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[Markets] Big-Tech, Bitcoin, Breakevens, & Black Gold Surge As Debt-Limit Doubts Loom Big-Tech, Bitcoin, Breakevens, & Black Gold Surge As Debt-Limit Doubts Loom

Despite all the chatter, debt ceiling doubts continues to build...

Source: Bloomberg

And US Sovereign risk continues to deteriorate...

Source: Bloomberg

But hey, that shouldn't stop you panic-buying stocks right?

Nasdaq was the day's big winner, up around 2%. S&P and Dow also pumped and didn't dump. Small Caps lurched higher with the rest but gave up early gains...

The late-day weakness left everything red from Friday (Nasdaq never got back to even)...

All the major US equity indices are hovering/testing key technical levels (RTY at 50DMA, S&P at 100DMA, NQ at 100DMA, Dow < 100DMA)...

While the initial momentum of the day was ignited by a short-squeeze, those gains quickly disappeared...

Source: Bloomberg

Small Caps ramped to their strongest relative to Nasdaq in 3 months before stalling and fading back...

For more context, Small Caps had overshot their relationship relative to Nasdaq when compared with real yields - today flat like reversion in that pair...

Source: Bloomberg

Breadth continues to stink...

Source: Bloomberg

SKEW continues to plunge as it appears traders are actually lifting downside protection relative to upside exposure....

Source: Bloomberg

Treasury yields rose once again with the long-end up around 7bps on the week...

Source: Bloomberg

Yield curve (2s30s) at its steepest in 3 months...

Source: Bloomberg

Breakevens surged to their highest in 4 months...

Source: Bloomberg

That was the biggest 1-day surge in breakevens since Biden was elected...

Source: Bloomberg

The dollar rallied back to unchanged on the week...

Source: Bloomberg

WTI soared above $79 today - a new 7-year-high...

...but some context shows the Barrel of Oil (BoE) equivalent price for European NatGas is a stunning $230 a barrel...

Source: Bloomberg

And US NatGas also soared today to its highest in 12 years (notice that the US NatGas BoE is now around $107, around $30 rich to WTI)...

Source: Bloomberg

Finally, Spot the difference...

Source: Bloomberg

And in case you were wondering about the actual economy, The Atlanta Fed just downshifted its GDPNOW forecast to just +1.33%...

Source: Bloomberg

Tyler Durden Tue, 10/05/2021 - 16:01
Published:10/5/2021 3:18:41 PM
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