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Stocks Soar To Best Day In 4 Months As “Devil”-Virus Death-Count Spikes

Courtesy of ZeroHedge View original post here.

The death toll in China has soared past 100 while the number of confirmed cases doubled overnight. Health officials around the world have confirmed more than 4,500 cases, more than triple the number from Friday.

And domestically, while 'soft' data improved – headline consumer confidence ticked up and Richmond Fed saw its 2nd biggest rebound in its 27 year history, 'hard' data collapsed as Durable Goods orders were a disaster

All of which explains (not in any way whatsoever) why the S&P surged to its best day since October 4th (filling the gap from Friday's lows)… We saw a similar "all clear" reaction last week – let's see how this ends…

There was some chatter that headlines about a vaccine being produced in Hong Kong were the catalyst – who knows, anything is possible in this machine-driven malarkey – but one thing is for sure, waiting at least four months for any vaccine will not stop a collapse in global supply chains if this virus continues to spread like it is.

With China cash markets still closed, A50 Futures stabilized (near 6-month lows)…

Source: Bloomberg

European markets soared today led by a 2.5% spike in Italian stocks, erasing all of yesterday's losses…

Source: Bloomberg

All US Majors were notably higher today, but none managed to erase yesterday's losses (Small Caps got closest)… (NOTE – most of the gains today were once again at the opening ramp, then markets traded sideways after EU closed)…stocks closed on the weak side…

Source: Bloomberg

Of course, all this was accompanied by a major short-squeeze…

Source: Bloomberg

Big rebound in cyclicals today, but defensives remain the winners on the week..

Source: Bloomberg

Credit markets rebounded massively today – after a record outflow…

Source: Bloomberg

Bond yields rose in line with stocks today but remain notably decoupled…

Source: Bloomberg

Treasury yields jumped higher today (up 3-4bps across the curve) along with stocks, but remain notably lower on the week still…

Source: Bloomberg

30Y traded to as low as a 2.02% yield today before bouncing higher…

Source: Bloomberg

The Dollar roundtripped from overnight gains to close marginally lower…

Source: Bloomberg

Bitcoin spiked up to almost $9200…

Source: Bloomberg

Copper slipped again today but it was silver (slammed) and oil (gained) that stood out…

Source: Bloomberg

Silver was clubbed like baby seal back to 5-week lows (even as gold only drifted modestly lower)…

WTI lifted back near $54 handle but could noit quite fill the gap from Friday…

Finally, Dr.Copper's historic 10-day decline suggests some major ugly surprises for the Chinese economy are on their way…

Source: Bloomberg

And while it's ridocnculous, we note that today's bounce continues to perfectly fit with the Fed's Y2K liquidity surge analog…

Source: Bloomberg


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