Momentum Massacre Trounces Tech Stocks; Bonds Drop, Bullion Pops Tyler Durden Tue, 11/10/2020 - 16:00 Since the Pfizer vaccine headlines hit, markets have gone just a little bit slightly turbo with Small Caps up over 4% and Mega-Cap tech down almost 6%... But don't overdose on all that exuberance... Nasdaq found support at its Zero Gamma level once again... This is the biggest two-day surge in value over growth in history... Source: Bloomberg The rotation from growth to value is nowhere more evident than in Small Caps vs Mega-Tech... This is the biggest 2 day outperformance of the Russell 2000 over the Nasdaq 100 since March 2001... Source: Bloomberg Momentum's collapse continues - the biggest 2-day crash in history... Source: Bloomberg With yet another massive reversal in the momo/value trade... Source: Bloomberg FANG Stocks continued their slide... Source: Bloomberg Credit and equity protection costs both tumbled but VIX (equity) remains notably decoupled from credit risk... Source: Bloomberg Treasury yields were once again higher on the day (long-end up around 5bps)... Source: Bloomberg 30Y yields stalled once again around the same level as the election-night peak... Source: Bloomberg The yield curve (2s30s) steepened to its highest since May 2017... Source: Bloomberg But we note that, for now, yields are not following the correlation regime with value/momo that has been in place for months... Source: Bloomberg The dollar shrugged today, going nowhere... Source: Bloomberg Cryptos drifted very modestly lower today... Source: Bloomberg Gold futures managed gains today but was unable to reach $1900... Silver futures managed gains... WTI pushed back above $41 ahead of tonight's API inventory data... Finally, as we noted earlier, stocks are at their most expensive relative to bonds in two years... Source: Bloomberg TINA is dead... but not from COVID... Source: Bloomberg