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Friday, October 30, 2020

Stocks Suffer Longest-Losing Streak In Over A Year As Dollar Dump Continues

Stocks are down for the 3rd week in a row – yeah we know!!! – leaving levered-call-buying RH’ers facing something they likely haven’t seen in their trading careers (this is the longest losing streak since August 2019)…

The Dow ended the week almost perfectly unchanged.

This leaves The Dow down over 3% YTD and the S&P 500 up just over 2% YTD…

Source: Bloomberg

Is it time for The Fed to start “getting back to work” on their balance sheet now that rates are impotent…

Source: Bloomberg

All that ‘work’ and “you get nothing”…

You Get Nothing!

You get nothing, you lose, good day sir!

The Nasdaq 100 is down over 12% from record highs (so much for BTFD)…

The S&P 500 and Nasdaq closed below their 40DMAs. Small Caps managed to bounce off the 50DMA (after breaking below) and The Dow bounced perfectly off it…

FANG Stocks plunged to their lowest since late July (down 17% from the highs)…

Source: Bloomberg

Very choppy week in quant-factor land with Value and momentum swapping places day after day…

Source: Bloomberg

Notably, Quad Witch sparked some shenanigans in the vol-stock complex today…

Source: Bloomberg

And the Gamma pivoted around 270 Strike for Nasdaq QQQ…

Despite equity weakness, Treasury yields rose very modestly on the week…

Source: Bloomberg

The Dollar Index fell this week, after two weeks of gains…

Source: Bloomberg

Cryptos were largely higher on the week (Litecoin lower), led by Bitcoin

Source: Bloomberg

Bitcoin was, however, unable to hold on to $11k…

Source: Bloomberg

Oil dominated commodity-land with copper also higher and PMs marginally so…

Source: Bloomberg

Gold remains increasingly range bound…

And a big reversal in WTI (back above $41)…

Ags had a huge week as Corn, Soybeans soared on China chatter…

Source: Bloomberg

Finally, 1930 called again…

Source: Bloomberg

Zerohedge

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