Productivity decline most since 1993? ... no Problem - Buy the Fucking Bankrupt Bank dip...
The day started off with Italian authorities telling BMPS to prepare for a state bailout, which enabled this total farce...
SPOT THE ODD ONE OUT!
Once Europe closed, Small Caps continued to explode higher again...To Record Highs
Extremely heavy volume today...
The Dow also saw its 11th record high close since Trump today... Goldman Sachs and JPMorgan account for 36% of the gains in The Dow from 11/4 lows (480 of 1320 points)
Biggest short-squeeze since the day after the election...Does that look human or normal to you?
Before we leave this topic of utter insanity in Small Caps here are 2 more charts and a table
Cost of Funding no longer matters for Small Cap stocks...
Nor does valuation...
On any basis...
h/t@HayekAndKeynes
Ok - having got that off our chest.
VIX was very chaotic today, smashed down to an 11 handle early on...
Breadth remains anything but supportive...
The divergence between The Dow and S&P narrowed a smidge today but correlation dropped to 6 year lows...
Which was followed by a significant broad market decline the last two times...
And the driver or much of that huge Dow outperformance is Goldman Sachs - which is entirely decoupled from its credit market...
Boeing ended almost unch after Trump's early tweet...
Bonds went nowhere today (with the long-end very modestly underperforming)...
Decoupled from stocks...
The USD Index limped higher on the day (but remains lower from Friday) as majors were broadly bid...
WTI Crude stumbled lower for the first time since the OPEC deal... "head and shoulders"?
Gold closed down again...
Post-Trump, markets have ...cough... diverged...
Finally... it's been quite a year for stocks...