Via Zerohedge

Re-Open Rally Routed

As one newly-minted “expert” in trading expressed to us: “it’s a f**king rout! … and this after the most dovish Fed statement ever!”

Today saw the heaviest selling-pressure in stocks since record began as TICK collapsed to -2058 intraday

Source: Bloomberg

Too much transparency from Powell (on the economic shitshow) perhaps, COVID-19 second-wave concerns maybe, or just too far, too fast, and quant models reversing (more likely), but one thing is sure… Robinhood’rs were routed amid a big-tech bloodbath but Small Caps were the worst – down 10% this week!…

This is the biggest daily drop in stocks since mid-March at the height of the collapse.

And this collapse comes as the market has abandoned hedges…

Source: Bloomberg

The median price of US stocks is down 12.5% in the last few days…

Source: Bloomberg

Since The Fed statement and Powell presser, bonds & bullion are bid as stocks sink…

From the moment Jay Powell began his press conference, things “escalated very quickly”…

For many freshly minted day-traders, this is inconceivable… but to veterans, we’ve seen this malarkey before…

Looks like those rampant “Re-Open Rally” runs into value were entirely wrong…

Source: Bloomberg

Virus-impacted sectors are reversing all their insane gains…

Source: Bloomberg

Boeing, Boeing, Gone!

The overnight session remains a big winner but June has seen day session and overnight session syncing up…

Small Caps tumbled back to their 100DMA…

READ ALSO  Daimler lifts profit forecast as China snaps up luxury cars

S&P dumped back to its 200DMA…

The S&P 500 appears to have tagged unchanged on the year (3230.78) and given up…

Banks bloodbath’d further today…

Source: Bloomberg

…extending the reversal from the perfect tag of the 200DAM…

Source: Bloomberg

VIX soared back above 35 today (not call-buying this time) as its curve inverted once again for the first time since April….

Source: Bloomberg

Bitcoin was also battered today (after tagging $10k yesterday)…

Source: Bloomberg

But, on the positive side, bonds were bid…

Source: Bloomberg

As the coiling yield dismisses the false upside breakout of the reopen rally…

Source: Bloomberg

Treasuries have erased all their losses for June with the long-end yields actually now lower this month…

Source: Bloomberg

Despite everyone’s excitement about The Fed’s apparent HY backstop, it led the drop…

Source: Bloomberg

And precious metals surged (though we did see some liquidation that was reminiscent of the ‘sell everything’ trend we saw in March)…

Source: Bloomberg

As black gold was battered (WTI was down over 10% at its worst, back to a $35 handle, but bounced)…

Source: Bloomberg

The dollar screamed higher today (biggest jump in 3 months), bucking its recent trend dramatically…

Source: Bloomberg

Notice where the dollar bounced…

Source: Bloomberg

Finally, is it catch-down time?

Source: Bloomberg

Robinhood’rs favorite stock routed…

And yesterday’s big winner…

READ ALSO  Stimulus Stalemate Sparks Slump In Stocks, Bonds, Oil, & The Dollar

“These are the days I live for… it was too easy”…

And one wonders if this is the real reason why stocks suddenly puked the last two days…

Source: Bloomberg

PredictIt (notoriously illiquid admittedly) is pricing in a sweep of White House, Congress, and The Senate for Democrats.