For nine straight days, the buy-the-f##king-dip crowd has been ubiquitous. Day after day the 'checkmark' pattern has confirmed what JPMorgan detailed about retail ETF-flow-driven buying panics into the end of day liquidity.
A double-whammy of bullish news hit WTI crude futures shortly after 1300ET today sending prices soaring. First, The White House denied earlier rumors on changes to the ethanol mandate; and then Reuters confirmed OPEC production cut compliance steady at 94%.
One month ago, a media frenzy broke out after the WaPo reported of mass voluntary resignations at the State Department, to protest the arrival of Rex Tillerson. Shortly after, it was revealed that not only was it not a "mass resignation" (there were only four high level resignation) but it was all procedural, meant to streamline the transition from one administration to the next.
While US equity markets drift endlessly higher on sea of Trumptopian euphoria (and retail ETF ramps), European equity investors have hit the panic button this week.
In the last week, investors have been piling into European VIX futures - hedging for a potential catastrophic end to the market calm ahead of French and Dutch elections.
Historically, European 'VIX' has traded around 20% higher than US 'VIX' over the last 8 years. The current spike to an 80% premium is unprecedented.