Big-Tech & Bitcoin Buying-Panic After Bessent Bullishness & Black Gold Breakdown Trump Bad Breadth
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Tl;dr: The 'broadening out' trade is dead, it is no more, it has ceased to be. Conjuring Monty Python is particularly poignant today as Nasdaq ripped higher at the cash open (tech-led dragging S&P up as Dow and Small Caps were sold out of the gate but ended green still) with 'vol up, spot up' exuberance as oil prices plunged (no immediate escalations and diplomatic optimism over Trump-Xi meeting). Lower oil dragged down yields (10Y < 5%). Dollar up, gold down... and bitcoin to the f**king moon!
Will Trump spoil Bessent's best-laid plans? Or will 'Leopold' Jenkins blow up spectacularly again?
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