas City Fed survey) added to the recent exuberance in ‘soft’ survey data which has – once again – surged higher, stuffed full of hope while real ‘hard’ data barely budges…

Source: Bloomberg

Because ‘hope’ is now a strategy in America…

But stocks were mixed on the ‘good’ news with Nasdaq surging (helped by AAPL) as Small Caps stumbled again. NOTE the early puke was reportedly triggered by comments from Sen. Manchin..

S&P and Nasdaq record highs again.

Retail (Kohls, Manys) and Semis (Nvidia) soared today…

Source: Bloomberg

“Most Shorted” stocks have faded notably in the last two days…

Source: Bloomberg

Nasdaq rallied back to 2-month highs relative to Small Caps…

But remains quite way below the COVID-lockdown peaks…

Source: Bloomberg

But overall Growth stocks have soared back near record highs relative to Value stocks…

Source: Bloomberg

Here’s one more thing to ponder: “Stay at Home” stocks have been dramatically outperforming “Get Out and Party” stocks

Source: Bloomberg

As European COVID cases are literally exploding (and US cases starting to pick up again)…

Source: Bloomberg

AAPL spiked to a new record high intraday on EV headlines…

Salad fast-food joint IPO’d overnight, opening 86% above its IPO price today (and then scrambled to more than double before fading back). At its peak today the company was worth $6 billion, but it closed below its opening price…

Treasury yields were quiet today with a very modest bid for bonds pushing yields in the belly down around 1bps. On the week 2s and 5s are lower in yield, the rest of the curve higher…

Source: Bloomberg

30Y Yields traded in a 3bps range all day and held below 2.00%

Source: Bloomberg

The dollar whipsawed higher but ended lower on the day…

Source: Bloomberg

Interestingly, Swissy is at its strongest versus the Euro since 2015 – that’s quite a ‘safe-haven’ flow indicator…

Source: Bloomberg

Bitcoin tumbled to 2-month lows (and broke back below its 50DMA)…

Source: Bloomberg

Unable to hold $60,000…

Source: Bloomberg

Ethereum traded back below $4000 (but found support at its 50DMA)…

Source: Bloomberg

Gold dipped today…

WTI bounced back modestly today, but remains below $80…

Finding support at its 50DMA…

Source: Bloomberg

Finally, Powell looks to remain the odds-on favorite to keep his job as The Squad’s favorite contender appears to be fading again…

Source: Bloomberg

And we note a big ‘gamma unclench’ during tomorrow’s options expiration but after that, seasonals have your back (if you believe in Santa)…

Remember “you have to believe, to receive.”