Dow 20,000 teases everyone ahead of The Fed...
http://www.youtube.com/watch?v=FsqJFIJ5lLs
Trannies and Small Caps underperformed as The Dow pushed on once again to new record highs (Nasdaq best on the day)
Stocks were spooked in the last few minutes as The ECB denied Monte Paschi's capital plan...
While The Dow failed to make 20k today, we note it is up over 2000 points from the pre-Trump lows...
With Goldman accounting for over 20% of all those gains...
Financials remain lower on the week but Tech was the winner today...and Energy rebounded despite oil unch
But today saw a replay of last week's chaos with VIX and Stocks perfectly correlated (as opposed to perfecvtly anti-correlated norms)...
Here is last week...
And today...
It appears the negative gamma is strong this week.
The Dow has now been overbought for 23 days in a row...at the most overbought in 20 years...
The Dollar index was unchanged by the close, hovering around 101.00...
Treasuries were mixed today with the long-end modestly outperforming (lower in yields) as the rest of the curve leaked higher in yields...
Interestingly copper continued to slide today, gold and silver remain unch along with crude...
So - just as a note to self - stocks are surging on Trumpflation hype but the long-bond, copper, and the yield curve are flattening in deflationary signals?
Inflation market expectations have gone nowhere as stocks have continued to rip...