Stimmy Vote Sinks Dollar, Bids Bitcoin & Big-Caps To Record Highs "The Great Experiment begins" as the $1.9 trillion bucket of lard was passed entirely along partisan lines... Today's gains were also based on the 'calm' CPI print (which we noted here was - as BLS admitted - fabricated). The dollar dumped... Source: Bloomberg And alternative currencies rallied with Bitcoin back at record highs... Source: Bloomberg Gold gained... And Big-Caps (The Dow) surged to a record high... Source: Bloomberg Dow and small caps outperformed as big-tech was battered after the US cash open (after ridiculously melting up on the CPI print)... The last few days have been quite a chaotic time in the Dow/Nasdaq relationship... Source: Bloomberg Tech valuations are starting to "normalize" relative to the excessive itself market... Source: Bloomberg The market opened with yet another short-squeeze but the middayish-ET collapse in WSB trades unwound that craziness... Source: Bloomberg GME soared to become Russell 2000's biggest company before crashing back to earth and worse and then screaming back to unchish... That - ladies and gentlemen (and others) - is the 'market'. ⚠️BREAKING: *HOUSE PASSES $1.9 TRILLION STIMULUS BILL, PRESIDENT BIDEN SET TO SIGN IT BY END OF WEEK pic.twitter.com/Mwf5JQ44Kv — Investing.com (@Investingcom) https://twitter.com/Investingcom/status/1369728956379889666?ref_src=twsrc%5Etfw!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); And it wasn't just GME that went insane - the entire WSB 'Heavily-Shorted' Basket surged almost 20%, then crashed 30% before stabilizing... Source: Bloomberg Credit markets caught back down (rallied) to equity risk markets... Source: Bloomberg Bonds were aggressively bid today during the US session Source: Bloomberg USTs are the most attractive for overseas buyers in six years... Source: Bloomberg 5Y Breakevens topped 2.50% - the highest since July 2008 Source: Bloomberg Real yields slipped today, supporting gold... Source: Bloomberg Choppy day for oil today amid inventories, stimmies, and Russian production headlines... Finally, there is one little problem with all this exuberant money-printing/spending inflationary malarkey - as Treasury yields push higher, mortgage rates rise (to six month highs) stifling the housing market as mortgage apps (refis) crash... Source: Bloomberg And don't expect that to improve anytime soon given the massive surge in interest rate risk.... Source: Bloomberg Tyler Durden Wed, 03/10/2021 - 16:00