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Thursday, March 28, 2024

S&P 500 Surges To Record High As Black & Yellow Gold Battered

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Who was buying today? Were they feeling lucky?

Stocks went up – again – with the Dow extending to almost 900 points in 4 days and pressing towards record highs…and S&P 500 hitting new record highs. At the same as bonds rallied back close to unchanged, USD was bid, and commodities collapsed led by Silver and Crude.

S&P closed at record highs but missed out on intraday highs by 1 point…

This is the biggest 4-day surge in over 3 years…

with everything up 5-6% off the pre-Fed close… in 4 fucking days!!!

Who could have seen that coming?

As USDJPY did indeed lead the way – as 120 was all that mattered

Because Fun-durr-mentals…

Trannies love lower oil prices (and higher ones)…

Energy and Utes sold off but Tech surged and homebuilders rallied 0.5% on the back of a total freaking collapse in existing home sales… very bullish

The USD rose notably from the European Open to the US close…

Treasury yields roundtripped with 10Y and 30Y unch by the close…rallying during US session

and the decoupling since FOMC is becoming a joke… in Treasuries…

and crude…

Credit notably unimpressed today… HY spreads closed at the wides of the day as stocks ripped to record highs

and shorts set out positions today again too…

Commodities were clubbed like baby seals with silver and oil synced… mirroring The USD (with plenty of beta)

Crude continues to swing between $59ish and $55ish…

Charts: Bloomberg

Bonus Chart: Stocks losing their FX Carry pillar of support…

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