They're giving it all they've got!! Bob Pisani said that Dow 20,000 was "inevitable.. we'll do it at tomorrow's open"...
They did their best - breaking the market and slamming VIX three times - but just couldn't make it... Record Highs though still (13 points shy of 20k)
Futures broke out of their range overnight and led the charge...
Once again the "Most Shorted" stocks were ramped in the first hour of the day...
But be careful what you wish for - Is Dow 20k the new Nikkei 40k?
Close but no cigar...
In case it's not completely evident, here are a couple fun facts...
- The Dow has not had 2 down days in a row for 8 weeks
- The biggest 'dip' since Trump's victory has been 1.09%
- The Dow is up 7 weeks in a row - the longest streak since Dec 2014
Dow 10 and 15k saw the market oscillate around that level for 6-12 months...
And who is responsible for this panic-buying... Simple - Goldman Sachs...
In fact just 6 stocks account for 50% of the gains - GS, UNH, JPM, BA, TRV, & HD.
Since Brexit, banks are the big winners...
We also note that Russell 2000 (dividend yield) is no longer cheap to its corporate bond market...
The correlation between the Dow and S&P has dropped near its lowest in 15 years...
Trannies and Small Caps are leading the week...
The S&P 500 managed to scramble back to unchanged post-Fed but bonds and bullion remain weak along with dollar strength...
Treasury yields rose on the day (though the short-end outperformed) but the entire curve remains lower since Friday close...
The Dollar Index managed to take out cycle highs (back to 14 year highs) before fading back...
Cable is the week's biggest loser of the majors as Yuan strengthens...
Gold (and SIlver) was slammed overnight but silver managed to get back to unch...
Copper remains worst on the week (and crude managed to hold gains)
Finally, it seems all the hope has been puked into stocks and yet economic growth expectations remain near cycle lows...