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Stocks Soar To Best Week In 3 Months As COVID-Comeback Concerns Mount

Courtesy of ZeroHedge View original post here.

Perhaps the market is seeing the scaremongering from health officials for what it is is and calling locking-down-politicians’ bluffs? US COVID cases are soaring… (just don’t mention the low death rates)…

Source: Bloomberg

And that maybe why stocks were majestically pumped to their best week in almost 3 months as PMIs and jobs data beat (just don’t mention jobless claims or factory orders)… After last Friday’s COVID scare plunge, this week saw Nasdaq outperform, surging almost 6% to a new record high…

But they did suffer a very weak close – erasing the jobs spike…

$ES pic.twitter.com/oe8lFr4Az5

— FXHedge (@Fxhedgers) July 2, 2020

Year-to-date, gold is the best-performing asset, slightly outperforming bonds, with the dollar modestly higher while The Dow is down 9%

Source: Bloomberg

However, Nasdaq is just outperforming gold in 2020, up 19% at today’s close…

Source: Bloomberg

Tech valuations are a little rich…just a smidge…

Source: Bloomberg

The S&P bounced almost perfectly off its 200DMA…

The Dow was unable to break back above its 200DMA…

Because, once again…

Today’s price action in factor land mimicced yesterday’s – with an opening gap down in momo that was quickly panic bid…

Source: Bloomberg

Very little differentiation between cyclicals and defensives this week – just buy it all…

Source: Bloomberg

And opening surge in banks was sold all day…

Source: Bloomberg

The Treasury market closed early today (at 1400ET) but on the week, the long-end notably underperformed (30Y +6bps, 2Y -1bps)…

Source: Bloomberg

The 10Y Yield tried twice and failed to bet back above 70bps…

Source: Bloomberg

The dollar index fell on the week for the first time in 4 weeks…

Source: Bloomberg

Cryptos dipped today, back into the red for the week…

Source: Bloomberg

All the major commodities were higher this week, led by oil…

Source: Bloomberg

WTI is back above $40…

Gold was briefly back above $1800 this week…

Finally, nothing sums up the market idiocy like TSLA…

Earnings, schmearnings…

Source: Bloomberg


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