FANG FUBAR, Bonds & Boeing Battered As Dollar Index Nears 20-Year-High

FANG stocks puked again…

…led by weakness in GOOGL and FB – now back at a crucial support level, from right before the COVID crash…

Source: Bloomberg

And as Goldman’s Prime Desk notes, the cumulative net selling across the FAAMG complex over the past week was the largest over any 5-day period YTD.

Netflix is the biggest loser of the bunch but they are all ugly AF…

Source: Bloomberg

NFLX has a long way to fall to find any support…

Source: Bloomberg

It wasn’t just the megacap tech stocks either as Boeing was battered lower today – testing back towards its lowest since June 2020…

Source: Bloomberg

After GOOGL tanked after hours last night, MSFT rescued the Nasdaq but it could not keep the dream alive all day as all the US majors traded in fits and starts, giving back gains in the last hour. Small Caps were the day’s biggest laggards

Equities continue to catch down to credit markets – which puked today after Carvana’s bonds were battered…

Source: Bloomberg

Treasuries were unceremoniously dumped today across the board with yields up around 8-10bps. The trading pattern was similar with buying in Europe and selling in US, but we note that Treasury yields are all still lower on the week…

Source: Bloomberg

 

 

The dollar index (DXY) extended recent gains this week, taking out the COVID crisis highs of March 2020…

Source: Bloomberg

…back to its highest against the small basket of fiat peers since 2002…

Source: Bloomberg

Meanwhile the Ruble is soaring (against the dollar and euro)…

Source: Bloomberg

European gas surged, after Russia halted flows to Poland and Bulgaria, escalating regional tensions and delivering a warning to the continent that it’s serious about cutting supplies amid a standoff over fuel payments.

Source: Bloomberg

And that helped lift US NatGas back above $7 (more LNG export demand?)…

Gold was dumped back below $1900, and didn’t immediately bounce back for a change…

Oil managed modest gains, with WTI rebounding off a $100 handle…

Finally, Bitcoin and Nasdaq continue to trade as if joined at the hip…

Is a bounce coming into the 5/4 FOMC window as the buyback window re-opens?

4200 remains a key line in the sand for the S&P.

Ok, one more thing, Biden is buggered as gas prices at the pump are on the rise again…

But don’t worry, The White House are on it… ALL OPTIONS REMAIN ON TABLE FOR CUTTING GASOLINE PRICES: PSAKI… Price Controls coming in 3…2…1… because they always work so well.