Bitcoin & Black Gold Soared In Q1, Treasuries Suffer Biggest Loss In Over 40 Years For the fourth straight quarter, US stocks dramatically outperformed Treasuries... Source: Bloomberg S&P gained over 6% as Treasury's total return fell over 4%... Source: Bloomberg And despite all of JPM's wailing of massive rebalance flows, Small Caps and Big-Tech have soared this week (as bonds were dumped)... Trannies were the best-performing major index in the US in Q1 (up 17%), followed by Small Caps (+12%). The last couple of days melt-up in big-tech dragged then positive for the quarter (Nasdaq 100 +2%)... Source: Bloomberg This is the 4th straight quarterly gain for US stocks in a row. Cyclicals (up for the 4th straight quarter) dominated Defensives (up 10% vs 3.5% in Q1)... Source: Bloomberg Value stocks (+10% - 4th straight quarterly gain) dramatically decoupled (higher) from growth stocks (+2.4%) from Mid-Feb... Source: Bloomberg Energy stocks soared 30% in Q1 (after rising 26% in Q4) and Tech underwhelmed (but was still higher in Q1... Source: Bloomberg The "Most Shorted" stocks in the US markets soared a stunning 33% in Q1 leaving hedge funds scrambling (after the GME debacle) for a modest 3.6% gain in their most-owned stocks... Source: Bloomberg HY Bond prices ended Q1 lower - the first quarterly loss since Q1 2020's crash... Source: Bloomberg The entire Treasury complex was sold in Q1 but the long-end was an utter bloodbath with 10Y yields up 80bps!! Source: Bloomberg Treasury's Total Return in Q1 was worst since Q3 1980. Source: Bloomberg 5Y Yields have soared recently and hover now at the 2016 spike lows... Source: Bloomberg After 3 straight quarterly losses, the dollar surged in Q1 to its highest since early November... Source: Bloomberg Gold's worst quarter since Q4 2016 (and worst Q1 since 1982) as the precious metal plunged from almost $1960 at its early January highs to almost $1675 at its lows this week... Source: Bloomberg Gold surged back above $1700 today though ahead of Biden's infrastructure bill announcement... Source: Bloomberg Oil surged over 25% in Q1, its best quarter since Q2 2020... Source: Bloomberg But we note that WTI tumbled back below $60 this afternoon as Macron unveiled a new 4-week long total national lockdown in France (ahead of tomorrow's OPEC+ meeting)... Cryptos all soared in Q1 with Bitcoin surging over 100% in Q1 - its 4th quarterly gain in a row; and Ethereum exploding 150% in Q1 - its best quarter on record... Source: Bloomberg Bitcoin flash-crashed $3,000 overnight but buyers bid it all the way back up during the day session... Source: Bloomberg Finally, we note that global aggregate central bank balance sheets went absolutely nowhere in Q1, hardly supportive of 'stonks' and perhaps why Nasdaq also went absolutely nowhere. Source: Bloomberg Get back to work Mr.Powell. Tyler Durden Wed, 03/31/2021 - 16:00