Before we start, there is this...
And the market knows how crap things are as it prices out any rate hikes...
So the incessant bid for stocks (at record valuations) is...
Ok having got that off our chest, we note that VIX was not playing along with the equity meltup for the 2nd day in a row...
But S&P pushed to fresh 11-month highs...
Less than 1% from all-time record highs...
Small Caps outperformed today as stocks bounced out of the European Close...
Nasdaq remains red post-payrolls with The Dow outperforming..
Today was all about Dow 18k once again!
Post-payrolls, Oil and Gold lead and bonds are beating stocks...
Bonds ain't buying it...
FX Carry is not buying it...
Traders are aggressively protecting their gains...
Treasury yields tumbled once more - helped by a strong 10Y auction... (2s30s flattened 3bps today)
With 10Y under 1.70% once again...
And remember, net aggregate positioning is incredibly short bonds... Just as The Fed told them to be...
The US Dollar Index fell for the 5th day of the last 6 to one-month lows...
While CNBC crowed about oil prices surging it was Gold and silver that outperformed today...
With WTI pushing to 11-month highs (according to Bloomberg's continuous contract data)... on the biggest production increase in six months
As Gold and Silver surge near one-month highs...
Charts: Bloomberg