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Stocks, Bonds, Bitcoin, Dollar, & Gold Rise (As Housing Collapses)

Courtesy of ZeroHedge. View original post here.

While the sales of new (and existing) homes crashed most in five years (as rates have spiked), stocks were panic-bid as the manic-month draws to a close

Nasdaq managed to get back to even for February…

Trannies were best on the day – rising over 2% before giving some back

The Dow has retraced around 70-75% of its drop from record highs…

Trannies outperformed thanks to Warren Buffett's comments on owning an airline…

Bank stocks were soaring again for the second day in a row (despite falling and flattening rates)…

Even homebuilders saw 'buy the dip' love…

VIX was smacked lower early on – to a 15 handle…

Russell 2000 and Nasdaq Vols are back below the start of February levels…

HY Credit spreads slipped lower again today but remain notably elevated on the month…

Bonds also rallied on the day (bid overnight then sold off during the US session as stock surged)

Remember when rising rates were a bad thing for stocks?

Once again, Breakevens dramatically decoupled from Treasury yields…meaning real yields lower and thus stocks higher.

Financial conditions continues to ease dramatically back towards record lows (as The Fed prepares for 4 or 5 or 6… rate hikes this year)…

The Dollar was sold in Asia but bought back in a hurry in Europe to scrape out a green close… barely…

Cryptos bounced back (Bitcoin back above $10k and up for Feb) after Goldman headlines…

Despite the rebound in the dollar, commodities mostly managed to hold on to gains (except copper)…

Copper's relative weakness helped support lower bond yields…

Finally, we note that silver at a key level of 'cheapness' relative to gold…


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