Stocks Soar As 'Miracle Cure' & 'Recovery' Hype Trumps 2nd-Wave COVID Concerns, WW3 Fears Tyler Durden Tue, 06/16/2020 - 16:01 A regurgitated stimulus narrative,"surprising" rebounds from the depths of hell for some macro data (retail sales, yay! industrial production, boo!), and a press-release study showing a cheap steroid as a 'miracle cure' for COVID were enough to trump soaring COVID case counts in several US states, Beijing locking down 7 regions and shutting all schools, North Korea literally blowing up relations with South Korea, and China and India tensions escalating dramatically. Why don't we just send the dextramethasone to China - "You're cured mate!" To 'V' Or not to 'V', you decide... Source: Bloomberg The stock market loves it... Off yesterday's lows, Small Caps are up 10%... Just wait for earnings to catch up... (in say 2023?) Source: Bloomberg The Dow rebounded off its 100DMA to its 50DMA... Another short-squeeze at the open... Source: Bloomberg But while stocks roared higher, bond yields barely flinched... Source: Bloomberg Gold was also bid...(not exactly a signal for the all-clear stocks gave)... The dollar rallied after the better than expected data... Source: Bloomberg Oil prices jumped back above $38 on all the "good" news (ahead of tonight's API inventory data)... Finally, after yesterday's panic-bid in corporate debt after The Fed's nothing-burger statement, things opened up and traded weaker all day today... Source: Bloomberg Some context for the stock market's rebound vs the bond market's excitement at the prospects for a 'V'... Source: Bloomberg Trade accordingly.