Mnuchin hit the reset button and then asset gatherers spent the day like this...
The Dow topped 20,800 shrugging off any fears from Mnuchin...thanks to a VIX slam...
Total panic bid right athe close to ensure 20,800 and to get the S&P green...
Making the 10th record close in a row - something that has only happened once before in the 100-year-plus history of The Dow...1987
The Value Line Geometric Composite Index has officially broken out...
Dana Lyons explains The Value Line Geometric Composite (VLG), as we have explained many times in these pages, is an unweighted average that tracks the median stock performance among a universe of approximately 1800 stocks. Thus, in our view, it serves as perhaps the best representation of the true state of the U.S. equity market. Additionally, it has historically been very true to technical analysis and charting techniques, which is quite remarkable considering there are no tradeable vehicles based on it. And, as noted, the VLG is testing a monumental level at the moment, going back several decades.
The S&P Tech sector finally had a losing day in Feb...
Ending the record winning streak...
Construction stocks tumble most since June on Trump infrastructure plan timing doubts
Tesla tumbled...
WalMart took a spill late on after Trump raise the border tax again...
As did the rest of the Retail sector...
VIX and VXV have entirely decoupled from stocks...
Does make u wonder if Catalyst Fund has really unwound all of its position?
Mnuchin's comments sparked reflexive buying in bonds and stocks but that soon broke with stocks tumbling to recouple with bond yields drop...
Rates dropped notably on Mnuchin's comments (with the long-end underperforming) - now all lower in yield on the week...
ED/FF Futures indicate that March rate hike odds are tumbling as hawks shift out to May...
The USD Index tumbled on Mnuchin comments - the biggest drop since January. NOTE - no bounce in the USD after Trump brought up the BAT again (and tanked retail stocks)
With Cable and yen strength the biggest driver...
Gold topped $1250 (best day for Gold since December) - erasing most of the Trump losses - and Silver broke above its 200DMA...
Bitcoin reached a new record high in USD terms...
Copper dumped on end of strike chatter and US infrastructure doubts