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[Markets] Bitcoin Jumps, Stocks Dump After Vaccine-Pop Flops Bitcoin Jumps, Stocks Dump After Vaccine-Pop Flops Tyler Durden Wed, 11/18/2020 - 16:00

A hope-filled vaccine headline redux from Pfizer (95% efficacy... that's better than MRNA's 94.5%...) sparked another algo-buying-panic but de Blasio battered those dreams by shutting down NY schools as COVID cases soar. The machines tried to ramp 'em after the de Blasio bust but that rip was dumped...

This has erased all the week's gains for Nasdaq, Dow, and S&P...

95% effective... it's like 90% effective but better...

Specifically, NYC-exposed stocks (Office and Apartment REITs) were hit...

Today's move erased all of the S&P 500's gains relative to Russell 2000 since the COVID crisis began...

Source: Bloomberg

Cyclicals and Defensives were both sold today...

Source: Bloomberg

Momo and value unwound their early moves to end unch...

Source: Bloomberg

Treasury yields ended modestly higher on the day, but still well below last week's cycle highs (the belly underperformed 5Y-10Y +2bps, 2& & 30Y unch)...

Source: Bloomberg

30Y Yields have erased all the spike from Pfizer's vaccine news last week...

Source: Bloomberg

The Dollar continued it slide to post-election, pre-Pfizer-vaccine lows...

Source: Bloomberg

Bitcoin surged above $18,000 intraday (just shy of $18,500)...

Source: Bloomberg

Bitcoin was the highest since the peak in Dec 2017...

Source: Bloomberg

As Bitcoin has soared, it decouple from gold, with correlation actually going negative...

Source: Bloomberg

Oil prices managed to hold on to modest gains, ending the day around $42...

Gold investors bought the dip again as 'someone' monkeyhammered the precious metal again on the Pfizer news...

 

Finally, the weekly put-call ratio has plunged (exuberantly) to its most complacent since Jan 2011 (and below the extremes of Aug 2020)...

Source: Bloomberg

Now this is a spurious correlation... (or is it? Is Bitcoin anticipating massive stimulus as COVID cases explode before Biden comes to the rescue in the new year?)

Source: Bloomberg

Published:11/18/2020 3:00:01 PM
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