COVID-Comeback Batters Big-Tech & Black Gold, Sparks Bond Bid

Featured Story

Just when you thought it was safe to buy any stock – selected at random via Scrabble letters – on any dip, with levered money you can’t afford to lose, COVID-19 reappears in size to steal the jam out of your donut.

Last Friday saw surges in COVID cases across many states and news that Apple would be re-closing stores in a handful of states. That sent stocks tumbling. Today – after a few days of exuberant dip-buying, those same states hitting new record highs (and more Apple store closures) sparked an even more impressive plunge (and was not helped by The IMF’s downbeat forecast for the global economy)…

  • 0905ET California COVID-19 cases rise 3.9% or +7,149 to 190,222 (up from +5,019)
  • 0938ET Texas reported a 7.3% rise in Covid-19 hospitalizations to 4,389 from 4,092 yesterday.
  • 1033ET *FLORIDA COVID-19 CASES RISE 5.3% VS. PREVIOUS 7-DAY AVG. 3.7%
  • 1130ET *HOUSTON-AREA INTENSIVE CARE UNITS ARE AT 97% OF CAPACITY: CITY
  • 1140ET *NEW YORK, N.J. AND CONNECTICUT ORDER VISITORS TO QUARANTINE
  • 1400ET *CALIFORNIA HOSPITALIZATIONS UP 29% IN 14 DAYS, NEWSOM SAYS
  • 1440ET *APPLE TO RE-CLOSE 7 STORES IN HOUSTON, TX ON COVID-19 SPIKE

All building on one another to slam stocks lower (led by Small Caps) ending the 8-day win streak in Nasdaq (there was a late-day bounce on chatter of $1 trillion stimulus again but a $3bn MoC ruined that fun and games)…

And the result – a collapse below the Navarro lows, back To Friday’s lows…

As Virus fears surge to one-month highs…

Source: Bloomberg

The S&P fell back towards its 50DMA…

And the Dow failed once again to break above its 50DMA…

Momentum continued its rabid bounce back today – after perfectly reversing at unchanged for 2020…

Source: Bloomberg

The dollar was bid today…

Source: Bloomberg

Treasury yields tumbled 405bps at the long-end today…

Source: Bloomberg

Are stocks about to catch down to bond’s reality?

Source: Bloomberg

Or profits…

Source: Bloomberg

And while bonds saw safe-haven bids, bitcoin did not…

Source: Bloomberg

And gold was monkeyhammered too around the London Fix (after failing to break $1800)…

But note that gold’s tumble stalled at yesterday’s fix…

NEVER MISS THE NEWS THAT MATTERS MOST

ZEROHEDGE DIRECTLY TO YOUR INBOX

Receive a daily recap featuring a curated list of must-read stories.

Source: Bloomberg

Silver was hit harder. busting back below $18…

Oil prices tumbled as COVID (demand) and inventory/production (supply) concerns smacked WTI back to a $37 handle…

Finally, we wonder just how far stocks will fall this time?

Source: Bloomberg

And just how quickly The Fed will need to restart its money-printing malarkey…

Source: Bloomberg ZeroHedge

StevieRay Hansen
Editor, Bankster Crime

Don't Miss

Snyder: Fear Of COVID-19 Has Absolutely Destroyed America’s Future

By StevieRay Hansen

Authored by Michael Snyder via The End of The American Dream blog, Very few people are talking about it, and even fewer are bothering to…

Read More

Wall Street Caught Short Again As “Money Printer Go BRRRRRR To 11”

By StevieRay Hansen

With US stocks soaring to start the week on the combination of Powell’s 60 Minutes affirmation that the Fed’s money printer go BRRRRR to 11 (as Nomura’s Charlie McElligott…

Read More

The National Debt Clock Is Flashing A Major Red Alert!

By StevieRay Hansen

The National Debt Clock is flashing a major warning, Red Alert! this morning while working on another article I happened to glance at this indicator…

Read More

Snyder: It’s Much Worse Than You Are Being Told

By StevieRay Hansen

For a long time I warned that our economic bubble would burst and that we would plunge into a nightmarish economic collapse.  Now it has…

Read More

BoE Warns Of Worst Economic Slump In 300 Years

By StevieRay Hansen

The Bank of England’s Monetary Policy Committee (MPC) “voted unanimously” to keep the banking rate at 0.1% and left its bond-buying program unchanged despite the country’s worst economic slump…

Read More

Brace For A Monday Massacre: Buffett Liquidates All Airline Holdings As Berkshire Sees Another Leg Lower

By StevieRay Hansen

Well, it’s official: there won’t be any “Buy American” op-eds by the Oracle of Omaha this time around. In fact, if anything, they will be…

Read More

“We Are Moving Into The End-Game”: 27 Tankers Anchored Off California, Hundreds Off Singapore As Oil Industry Shuts Down

By StevieRay Hansen

Back in the late fall of 2014, when Saudi Arabia broke up OPEC for the first time and unleashed a torrent of crude oil on…

Read More

Front-Month WTI Crude Crashes Below Zero For First Time Ever

By StevieRay Hansen

Over the last several decades, have we ever seen a year start as strangely as 2020 has? Global weather patterns have gone completely nuts, large…

Read More

We’re Not Going Back To ‘Normal’…

By StevieRay Hansen

Turn the key and the economy will restart. That’s a myth a lot of people in the mainstream have peddled since governments started shutting down…

Read More

JPMorgan Profit Plunges To 7 Year Low On $6.8 Billion In Loan Loss Reserves As Dimon Warns Of “Severe Recession”

By StevieRay Hansen

And so the worst quarterly earnings season since the financial crisis (at least until the catastrophic Q2 earnings) is off, when moments ago JPMorgan reported…

Read More

StevieRay Hansen

Leave a Comment