Tech Wrecks As Bitcoin, Black Gold, & The Buck Burst Higher Global supply-chain fragility was once again exposed as a giant container ship got stuck sideways in the Suez Canal (through which a major percentage of global trade and energy supply flows). Still could have been worse... The possibility of 13-15-day delays if tankers are forced to 'go around' sparked a panic-bid in crude oil (despite significant crude builds). This was WTI's best day since early Nov (the vaccine headlines)... The dollar was also bid, back to 2-week highs... Source: Bloomberg And bitcoin surged overnight, back above $57, but faded late on as the dollar extended gains... Source: Bloomberg Small Cap and Big-Tech stocks were clubbed like a baby seal... On the week, it's a Small Cap collapse (down over 6%) as all the other majors revert back to unch (Nasdaq and Small Caps are red for March now)... Ugly days for hedgies's favorite holdings as "Most Shorted" stocks also tanked... Source: Bloomberg Cruise Lines crashed back to earth after CDC guidelines were extended to Nov... Source: Bloomberg Cathie Wood's Empire continued to collapse again... GME was monkeyhammered down 30% today after the earnings call failed to inspire... INTC had a wild ride today, from overnight exuberance to utterly dumped by the close... So tech is now wrecking as bond yields tumble? Source: Bloomberg Bonds rollercoastered (bid during Asia, dumped during Europe, bid during US), but ended lower in yield on the day (10Y -2bps)... Source: Bloomberg This is the 3rd daily yield drop in a row, the longest streak since Dec 14th... Source: Bloomberg Commodities were mixed with crude surging (see above) as copper dipped and PMs were flat. Source: Bloomberg Finally, US Macro Surprise Index data has tumbled to its weakest since early June this week... Source: Bloomberg And in case you wondered why stonks have basically gone nowhere for a while, it's The Fed stupid (and their central bank peers)... Source: Bloomberg Time to crank up the printing press once more because 'stable' asset prices is not good enough. Tyler Durden Wed, 03/24/2021 - 16:00