COVID 'Cure' Creates Chaos: Tech Wrecks, Bonds Bloodbath, Momo Massacred Tyler Durden Mon, 11/09/2020 - 16:00 Monetary stimulus, election certainty, and now a vaccine - Buy, Mortimer, Buy!!!! Small Caps were limit up in the pre-market as everything exploded on Pfizer's headlines... Nasdaq ended red, with markets tumbling late on as Trump challenge concerns picked up... That is an all-time record high for the Russell 2000, Dow, and S&P 500. Dow Futures perfectly tagged 30,000 at their highs today... Reuters reported that a spokesman for one exchange said "unprecedented" trading volumes in the 30 minutes after the Pfizer announcement were up to 10 times the level seen earlier in the day and broke a previous record set in March when markets recorded sharp falls at the peak of virus-related restrictions. But it wasn't all shits and giggles. Momentum collapsed... Source: Bloomberg ...suffering its biggest one-day drop in history... Source: Bloomberg All those momentum traders might be sounding a little ungrateful at Pfizer's "cure" for the COVID plague... A massive reversal in the Small Caps/Nasdaq RV trade... Pfizer had a big day, but could not hold its best gains... The COVID Fear trade crashed to its lowest since early March.. Source: Bloomberg FANG Stocks were also whacked as the 'stay-at-home' trade unwound... Source: Bloomberg Relative to the average stock (represented by the S&P 500 equal-weighted index), FANG Stocks had their worst day since inception in 2015 (in other words, since people have used the acronym)... Source: Bloomberg Banks soared (on higher rates)... Source: Bloomberg Airlines (and cruise lines) all exploded higher... Source: Bloomberg VIX crashed to a 22 handle (its lowest since August) before rallying back to close green as Trump challenges hit... Bonds were a bloodbath today with the long-end spiking over 13bps and the curve steepening dramatically... Source: Bloomberg However, note where yields stalled for the day and rolled over... right at the peak of election night, running those stops and unable to push through... Source: Bloomberg The yield curve (2s30s) pushed to its steepest since May 2017 Source: Bloomberg Fed rate expectations rose (hawkishly) on the day... Source: Bloomberg As rate-hike expectations lifted, the dollar strengthened... Source: Bloomberg Cryptos were mixed with Bitcoin dumped and pumped (finding support around $15,000)... Source: Bloomberg Oil soared over 8% on the day, pushing WTI back above $41 intraday... Interestingly, copper ended unch... Gold was clubbed like a baby seal, back below $1900 to its lowest since September... Silver futures tumbled back below $24 intraday before finding support... Finally, we wonder what happens next as the S&P 500 has tagged its megaphone high trendline... Source: Bloomberg