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Stocks Erase Payrolls Puke, Bonds Battered, & Crypto Bounces Back

Courtesy of ZeroHedge View original post here.

The weekend was dominated by Fauci playing down his initial alarm panic fearmongering over Omicron and the liquidation flush in crypto.

Re: Fauci…

'Recovery' stocks accelerated higher today relative to 'Stay at Home' stocks, erasing the post-Omicron losses…

Source: Bloomberg

And STIRs shifted notably more hawkish with a June 2022 rate-hike now more than fully priced-in…

Source: Bloomberg

And Re: Crypto…

Prices for the major coins rebounded from their deepest depths on Saturday with Ethereum erasing the entire drop (Litecoin is still down 20% from Friday)…

Source: Bloomberg

Notably, Bitcoin is back at its average daily closing level for the year…

Source: Bloomberg

Ethereum is at its strongest relative to Bitcoin since Feb 2018…

Source: Bloomberg

*  *  *

Aside from the cash opening puke, stocks were bid all day until around 230pms (margin call time) led by Small Caps and The Dow…

Broadly speaking, stocks erased all the post-payrolls losses (apart from Nasdaq) with The Dow up most overall, but the selling in the last hour left S&P unchanged from pre-payrolls and only The Dow higher….

A look at the technical levels tells the story as the Nasdaq and Dow both ripped up to their 50DMAs and rolled over…

"Most Shorted" stocks ripped back to life after 6 days of painful jolts lower…

Source: Bloomberg

TSLA tumbled at the open (back below $1000) but was bid all day, managing to get back to even briefly…

Cyclicals and Defensives were bid together today as the broad market squeezed higher. leaving cyclicals unchanged from pre-payrolls and defensives notably higher…

Source: Bloomberg

VIX tumbled today – back below 30 – but remains notably elevated since Omicron hit…

Treasury Yields soared today, erasing the move from Friday's payrolls report before fading back lower again in the last hour…

Source: Bloomberg

The dollar trod water in a very gentle uptrend today…

Source: Bloomberg

Gold drifted lower after Friday's gains…

WTI surged over 5% today, back above $70, but remains well down from pre-Omicron levels…

Finally, stock market breadth stinks…

Source: Bloomberg

And the VIX term structure is in backwardation…

Source: Bloomberg


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