US equity markets roared higher this week (best week since April) as (monetary handouts) QE hopes replaced (fiscal handouts) blue-wave hopes. Nasdaq rallied a stunning 9.5% on the week (Small Caps and The Dow lagged – only managing to gain 7%!!)…

This was the best election-Week performance for stocks since FDR was elected in 1932…

And worst election-week performance for the dollar since Bush Sr. was elected in 1988…

And best election-week for gold since the end of the gold standard

All of which must mean…

But as stocks soared, the Smart Money was leaving the bagholders behind…

Value stocks were trounced relative to growth stocks after the election…

Source: Bloomberg

Gunmaker stocks soared as Biden’s odds rose…

Source: Bloomberg

Banks were rebuffed as mega-tech soared…

Source: Bloomberg

Vol collapsed across every asset class…

Source: Bloomberg

But, VIX really plunged this week, smashing the term structure back into contango (interesting that hump remains around the Senate run-off)…

Source: Bloomberg

And the volatility options market looks to be leaning towards a similar outcome of calmness following the storm…

Source: Bloomberg

Despite stock gains, Treasury yields were lower on the week (even after today’s rise) as

Source: Bloomberg

Intraweek, yields plunged on election night (after an initial spike). 30Y yields rose back to 1.60% today after bouncing off the 200DMA…

Source: Bloomberg

Interestingly, real yields surged this week… and so did gold…

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Source: Bloomberg

The Dollar was up on the week into the election, and dumped after…

Source: Bloomberg

Crashing to its lowest since May 2018…

Source: Bloomberg

The Turkish Lira collapsed to yet another fresh record low against the dollar…

Source: Bloomberg

Cryptos had a big week with Ethereum outperforming, Bitcoin Cash lagged…

Source: Bloomberg

With Bitcoin pushing up to around $16000 – the highest since Jan 2018…

Source: Bloomberg

A weaker dollar lifted all commodities this week…

Source: Bloomberg

With silver outperforming, back above $25…

Gold futures pushed back above $1950…

WTI traded up to $39 intraweek before rolling over today…

And finally, what happens next? 1987 or 2009?

Source: Bloomberg

Via Zerohedge