Big-Tech & Bitcoin Pumped As Banks, Bonds, & Bullion Dumped Big-tech was bid as soon as the cash market opened and both Small Caps (Russell 2000) and Big-Caps (Dow Industrials) were dumped with the S&P under water most of the day until the late day panic-bid hit as the gamma-meltup struck... That's a record close for the S&P and Nasdaq. The Nasdaq's outperformance pushed it to its highest relative to The Dow since April... Source: Bloomberg Lordstown Motors was clubbed like a baby seal today as its CEO/CFO abandoned ship... Retail traders were back buying today... Source: Bloomberg Elon Musk's ability to influence crypto is as evident as ever as he tweeted that he is not full of FUD and bitcoin ripped over 10% higher (helped by PTJ's positive perspective on crypto in an inflationary environment)... Source: Bloomberg JPM's Dimon spooked bank stocks even further - despite rising yields today... Source: Bloomberg Uranium/Nuclear-related stocks tumbled on the China Nuke emissions headlines... Source: Bloomberg VIX jumped back above 17 intraday... S&P 500 Realized vol has tumbled to its lowest since Nov 2019... Source: Bloomberg Will The Fed's "most important meeting in years" this week get it moving? Treasuries were sold today, erasing more of the gains from Thursday's CPI malarkey. The short-end yield rose 1-2bps, the long-end yields rose 4-5bps... Source: Bloomberg We note that 10Y yields hit 1.50% and the selloff stalled... Source: Bloomberg Amid all the chatter on inflation, breakevens went nowhere at all... Source: Bloomberg The Dollar trod water after spiking Friday up to fill the payrolls gap down... Source: Bloomberg Gold ended the day lower despite the dollar going nowhere... Oil prices rollercoasted on the day but ended unchanged with WTI pushing up near $71.80 at its highs... Finally, if you're wondering why people are buying USTs again... here's one reason... 5Y greek debt is now trading at a negative yield (yes, really)... so which would you rather own 5Y UST at 75bps or 5Y GGB at -0.4bps!? Source: Bloomberg Tyler Durden Mon, 06/14/2021 - 16:00