Dec. 22 at 11:03 PM
PickAlpha Mid-Day:
Global equities extended the year-end run – a world stock index hit a fresh record close Monday, and S&P 500 momentum erased December losses as megacaps (Tesla, Nvidia) led. Treasuries sold off modestly (2Y +~2 bps; 10Y ~4.2%), while the dollar dipped and oil/gold rallied – WTI was up >2% on Venezuela blockade headlines.
Tickers:
$SPY $USO
Here’s what matters: This tape is Santa-rally positioning led by megacap tech – that’s the variable being priced. If tech stays bid, equities can keep grinding higher even with yields leaking up. If oil keeps jumping or rates re-accelerate, the rally gets fragile fast because the “easy-cuts” cushion disappears.