QE Hope Sparks Big-Tech, Bitcoin, & Bullion Bid; But 'Smart' Money Is Dumping Tyler Durden Thu, 11/05/2020 - 16:00 If everything is so awesome in a new-but-same-as-the-old gridlock'd Washington (according to stocks), why is the smart money running out of the market? Source: Bloomberg We have seen this pattern before and it did not end well... Source: Bloomberg The bottom line for the last day or two is that Fed QE will be the heroic replacement for a blue-wave tsunami of stimulus, and that is why everything was higher in price while the dollar dived... Source: Bloomberg We can't help but feel like this won't end well... Nasdaq continues to lead the way (up 7% since the election) and Small Caps lagging ('only' up 3%)... As Growth stocks are panic-bid at the open once again... Source: Bloomberg This has been the strongest 3-day rally for FANMAG stocks ever (FB, AMZN, NFLX, MSFT, AAPL, & GOOG), up close to 10%... Source: Bloomberg Treasury yields were basically unchanged on the day, but rollercoaster'd back higher after bond buying ovenright... Source: Bloomberg 10Y Yields bounced off their 50DMA... Source: Bloomberg The USDollar was dumped for the second day... Source: Bloomberg ...to its lowest since May 2018... Source: Bloomberg Offshore Yuan is soaring higher after Biden became the favorite to win the election... Source: Bloomberg As the dollar dived, cryptos gained, with Bitcoin back above $15000 for the first time since Jan 2018... Source: Bloomberg Gold and Bitcoin are tracking the resurgence in global negative-yielding debt volumes... Source: Bloomberg A weaker dollar also pumped gold higher, with futs back above $1950... Silver soared back above $25... Oil prices fell modestly after WTI tagged $39... And finally, while the 'soft' survey data suggests everything is awesome, 'hard' data is starting to deteriorate rapidly... Source: Bloomberg Hope - remember - is not a strategy!