The re-awakening of "Blue Wave" risk...

(Click on image to enlarge)

Source: Bloomberg

...along with escalating pandemic-related lockdowns/restrictions (worse than expected vaccination roll-out and hospitalization panic-mongering like we saw in 2018 due to the flu) sparked the worst start to a year for the S&P since 2001...

10 Interesting Facts About Earth's Oceans

(Click on image to enlarge)

The entire market was hit with a selling wave at the cash open after some hopeful buying overnight. NOTE, the markets all moved together largely...

(Click on image to enlarge)

All sectors were lower led by Utilities (oddly) and Energy stocks led (lost the least)...

(Click on image to enlarge)

Source: Bloomberg

But, don't panic... as the Robinhood'rs will be back tomorrow...

As @dougboneparth noted, summing up the markets perfectly:

"After watching a teenager on TikTok call their $600 stimulus check a 'stimmy' and recommend three stocks that will turn it into $13,000, I've decided to go deaf and blind."

VIX surged higher today...

(Click on image to enlarge)

... with the short-end now inverted as expectations around tomorrow's GA Runoff vote leave traders looking to hedge uncertainty...

(Click on image to enlarge)

Source: Bloomberg

Treasury yields were wildly unchanged today...

(Click on image to enlarge)

Source: Bloomberg

But real yields collapsed to record lows (suggesting support for higher gold)...

(Click on image to enlarge)

Source: Bloomberg

As Breakevens surged (10Y above 2%)...

(Click on image to enlarge)

Source: Bloomberg

The dollar managed to scramble modestly higher today, bouncing off the 2018 lows critical support...

(Click on image to enlarge)

Source: Bloomberg

While the dollar ended flat, it was the Chinese Yuan that made headlines overnight, surging to its strongest against the dollar since June 2018 and at a critical level that has prompted volatility-inducing devaluations in the past...

(Click on image to enlarge)

Source: Bloomberg

Cryptos are up huge since the pre-new-year close - even with the overnight crash - with Ethereum leading...

(Click on image to enlarge)

Source: Bloomberg

With Bitcoin surging back from a $27k handle to back above $31k...

(Click on image to enlarge)

Source: Bloomberg

#Bitcoin went straight from $9,600 to $29,600 after this moment pic.twitter.com/bkI0KitKKA

— Documenting Bitcoin 📄 (@DocumentBitcoin) January 1, 2021

(Click on image to enlarge)

Source: Bloomberg

And Ethereum holding above $1000 after crashing back below $900 overnight...

(Click on image to enlarge)

Source: Bloomberg

ETH's recent surge has erased all of BTC's relative outperformance since Thanksgiving...

(Click on image to enlarge)

Source: Bloomberg

As Morgan Stanley noted, with The Fed clearly depressing yields, Bitcoin is the only remaining true indicator of future inflation... and in fact, the move in Bitcoin suggests markets are starting to think this adjustment may not be so gradual or orderly.

Gold also surged higher today, back above $1900 to its highest since the vaccine-headline collapse day in November (this is the biggest daily gains for gold since the election/Fed in November)...

(Click on image to enlarge)

Oil took out Mid0-December high stops overnight then was pummeled lower amid Russia/OPEC+ comments...

(Click on image to enlarge)

Finally, with gold up and oil down, the signal was not a good one for global growth/recovery...

(Click on image to enlarge)

Source: Bloomberg

We give the last word to Carl Icahn:

“In my day I’ve seen a lot of wild rallies with a lot of mispriced stocks, but there is one thing they all have in common. Eventually, they hit a wall and go into a major painful correction. Nobody can predict when it will happen, but when that does happen, look out below,” ominously adding that "another thing they have in common is it’s always said, it’s different this time. But it never turns out to be the truth."

(Click on image to enlarge)