Banks Bust, Bullion Battered, But Big-Tech Bid (Again) Tyler Durden Tue, 10/13/2020 - 16:02 Another day, another Nasdaq-Whale-driven gamma-squeeze in Nasdaq as the rest of the market deteriorated, giving back a lot (if not all) of yesterday's gains (Small Caps red from Friday)... Nasdaq faces record delta and surging gamma into this Friday's Op-Ex... Source: Nomura And if you don't know what gamma is - probably better not to play at this point in the farce... Nasdaq outperformed Small Caps once again, but also gave back a lot of the early day outperformance... The S&P 500 was unable to take out its recent highs... Source: Bloomberg Despite claims by the great and the good that earnings were awesome (thanks to cuts in provisions, despite no optimism on the economy?), bank stocks were battered today... Source: Bloomberg With Citi hit hardest... Source: Bloomberg AAPL tumbled during its iPhone launch as China killed the livestream... VIX did not rise with the underlying market today, suggesting the (call-buying) whale is starting to leave the market... Having been closed yesterday, bond yield tumbled today... Source: Bloomberg With 10Y back down to 72bps... Source: Bloomberg EUR and GBP dropped as Brexit talks breakdown... Source: Bloomberg Sending the dollar spiking higher... Source: Bloomberg Cryptos slipped lower as the USD rallied... Source: Bloomberg The dollar spike sparked a plunge in precious metals. Gold futs tumbled back below $1900... Silver tanked below $25... Oil price rebounded modestly today with WTI back above $40 ahead of tonight's API inventory data... Finally, in case you were wondering what - aside from Softbank's Whale call-buying malarkey - is driving this meltup... it's "hope"... Source: Bloomberg ...and everyone knows "hope is not a strategy!"