Yuan devalues to lowest since 2011, US Services economy plunges, bonds rally, and USD drops... so why not extend yesterday's manic stock gains...
The short squeeze continues - "Most Shorted" stocks biggest rise in 2 months...
On no volume on no volume once again... (lower panel shows relative volume)...
The Dow outperformed on the day and Small Caps lagged (unusual for a squeeze)...
Pushing The Dow green for May...
And Small Caps green for 2016...
VIX punched to a 13 handle...
Apple is up 4 days in a row for the first time since September - nearing its 100DMA - desperate to fill the earnings gap...
Stocks are lifting in what can only be called a perfect straight line... not exactly human-like move...
Treasury yields ended the day unchanged across the entire curve (apart from a sudden 2bps puke higher in 30Y shortly after the 5Y auction) - very odd...
The USD Index broke its 8-day winning streak (after last night's China devaluation) - note cable rallied once again on more Brexit polls...
The weaker dollar sparked strength in copper and crude but gold slipped lower despite Silver strength...
It appears gold and oil have roundtripped back to 'normal'...
Notably Oil VIX has spiked lower - seemingly erasing all the cover that created the squeeze...
Oil algos were just unable to get the front-month to $50 today - buying DOE Dip with full abandon... to Nov 2015 highs...
But we note that while everyone celebrates the recent rally, the curve has actually flattened notably since Nov 2015...
Charts: Bloomberg