S&P Jumps Above Record High After $9 Trillion Global Liquidity Tsunami

$9 trillion in additional global liquidity (from $79 to almost $88 trillion since the March lows)...

Are we Drowning in liquidity?

Pushed the S&P above its prior record closing high (3386.15 from 2/19/20) but could not hold it...

Because it sure isn't being driven by fun-durr-mentals...

Source: Bloomberg

The recent Momo/Value rotation is over...

Source: Bloomberg

Growth surged today, erasing the losses of the last three days...

Source: Bloomberg

And that was evident in today's rip higher in Nasdaq and big laggard Small Caps...

Small Caps weakness today in the face of tech's resurgence sent AAPL to a new record high relative to the entire Russell 2000..

Source: Bloomberg

TSLA shares soared a ridiculous 15% after announcing a 5-for-1 stock split... just fucking idiotic!!!

Europe's Stoxx 600 surged today, back above its 200DMA...

Source: Bloomberg

Treasury yields rose for the 4th straight day (up around 2-3bps across the curve, but notice that it chopped around in a small range for most of the day)...

Source: Bloomberg

With 10Y Yields closing above their 50- and 100-DMA

Source: Bloomberg

As far as inflation expectations are concerned, the pandemic is apparently over. After today’s data, the 10-year breakeven spiked to 1.67%. That’s the highest it has been since mid-February, before the March Covid-19 collapse.

Source: Bloomberg

The dollar ended the day lower, sold from the European open...

Source: Bloomberg

Bitcoin bounced today...

Source: Bloomberg

Real yields led gold higher...

Source: Bloomberg

Silver rebounded from weakness in early Asia trading...

Silver's chaos of the last couple of days sent SLV (the Silver ETF) to the steepest discount to NAV since Lehman (Oct 2008)...

Source: Bloomberg

Elsewhere in commodity-land, there was this chaos in NatGas ETNs...

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