With Bonds Away, Tech Bulls Will Play Tyler Durden Wed, 11/11/2020 - 16:01 After recent dramatic moves, the bond market's absence today (celebrating Veterans' Day), prompted a reversal of the reversal in value/growth/momo/big-tech as Nasdaq soared. The cash open saw small caps puked as Nasdaq was instabid, but stocks did take turn for the worse around 1345ET on NY COVID restrictions and accelerated after the 1430ET margin call time, then rebounded in the last 15/20 mins to get The Dow and Small Caps back to unchanged... Since the Pfizer vaccine headline, Small Caps remain the big winner and Nasdaq the loser... As retail piled in... In fact, the momentum gains (relative to value) pushed the pair back more in line with the (closed) bond market... Source: Bloomberg On a side note, TSY futs implied a modest compression in yields Source: Bloomberg Options market-makers were busy in Nasdaq... Source: Bloomberg The S&P 500 was unable to close at a record high, despite a brave try... Look at this f**kery!!! A perfect panic-ramp to close the Russell 2000 unchanged! It's still a very ugly week for momentum traders... Source: Bloomberg FANG Stocks caught a bid today... Source: Bloomberg Nasdaq recovered some of its relative losses to Small Caps today... Source: Bloomberg Value retraced some of its gains relative growth... Source: Bloomberg The dollar managed modest gains on the day... Source: Bloomberg Bitcoin was bid, trading a tick shy of $16,000... Source: Bloomberg Brent Crude topped $45 and WTI spiked above $43 overnight - a 10-week high - before fading notably during the day... Gold futures faded further today (to lowest close since July)... Silver was lower also but bounced back better than gold (bouncing off $24 intraday once again)... But, Gold remains well above its real-yield-implied levels still (and today's reflation-trade unwind may have helped that a lot, despite the bond market closure)... Source: Bloomberg Finally, as stocks pushed up towards record highs, the Smart Money index has crashed to 2 year lows... Source: Bloomberg And while the 'casedemic' is soaring, the sciencey facty data suggests things aren't at the media-driven panic levels quite yet... Source: Bloomberg