Courtesy of ZeroHedge View original post here.
Jack Ma might be (or have been) the richest man in China, but right now he is learning the hard way, you don’t mess with the gods. Since his criticism of China’s financial regulations during an appearance at a high-profile industry conference in October, he has seen his Ant Group IPO cancelled, regulatory crackdowns on lending (the company’s main business), and last night saw further action by Chinese officials investigating anti-trust violations. These actions have clubbed the giant Chinese tech firm (and Ma’s wealth) like a baby seal…its worst day ever!
Of course, in response, this happened…
Retail investors reaction?$BABA easily tops our retail popularity list today pic.twitter.com/RFVFjsfDW8
— Breakout Point (@BreakoutPoint) December 24, 2020
Perhaps more is to come, as hedge fund manager Kyle Bass, a prominent China critic, speculated that Ma isn’t actually retiring – rather, his carefully choreographed decision to step down is the result of being “forcibly removed from his position, stripped of his shareholdings (transferred to “five unnamed individuals” with the same address), and will likely be jailed or ‘disappeared’ within the next year.”
We guess Emperor-for-life trumps ‘untouchable’ oligarch. Still , could be worse… you could be stuck in a truck in Dover for Xmas…
LOOK: Stranded truck drivers spelled “HELP” with traffic cones in Dover.?
Thousands of truckers were stuck in logjams around Britain’s Port of Dover on Christmas Eve, separated from families, despite some progress moving traffic https://t.co/8DUR10dqYc pic.twitter.com/40h7Z5o1LP
— Bloomberg Quicktake (@Quicktake) December 24, 2020
A lack of COVID Relief (after Trump poked the hornet’s nest of pork… to mix metaphors), sent stocks lower on the day, pushing S&P, Dow, and Nasdaq red for the week (and erasing some of Small Caps’ gains). Late-day ramp pushed Nasdaq and Dow back into the green…
Financials and Tech led on the week (and were the only sectors green on the week) while Energy lagged
Source: Bloomberg
VIX plunged to a 21 handle today, back at quad-witch spike lows…
Bonds were bid today, erasing yesterday’s spike and ending the week lower by 1-3bps…
Source: Bloomberg
Once again, it seems the invisible hand of ‘someone’ stepped in to hold yields back from breaking out…
Source: Bloomberg
The dollar slipped lower on the day, but higher on the shortened week…
Source: Bloomberg
As Cable rallied up to recent high stops on Brexit deal headlines…
Source: Bloomberg
Bitcoin was flatish this week, oscillating around the $23k-$24k mark…
Source: Bloomberg
But XRP was monkeyhammered after the SEC probe headlines, erasing all the year’s gains…
Source: Bloomberg
Commodities were mixed with PMs flat on the week but Copper and Crude lower as COVID-Lockdown Relief faded away and lockdowns spread around the world…
Source: Bloomberg
Gold managed to get back above its 50DMA…
Source: Bloomberg
But WTI managed to scramble back above $48 again…
Finally, have no fear… there’s no inflation (except in what you eat!!)…
Source: Bloomberg
And as real yields plunge back near record lows, gold is due to catch up (and has risen 16 of the last 20 years over the next week)…
Source: Bloomberg
And as if it matters, US economic data has been collapsing recently…
Source: Bloomberg