Another day, another ‘dead-bat-bounce’ on absolutely nothing…

Makes you wonder eh?

China’s cash markets reopened and collapsed as expected…

Source: Bloomberg

European markets were all higher, thanks to a lurch upwards at the US open…

Source: Bloomberg

US markets ramped overnight, ramped more at the open, dipped on CDC headlines, then rebounded after Europe closed…

Big short-squeeze at the open today…

Source: Bloomberg

S&P futs were glued around the 3254 level – the gamma flip

Momentum and Value continue to diverge year-to-date – rather stunningly serially…

Source: Bloomberg

TSLA went full-retard…surging over 20% today!…

…and up 80% YTD…

Source: Bloomberg

Credit markets refused to play along with the equity bounce today…

Source: Bloomberg

Treasury yields tumbled intraday after rising overnight…

Source: Bloomberg

With 30Y back below 2.00%…

Source: Bloomberg

The yield curve briefly uninverted but pushed back into inversion as the US day session wore on…

Source: Bloomberg

And at the short-end, the market is now pricing in at least 2 rate cuts in 2020… (there is now a 75% chance of a rate-cut in June, up from 8% on 1/20)

Source: Bloomberg