Ethereum Erupts, Small Caps Soar As S&P Breadth Reaches Record High The tsunami wave of monetary and fiscal profligacy combined with an orgy of optimism about vaccinations and a post-COVID world, have sparked the broadest rally in the underlying components of the S&P 500 in history... (487 names on the S&P 500 Index have climbed above their 200-day moving average) Source: Bloomberg But it was Small Caps that dominated today (after collapsing yesterday). Nasdaq lagged but all the US majors were higher and thelast 30 mins saw the ubiquitous buying panic.. Interestingly, the bounce in Small Caps occurred at a key level relative to The Dow... Source: Bloomberg It doesn't take a rocket scientist to figure out what happened... as yet another short squeeze was engineered... Source: Bloomberg COIN continued to fall... NFLX tumbled into the red YTD after subs growth slumped... After this morning's opex, VIX was clubbed like baby-seal today from over 19 to a 16 handle... Bonds were practically dead today, trading in a very narrow range and going nowhere.... Source: Bloomberg 10Y Yields traded in a 2bps range! Source: Bloomberg The dollar dropped today (thanks to a surge in the Loonie as BoC tapered its QE)... Source: Bloomberg The Loonie spiked almost 2 big figures... Source: Bloomberg Cryptos were a mixed bag today with Ethereum ripping back higher, erasing the weekend's plunge losses... Source: Bloomberg And ETH is dramatically outperforming BTC... Source: Bloomberg WTI tumbled after last night's API-reported crude build was confirmed by the official data... Gold futures extended their recent gains, back up near $1800 today, at two-month highs... Finally, the reality gap grows... Source: Bloomberg "It's a mad world alright..." Tyler Durden Wed, 04/21/2021 - 16:00