Two phrases – F**king NVDA – sum up as we speak because the AI large accelerated on the again of a gamma-squeeze…
Supply: SpotGamma
…which created these positive aspects…
And now we’re up 4500% in sooner or later.
Hey @garygensler, perhaps when you emerge from underneath Senator Karen’s skirt, you may fake to do your job. https://t.co/fuYk6xWcZx pic.twitter.com/XdNHKutx8l
— zerohedge (@zerohedge) May 28, 2024
…to inside $100 Billion of AAPL’s market cap…
Supply: Bloomberg
…that’s an addition of virtually $500 billion since earnings final week.
And as NVDA soared…
Supply: Bloomberg
…the main indices tumbled from Friday’s money market shut. The Dow is the most important loser, adopted by Small Caps. Nasdaq tried desperately to carry on to a inexperienced shut whereas the S&P pale. The ever-present final minute ramp made issues look somewhat higher on the day…
NOTE – yesterday – whereas money markets had been closed, the algos appeared to overlook and panic-bid futs into the early shut.
“What I believe this units up for within the medium- to long-term is a price-action that appears extra like both a grinding transfer greater but additionally one too the place we’ve precise situations to crash-down,” says Nomura’s Charlie McElligott. He notes that traders’ lengthy publicity has been rebuild to such a level that it’s creating precise draw back hedge demand.
With US elections additionally coming into their scorching part quickly, it’s value noting that VIX futures are already reacting with some sensitivity and moderately early to this subject.
NVDA was not the one factor rising as we speak although – oil costs surged again above $80 (WTI), Gold jumped again above $2360, Bitcoin spiked again above $70,500 in a single day (earlier than fading on Mt.Gox strikes), the greenback ripped greater, and US Treasury yields soared after two auctions and a few stronger than anticipated macro information (residence costs at file highs and convention board confidence, and inflation expectations, rising).
We do word two issues – Dallas Fed Manufacturing tumbled as we speak greater than anticipated and whereas the headline confidence information picked up at The Convention Board, the bottom earnings cohort noticed confidence plunged to pandemic lows…
Supply: Bloomberg
Treasury yields had been up throughout the board with the long-end underperforming. Promoting was fairly fixed from the US money fairness open…
Supply: Bloomberg
That steepened the yield curve considerably…
Supply: Bloomberg
Curiously (given the steepening and short-end outperformance), rate-cut expectations (hawkishly) fell considerably on the day…
Supply: Bloomberg
The greenback adopted yields greater…
Supply: Bloomberg
Gold managed to carry positive aspects regardless of the greenback power…
Supply: Bloomberg
After 10 straight days of web ETF inflows, Bitcoin prolonged positive aspects in a single day, again above $70,000. Nevertheless, strikes in Mt.Gox-related wallets prompted promoting in anticipation of promoting strain to come back…
Supply: Bloomberg
Oil costs soared again above $80 (WTI)…
Supply: Bloomberg
Lastly, that is most likely nothing…
Supply: Bloomberg
…as a result of it is completely different this time.
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