Despite a slump in consumer confidence, stocks just keep on chugging higher...
Another Day, Another Record High - S&P up 8 days in a row (longest win streak in 4 years) and 6 record highs in a row (longest streak since 1997) and today was the best day in a month...
VIX traded as low as 9.13 today...
The S&P 500 is now within 50 points of Goldman Sachs' year-end-target... for 2019!
Nasdaq led today (thanks to NFLX) with Trannies lagging... but from 1230ET markets were deadstick ahead of tomorrow's NFP...
Netflix raises prices and the stock soars to record highs...
Dragging FANGs back near July's record highs...
UPS and FDX woke up to AMZN headlines but that was just what the BTFDers wanted...
Exactly as we said it would: "Not surprisingly, FedEx and UPS investors were not thrilled with the encroachment on their business...though we're sure they'll ditch their ephemeral bout of depression and push the stocks to brand new highs by the afternoon. Just another opportunity to BTFD."
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Notably "high-tax" companies are now significantly underperforming the market since Trump's Tax Plan was unveiled...
While Small Caps continue to be bid... someone is loading up on protection...
Treasury yields closed higher on the day but remains in a very narrow range this week...
The Dollar Index soared today (up most since January to its highest since July), starting early thanks to cable weakness (Theresa May mutiny) and extending on strong US data...
Seems pretty clear who is really running the show with the dollar?
Or maybe it's this?
Gold was lower on the day as copper and crude bounced at 8amET...
Gold broke below its 100DMA as WTI manage to be rescued off the crucial $50 level...
Finally, sine Janet Yellen's first warning in July 2014: "Equity market valuations appear stretched"
- S&P +29%
- Nasdaq +53%
- DOW +33%