S&P

The timing of Bloomberg's Richard Breslow left something to be desired: just hours after he urged traders not to assume that "each event will end badly", the market quickly did just that, breaking virtually every "reflation support line" and then as a cherry on top, Donald Trump flipped on half a year of market narratives, and may have put a final nail in the reflation trade coffin, sending the S&P below the 50DMA for the first time since the election.

Submitted by Nick Colas of Convergex

ETFs And The Pricing Of Disruptive Innovation

While US stocks were relatively stable last week (amid death-feying BTFD rips), investors are paying the most for equity protection since before the U.S. presidential election in November.

 As Bloomberg reporets, Credit Suisse's Fear Barometer, which measures the cost of bearish to bullish three-month options on the S&P 500 Index, has climbed for six straight days, its longest streak since August.

With Morgan Stanley's Adam Parker having left the investment bank to continue his career at Eminence Capital, it was up to his replacement, Michael Wilson to come up with the Initiation of coverage report for the "Classic Late Cycle." So, in keeping a stiff upper lip, and breaking away from the gloom that appears to have recently gripped his colleagues over at Goldman Sachs, Wilson had no choice but to keep a stiff upper lip and keep the Punch Bowl full (to paraphrase Bill Dudley's famous March 30 speech).

On the surface, and in equities, it was a painfully boring day.

Stocks tumbled overnight after yesterday's Syrian airstrikes, then as it emerged that the conflict will likely be contained, futures ground higher and not even the worst jobs report in nearly a year managed to put a damper on today's rebound, as the narrative shifted to the drop in the unemployment rate, which dropped to 4.5% on the back of a 400K+ increase in employment according to the BLS' Household Survey.