Pukefest!

As Elon Musk made yet more headlines today – by doing nothing today apart from tweeting this…

The extreme antibody reaction from those who fear free speech says it all

— Elon Musk (@elonmusk) April 26, 2022

It appears someone decided he needed to be punished for daring to preserve free speech (oh the horror!) as TSLA shares tumbled over 11% today, raising questions from many on who was behind this move…

As Trey Henninger (@TreyHenninger) detailed, “If $TSLA stock hits $570, Elon Musk will be margin called on his Twitter purchase loan. If that occurs, he’ll have two business days to either pay the entire $12.5 billion margin loan, post $3.57 billion USD in CASH, or sell his $TSLAQ collateral shares. So, Soros has to short TSLA to 570 to kill the deal.”

TSLA’s tumble weighed heavily (given its weighting) on the major indices, with Nasdaq clubbed like a baby seal today, back below March’s lows (down 3.5% today)…Nasdaq’s worst day since Sept 2020

Erasing all of yesterday’s gains and then some…

The Nasdaq and Small Caps are now back below the March lows…

Source: Bloomberg

FANG+ stocks puked to their lowest since September 2020…

Source: Bloomberg

“Most Shorted” Stocks have erased all of the late-March gains and then some are now testing the spike lows from the day Putin invaded Ukraine…

Source: Bloomberg

It appears stocks are starting to converge down to the extreme hawkishness priced in to STIRs…

Source: Bloomberg

“Better get a bucket…”

But it wasn’t just stocks as Bitcoin was monkeyhammered back below $40k and below yesterday’s lows…

Source: Bloomberg

Gold fell back below $1900 today…

But Bonds & Black Gold were bid amid all the chaos.

Treasuries were bid across the curve today, led by the short-end (2Y-9bps, 30Y -3bps). Notice the pattern was similar today to yuesterday but lower magnitude on the post-EU close selloff…

Source: Bloomberg

WTI traded up, back above $100…

And the dollar just refuses to weaken…

Source: Bloomberg

Now surging to its highest against its fiat peers since May 2020…

Source: Bloomberg

Finally, will Alphabet or Microsoft’s earnings spark a squeeze into the 5/4 FOMC/Russia-Default-Deadline?

Source: Bloomberg

As Put volumes soar, stoking the fuel for a squeeze…

Source: Bloomberg

Or does The Fed need a crash to justify jawboning the extreme hawkishness back from the cliff’s edge?

The following is a big deal that few are paying attention to – the credit market is cracking…

Source: Bloomberg

(for now)…

JPMorgan Struggling to Offload Carvana Debt Even at 10.5% Yield: BBG

Finally the credit market is freezing up – rejoice for it means BRRRR is not far behind

— zerohedge (@zerohedge) April 26, 2022