MM 26 February 2021

 Quotes 

Bearish flags

Head & Shoulder?

Megaphone chart?

Bubble Chart?

Markets & Macro news

10y yields and yield curve rising fast

Higher yield = lower bond prices, so far following a normal pattern

However, TLT is heavily sold

And dividend yield now at par with 10y

The most vulnerable stocks are the long duration growth tech stocks

Which is why this could mark the top of the Nasdaq decade long bull market

Higher yield = higher vol

Bitcoin profit taking as liquidity call run high, but within a long range

Rising bond vol = rising equity vol

Rising vol = rising correlation

Also interesting to note that excluding ETFs, there are more stocks in the US market that at the beginning of the decade: more supply

Indeed, inflation is around the corner

Tail risk

Yield differential could trigger appetite for USD

Themes, Sectors & Corporate news

At least one sector likes rising yields

Gold value declines as negative yield pie shrinks

IATA says recovery in travel will be slower than expected. Will happen but delayed due to recent sluggish start and continued lock down restrictions

Dr Copper back to all time high

Commodities: cyclical mood

Computing's steady march ahead

Baby bust goes global

All but 5 stocks in the Nasdaq 100 not down yesterday

AARK portfolio getting hammered. Post Covid area starts