America’s V-Day Sparks Safe-Haven, Protection Buying As Stocks ‘Sell The News’

Small-Caps and Big-Tech managed gains on the day but S&P (4th down day in a row) and The Dow gave back all of their V-Day hype and stimulus hope gains overnight…

…as de Blasio stole the jam out of the “we’re on our way back to normal” donut…with his warnings about total shutdowns in NY.

Dow dumped back below 30k… again!

Energy ran out of steam (after a big opening squeeze higher), suffering its biggest drop since November as Tech led the day (only Tech and Cons Directionary managed gains)…

Source: Bloomberg

VIX was notably higher on the day as it appears that peak greed gave way to some bid for protection…

And (safe-haven-y) Bonds were bid…

Source: Bloomberg

We did notice that 30Y Yields managed to scramble perfectly to tag last Thursday’s highs before rolling over…

Source: Bloomberg

The IPOpalooza stalled a bit with the Renaissance IPO index suffering its first decline over 4 days in a month with ABNB and DASH clubbed like baby seals…

And SPAC-fave SPCE plunged after a failed test flight…

The dollar continued its penny stock impersonation, spiking and dumping ad hoc…

Source: Bloomberg

Intraday, the dollar hit a new cycle low…

Source: Bloomberg

While the dollar chopped around, Bitcoin was ‘stable’, having rallied back up to record highs over the weekend…

Source: Bloomberg

But a notable split occurred over the weekend with Ripple down hard as BTC, ETH et al. gained…

Source: Bloomberg

Gold and Silver were modestly lower on the day, but crude managed – somehow – to dump’n’pump (despite OPEC’s major demand forecast cut) to end green, with WTI around $47…

Real yields fell to their lowest in 3 months, strongly supporting gains in gold from here…

Source: Bloomberg

 

Finally, global negative-yielding debt topped $18 trillion – will gold re-catch up?

Source: Bloomberg

And then there’s the miracle of Xmas… for stockholders, the second half of the month is seasonally strong…

Source: Morgan Stanley