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Dow Soars Over 1000 Points Since Riots Started; Bonds, Bullion, & Dollar Dumped

Courtesy of ZeroHedge View original post here.

So there is this…

  • Worst social unrest in 50 years (cops killed, cities burning, stores looted nationwide)

  • Global Pandemic ongoing (some reopenings but 2nd wave cropping up)

  • WHO sees no drug showing any efficacy in reducing mortality (but we rallied for weeks on vaccine hope)

  • Economic collapse (no v-shaped recovery in any 'hard' or 'soft' data)

  • Earnings plunge (recovery being pushed out)

  • US-China tensions increasing

And then there's this – The Dow is up over 1000 points from Sunday night's open…

The Dow was up over 2% today (topping 26k), Trannies 3.5%! (little weakness into the close)…

The Nasdaq 100 topped its all-time closing record today and at this rate, the S&P 500 will be green YTD by the end of the week…

Source: Bloomberg

VIX compressed to a 25 handle but lags the market…

Source: Bloomberg

Because…

Source: Bloomberg

Scott Minerd, chief investment officer at Guggenheim Investments, said in a Bloomberg television interview today that The Fed sent the world a “buy signal” through its programs propping up the corporate bond market, which will force corporations to become even more leveraged.. BUT…

  • The Fed’s actions will eventually force it to face a “day of reckoning”

  • The Fed will ultimately reduce corporate productivity, and could result in stagflation over the next decade

One word sums it all up…

And as stocks soar, bonds are puked (safe-haven hedges are for pussies)…

Source: Bloomberg

The dollar is dumped…

Source: Bloomberg

The euro hit 12-week highs (up 8 days in a row) are Merkel agreed to stimulus deal…

Source: Bloomberg

And precious metals pummeled (barbarous relics, meh)…

With Gold outperforming silver in the last two days…

Source: Bloomberg

The Treasury curve has steepened significantly…

Source: Bloomberg

After yesterday's battering, cryptos drifted higher today…

Source: Bloomberg

WTI Crude managed to hold gains after a roller-coaster day on OPEC headlines and inventories…

And finally, greed (apparently) is good again!

Source: CNN

Valuations are back at record-breaking levels…

Source: Bloomberg

The Put-Call ratio has reached near cycle low levels once again as fear evaporates… and while not an immediate risk catalyst, it has historically not ended well…

Source: Bloomberg


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