Bond Bears Barf, COIN Carnage Continues As Dollar Dumps, Crypto Jumps Before we get to the real bloodbath (for bond bears), COIN was a shitshow again (down over $100 from its highs yesterday)... Will Cathie be buying the dip again? Big-tech stocks surged, continuing to outperform small caps. Dow and S&P made new record highs... The cash open saw a panic puke in Small Caps while everything else was bid... so bid in fact that the TICK surged to two-week highs (after last night's puke)... Source: Bloomberg Banks were mixed on their second day of earnings... Source: Bloomberg Value underperformed Growth as the reflation trade unwinds along with bond shorts... Source: Bloomberg But today's big story was the bloodbath for bond bears. Long-end yields crashed 10bps or so, the belly down 5bps... Source: Bloomberg It appears the global macro funds and CTAs were 'stuffed'... Today was the biggest yield drop since 2/26/21 and 2nd biggest since 11/12/20 and this was the biggest 3-day drop in 10Y TSY yields since June... Source: Bloomberg The NOB Spread seemed to signal something was coming... Source: Bloomberg The dollar also signaled trouble ahead for bond bears as it has tumbled since the start of Q2... Source: Bloomberg The question is - with the Dollar at what looks like key support, will it bounce or break? Source: Bloomberg Cryptos were more mixed. Bitcoin managed modest gains, erasing COIN losses... Source: Bloomberg But Ether was well bid back to new record highs near $2500... Source: Bloomberg As ETH continues to outperform BTC... Source: Bloomberg Gold extended the recent gains, above $1760 and near two-month highs... WTI also extended gains, closing back above $63... Finally, we note that this is the longest streak of 'extreme' overbought readings for the S&P 500 since January 2018. Source: Bespoke And smaller U.S. companies are weaker relative to larger peers than they have been in more than a quarter century. This conclusion is based on a comparison made by https://twitter.com/StrategasRP/status/1382341331960348677!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");. Strategas cited the percentage of stocks in the Russell 2000 and S&P 500 indexes which exceeded their 50-day moving average, a gauge of price trends. Source: Bloomberg Just 50.7% of the Russell 2000’s components were above the average as of Tuesday’s close, according to data compiled by Bloomberg. The index trailed the S&P 500 by 40.2 percentage points, the most since the figures began in 1995. Tyler Durden Thu, 04/15/2021 - 16:00