www.zerohedge.com By Tyler Durden
Somebody knows something…
Dollar pukefest, Swiss Franc panic-bid, bond yields plunge-gasm, gold surge-plosion, Crypto spike-a-thon… and stocks UNCH.
Looking at stocks today you could be forgiven for thinking that today was a typical ‘meh’ mid-week between Xmas and NYE day with all the US majors hovering around unchanged (until the last second idiocy from algos) …
BUT, It was far from it in every other asset class as the dollar dumped while gold, bonds, swiss franc, and crypto all ripped higher as Magnificent 7 stocks were liquidated shortly after 10amET.
Source: Bloomberg
Notably, 0-DTE call-covering was very heavy as the Magnificent 7 was sold around 10am (after 0-DTE call-buying dominated at the open) …
The Swiss Franc soared today by over 1% against the USD – the second biggest ‘ultimate safe-haven’ gain of the year outside of FOMC/ECB days…
Source: Bloomberg
That lifted Swissy to its strongest since the SNB intervention in Jan 2015. 2023 has seen the Swiss Franc’s strongest annual gains against the dollar since 2010…
Source: Bloomberg
2Y yields crashed today, gapping down by 8bps this morning as a wave of safe-haven buying hit multiple asset-classes.
Source: Bloomberg
But the entire curve was lower in yield on the day (down 10-11bps) thanks to a strong 5Y auction also…
Source: Bloomberg
The bond rally today snapped the 30Y yield down to unchanged for 2023 (the rest of the curve is all lower in yield for 2023 already) …
READ FULL ARTICLE HERE… (zerohedge.com)
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