Biotechs Burst Higher But Bonds, Bitcoin, & The Buck Breakdown

zerohedge2021-06-08

Biotechs stole the headlines today after Biogen's Alzheimer's Drug was approved by the FDA...

And Biogen screamed up over 50% at one point...

Source: Bloomberg

Hopefully a real breakthrough... and think of what's possible next?

Meme Stockswere also on the run again with AMC surging back up near $60 once again...

As "most shorted" stocks were catching the eye of the Reddit Rebels once again...

Source: Bloomberg

Small Caps massively outperformed today (thanks to the above) with The Dow the biggest laggard. Big-Tech was surprisingly resilient in the face of the G-7 Global Tax grab plan..

Which lifted Russell 2000 back up to recent resistance levels relative to Nasdaq 100....

Bond yields bounced back very modestly today (+1-2bps on the day) but 10Y remained below 1.60% and well below Friday's pre-payrolls print...

Source: Bloomberg

The dollar extended Friday's losses, selling off after Asia closed...

Source: Bloomberg

Crypto was hit over the weekend as Elon Musk's muppetry continued, and wasn't helped today when Trump called it a "scam" and the DOJ press conference continued to diatribe against crypto being behind the surge in ransomware...

Source: Bloomberg

Gold futures extended Friday's gains, pushing back above $1900...

WTI tagged $70 late last night but ended the day slightly lower...

Finally, with U.S. stocks a whisker away from a record high and near-term vol trading near the lowest since mid-April, you’d be forgiven for thinking that all is well. But, as Bloomberg notes,anxiety is still raging for what lies ahead.

Source: Bloomberg

The Credit Suisse Fear Barometer, which tracks the relative cost of bearish-to-bullish 90-day options on the S&P 500 Index, is trading near the highest level since early 2018,despite taking a leg lower last week on the heels of a solid payrolls report and record services figures.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
16