Remember this…
Volume was dismal as most of the world celebrated May Day…Lowest volume of 2017 (and 40% below 2016's May Day volume)
The meltup in the biggest tech stocks continues, driving Nasdaq above 6,100 to record highs as The Dow sinks…ugly close for Dow and S&P… Dow closed -26pts (AAPL created +23pts today)
Just remember, it's different this time…
It's fun-durr-mentals…
Oh and AAPL earnings will help, right?
Since Trump spoke to Congress, The Nasdaq is the only major US index in the green as it has melted up in recent days…
And what sent Nasdaq soaring to 6,100 today? Simple – the death of risk…
As VIX crashed to its lowest intraday since Feb 2007…
Banks were briefly battered by Trump's comments on breaking them up, but dip-buyers scrambled quickly…though failed to hold into the close
Treasury yields were all higher on the day, despite Friday's terrible GDP data and today's dismal spending and PMI/ISM data… (and steepened notably)
30Y Yields rallied back to 3.00% by the close…
Oh – and as a reminder of just how bad it is…this morning's data, it has collapsed to the lowest level since Oct 2016.
The USD Index ended the day unchanged with AUD strength offsetting JPY and GDP weakness
WTI and RBOB tumbled further today…
Gold was hammered shortly after the London Fix (which did not occur because London is closed today)…
Gold broke below its 200DMA but perhaps more notable is Gold's outperformance of silver to unwind all loses since Brexit…
via http://ift.tt/2poNgqu Tyler Durden