Crypto Crash-Up Continues As Dollar Drops, Oil & NatGas Tumble

Crypto Crash-Up Continues As Dollar Drops, Oil & NatGas Tumble

Hopefully this is a sign of improvement in supply and potentially the end of the horrors in Texas (and more broadly).

NatGas prices tumbled today…

Oil prices also fell, despite a big inventory draw as fears over the shut-ins lasting a long time appeared to abate…

And gasoline prices also slid lower…

As energy prices tumbled, crypto prices surged with Ethereum ripping up near $1950 to new highs…

Source: Bloomberg

And after watching the “Game Stopped” hearings today, this seemed appropriate…

Interestingly, GME shares plunged on the day but spiked as ‘RoaringKitty’ began his testimony…

Overall stocks plunged at the open for the 3rd day in a row, and rallied back somewhat for the 3rd day in a row…Small Caps remain the biggest laggards this week and The Dow is clinging to its gains…

With energy prices tumbling, it is likely no surprise that energy stocks actually dared to have a bad day as Utes outperformed…

Source: Bloomberg

TSLA was unable to make it back to the $800 pin today…

The VIX term structure reached a serious extreme this week and is beginning to reverse a little…

Source: Bloomberg

Despite equity weakness, Treasury yields rose on the day (with significant steepening, 2Y unch, 30Y +3bps).

Source: Bloomberg

But we do note that the high yields of the day failed to take out yesterday’s highs…

Source: Bloomberg

Real yields surged to their highest since Thanksgiving…

Source: Bloomberg

The surge in yields recently has sent sub-zero-yielding debt down over $3.5 trillion… (but it’s still at $14.5 trillion)

Source: Bloomberg

The dollar index traded like a Texas nat gas contract today, dumping, spiking, and dumping intraday…

Source: Bloomberg

Bitcoin was stead around $52,000 record highs…

Source: Bloomberg

Gold tumbled to a 7 month low as lumber futures soared to a record high above $1000…

Source: Bloomberg

Finally, just a little reminder, The Fed’s staff warned that “valuations were elevated” yesterday.

“Elevated”?! What the f**k?

Source: Bloomberg

We are not sure that word means what they think it does!

Tyler Durden
Thu, 02/18/2021 – 16:01

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