Small Caps Surge On Short-Squeeze, Sloppy-Surveys; ETH Outperforms BTC As ETFs Launch

An ugly day for macro with hard data (US home sales) and soft data (regional Fed surveys) all puking…

Source: Bloomberg

…was just the bad news needed to spark good news in STIRs as rate-cut expectations rebounded…

Source: Bloomberg

After yesterday’s big exciting “everything’s awesome” day, stocks, broadly-speaking did nothing today though as only Small Caps showed any willingness to move. Late-day selling pressure did not help, pulling everything but Small Caps into the red with Nasdaq the biggest loser…

…but that looked like yet another big short-squeeze….

Source: Bloomberg

The NDX/RTY unwind resumed today…

Source: Bloomberg

MAG7 stocks went nowhere ahead of GOOGL/TSLA earnings after the bell…

Source: Bloomberg

Treasuries were mixed today with the short-end outperforming…

Source: Bloomberg

…which dragged the yield curve (2s30s) almost to being dis-inverted….

Source: Bloomberg

Ethereum outperformed Bitcoin on the day as ETH ETFs were launched…

Source: Bloomberg

This followed a huge net inflow day yesterday into BTC ETFs…

Source: Bloomberg

Bitcoin was 3% lower back to $66k…

Source: Bloomberg

…as ETH ETF $ Volume soared to $1BN…

Source: Bloomberg

…which kept ETH around $3500 by the close…

Source: Bloomberg

Gold managed modest gains on the day, finding support at $2400…

Source: Bloomberg

Crude prices extended losses as CTAs pressed through technical levels but WTI found support at $76.69 intraday (its 200DMA) and bounced modestly…

Source: Bloomberg

Finally, prediction markets have Trump still dominating Harris for the win in November…

Source: Bloomberg

…for now she remains below Biden’s pre-debate levels.