Dollar & Bond Yields Plunge To End Meme-orable Week The headline grabber for the week was the return of the meme-stock-mania from January with Reddit Rebels sending heavily-shorted stonks "to the moon". This was the biggest weekly gain since the last week of January for the Reddit shorts... Source: Bloomberg While GME sadly did nothing, the attention shifted to AMC and GTT this week... Source: Bloomberg Was this the vinegar strokes of the exuberance? Today saw Nasdaq panic bid higher relative to the majors... Which lifted big-tech stocks back in line with the rest of the majors on the week with a 0.5%-ish gain... Today's shift reverted the Russell 2000 / Nasdaq 100 ratio... Energy stocks dominated the week's performance with Healthcare and Consumer Discretionary the odd couple at the bottom of the barrel... Source: Bloomberg Thanks to a huge short position... Don't sell them size until you can see their eyeballs bulging out from their heads. Because now, uous can't leave. https://t.co/WM1Suw95DT — ZeroHedge⚙️ (@govttrader) https://twitter.com/govttrader/status/1400832300099772418?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"); Treasury yields plunged today across the curve and ended lower on the week (despite stocks being higher also)... Source: Bloomberg With 10Y Tumbling back below 1.60%... Source: Bloomberg That is the second lowest yield close since early March... Source: Bloomberg The dollar was clubbed like a baby seal today after its biggest daily gain in 9 months yesterday. That reversal - at key levels from May - shifted the dollar back to unchanged on the week... Source: Bloomberg After an ugly weekend, cryptos rallied back to end the week higher with Ether up around 12% and Bitcoin up around 5%... Source: Bloomberg Commodities were mixed this week with PMs suffering a small loss and crude and copper notably divergent... Source: Bloomberg Gold resurged today but was unable to get back up to $1900... WTI soared this week to close above $69 for the first time sinece Oct 2018... Finally, we are going old school with a look at what Ed Yardeni's infamous 'Stock Market Indicator' says about the current state of stonks right now. The indicator - based on consumer confidence. commodities, and jobless claims - had been correlation-almost-1 to the moves in the broad equity market until around Q1 2018, signaling downside decoupling... then again towards the end of 2019... and now, the fundamentals-based indicator is entirely decoupled from the 'reality' of stocks... Source: Bloomberg And given the huge stagflationary impulse, we wonder which way the jaws will snap shut... Source: Bloomberg Tyler Durden Fri, 06/04/2021 - 16:00