Stocks Up, Bonds Up, Gold Up, Dollar Up, Oil Up, Virus-Death-Count Up! Another day, another new record high in stocks as the Powell-Put is well and truly priced in to save the world no matter what - global pandemic, no problem, hold my beer... the assumption seems to be that The Fed will print again and it's more than priced in... Source: Bloomberg Spot The Odd Market Out! Source: Bloomberg And then there's this! Fed: easing ECB: easing BOE: easing BOJ: easing SNB: easing Denmark: easing Australia: easing Brazil: easing Russia: easing India: easing China: easing Korea: easing Indonesia: easing Turkey: easing Mexico: easing Chile: easing Philippines: easing South Africa: easing pic.twitter.com/CPZ5ir8SLu — Charlie Bilello (@charliebilello) https://twitter.com/charliebilello/status/1230120813090811905?ref_src=twsrc%5Etfw!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); Does make you wonder, eh? Gold outperformed post-Fed Minutes as stocks lagged... Source: Bloomberg Chinese stocks limped lower overnight... Source: Bloomberg European stocks were all higher with Italy's FTSEMIB leading the week's charge... Source: Bloomberg US equity markets were all higher again today, once again led by new record highs in Nasdaq (and The Dow briefly lifted back into the green for the week, but slid back into the close)... stocks closed weak for the 2nd day in a row after a solid day. Source: Bloomberg Record highs for S&P and Nasdaq It would appear the world and their pet millennial has decided that owning stocks is for loser boomers and the real game is buying calls as the put/call ratio across US equity markets has collapsed back near its lowest in 7 years (and lowest ever)..."There are very, very high volumes in options markets - and historically you don’t see volume spikes when the market is going up. People are buying options to get exposure to rallies, not to hedge." Source: Bloomberg AAPL erased all of the losses from its outlook cut... Cyclicals dominated Defensives today... Source: Bloomberg And momo is dominating value this year... Source: Bloomberg HY Credit is not playing along with the equity exuberance... Source: Bloomberg Treasury yields were mixed today with the short-end slightly higher and long-end slightly lower... Source: Bloomberg 30Y yield hovered around 2.00% today... Source: Bloomberg The yield curve remains inverted (which if The Fed's Neel Kashkari is to be believed, is a sign of confidence that the Fed knows what it’s doing)... Source: Bloomberg The Dollar extended its recent gains - up 11 of the last 13 days... to the highest since Oct 2019 Source: Bloomberg The yen tumbled today to its weakest since May (biggest drop in JPY vs USD since Aug 13th), decoupling notably from gold... Source: Bloomberg Cryptos were flat today, but Ether and Vitcoin back towards unch on the week... Source: Bloomberg Notably both Bitcoin and Gold have been rising as the volume of global negative-yielding debt has resurged... Source: Bloomberg Silver remains the week's best performer but oil surged again today... Source: Bloomberg Gold continued to rally, pushing to its highest since March 2013 against the dollar... Source: Bloomberg And back near record highs against the yen... Source: Bloomberg WTI extended yesterday's gains ahead of tonight's API inventory data... And while Gold and silver are doing 'ok', Palladium hit a new record high today (at $2850), up almost 40% YTD... Source: Bloomberg Finally, you have to laugh... Source: Bloomberg And it looks like Nasdaq 10k is inevitable now... Source: Bloomberg And ahead of tonight's debate, it appears Bloomberg has peaked and Bernie is the man... Source: Bloomberg And as Bernie leads so the odds of a Trump win in November surges... Source: Bloomberg Tyler Durden Wed, 02/19/2020 - 16:01