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Silver Soars, Stocks Slammed After Vaccine Vicissitudes

Courtesy of ZeroHedge View original post here.

After yesterday's record buying pressure at the open (and as Morgan Stanley noted, one of the largest days of buying we have seen in recent months as hedgies abandoned near record shorts), today saw no follow through in stocks and worse still as MRNA headlines pissed in the punchbowl, vanquishing vaccine hopes (Nasdaq desperately clung to gains for most of the day but when the selling started Small Caps and The Dow led the dumpage)…

Fed's Rosengren didn't help much into the close either as he played epidemioogist on TV and warned of lifting the lockdown.

But FANG Stocks surged to a new record high…

Source: Bloomberg

The S&P "triple-topped", stuck between its Fibonacci levels once again…

S&P failing at 2950 once again (still holding half of the Moderna ramp gains)…

Notably Nasdaq futures filled the gap from 02/21…

But if yesterday was all about a vaccine, why were Biotechs battered?

Source: Bloomberg

Moderna was monkeyhammered today (according to the narratives, this was why the market was up 1000 points yesterday!) after reports that MRNA did not produce the data itself…

Of course the market didn't care…

Source: Bloomberg

Does make one wonder…

"Most Shorted" stocks were squeezed once again…

Source: Bloomberg

Treasury yields were modestly lower today after yesterdays panic-selling in bond land…

Source: Bloomberg

10Y tagged yesterday's high at 74bps overnight before rallying lower again today…

Source: Bloomberg

The dollar legged lower again today, coiling tighter…

Source: Bloomberg

WTI's June contract expiration was dramatically quieter than the May expiration

But remained bid all day ahead of tonight's API data.

Gold ($1750) and Silver ($18) rallied on the day…

With Silver dramatically outperforming… again… back below 100-to-1 against gold – this is the biggest 4-day outperformance of silver over gold since June 2016

Source: Bloomberg

Finally, you have to laugh really…Nasdaq is just 5% from record highs and Consensus 12m Fwd EPS is down 11%…

Source: Bloomberg

And what do commodity and bond markets know?

Source: Bloomberg


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