Mission Accomplished: Fed Officially Blows The Biggest Ever Bubble
Mission Accomplished:
Stocks managed gains on the month (4th month in a row) – Nasdaq best, Dow worst…
Source: Bloomberg
And note that despite the epic surge in the mega tech stocks overnight… Yes, that is AAPL up 10%!! (GOOGL -4%)…MSFT managed to rally back to unch after rumors of it buying TikTok…
Apple is up $170BN today, more than the market cap of Oracle, more than the GDP of Hungary; Apple’s value increase today would be the 33rd biggest company in the S&P500.
Nasdaq was not a one-way street today as CNBC stunningly remarked “nasdaq has now gone negative which is quite interesting…”
And you have to laugh at this – The Dow scraped by today… as AAPL’s insane squeeze higher dominated the rest of the entire index…
Source: Bloomberg
but that will change when AAPL splits.
BUT, it was in currency, commodity, credit, and crypto land that the real fun and games took place.
Bonds were bid pretty much all month with the long-end notably outperforming…
Source: Bloomberg
… and pushing to new record low yields…
Source: Bloomberg
Some highlights:
- 2Y Treasury yields fell for the 8th month in a row
- 30Y Treasury yields fell for the 5th month this year
- 2s30s Curve flattened by the most since August 2019
Source: Bloomberg
Still a long way down for stocks if bonds are right…
Source: Bloomberg
Gold and silver screamed higher on the month.
- Silver’s best month since 1979 (when the Hunt Brothers tried to corner the market)
- Gold’s best month since 2011
Spot Gold reached a new record above Sept 2011 and Futures topped $2000…
Source: Bloomberg
Silver’s at its highest since June 2013…
Source: Bloomberg
Oil’s up for the 3rd month in a row, but has largely trod water all month…
Source: Bloomberg
