•DXY breaks the 90 handle into 89.98
•VIX spot >22 vs sub-20 yesterday is a hurdle leap. Watch for 20 to switch from resist → annoying go-between flip flop level → support for SPX ↓
•Nasdaq 1m Implied Vol (VXN) >25 = Why NDX has been particularly lame -6% MTD
•Eyes on UVXY, if it breaks clean thru 5.10 (5.17 to be exact), and depending on how far and fast thru those levels- can see a price indiscriminate squeeze ↑as the matchstick that triggers an array of risk shedding. For now, they’re fighting its rise on volume at the open ↓
•YTD: SPX equal weight (RSP) continues to crush SPX by nearly 7%. They hold the same exact stocks.
•”Nothing going on in rates“ really? German 10Y Yields about to break ‘20 highs for new 2yr levels
•Japan’s “GLD” outperforming GLD by +3.5% from March.
This is what happens (or, this what contributes to) JPY being the world‘s 4th worst performing FX pair against USD YTD. The only 3 worse performers against USD in ‘21 is Brazil Real, Turkey Lira & Argentina Peso - and then JPY. Thats not a low bar, the bar is on the floor. This whole “there are no (cheap/non crowded) risk hedges out there“ thing- yea there are 2: gold and JPY, the latter more attractive.
Big Tech & Banks reporting season is definitely not over. Tomorrow after Japan cash close:
•SoftBank FY20 results, company is expected to come in with the most profitable annual... (More)