The only explanation for today is, like the polio vaccine that Russia invented back in the 50s when no one believed them and shit on it initially, people low key believe Putin and that his daughter has been irrevocably inoculated from the horrors of COVID-19 and its 0.4% kill rate.
Here is the logic.
Markets love crack. The only reason we are smoking it now is because of lockdown. Once the lockdown ends, FAIRYLAND no longer exists and reality seeps thru the facade. Behind the facade of furloughs and temporary lay offs is monstrous ugliness. Once that is exposed, Apple will drop 40%.
Once the stimulus ends, markets crack like an egg.
As such, RATES SOARED today, with the 10yr up 8bps. That should not have happened with the Nasdaq lower by 190. Both gold and silver diving like this also speaks to no more Fed printing.
I mean, silver was down 14%. Pay attention to the details.
I cleared out my accounts today and am all short, with 80% cash.If you enjoy the content at iBankCoin, please follow us on Twitter