Investors piled into stocks today after the biggest global cyberattack in history struck over 100 nations, Chinese economic data disappointed and fell, America faces a "constitutional crisis" if the media is to be believed, and US economic data dumped… Only one clip is needed…
So Chinese data dumped, European data disappointed, and US data was dismal… sending the global macro surprise index to its lowest since November…
All major stock indices closed green…the entire day's gains were in the overnight as stock went nowhere from the opening gap…
With Energy and Financials best (though the former rolled over hard as oil did)…
Interestingly VIX was up early, but as the S&P desperately clung to 2,400, VIX was clubbed back lower…
S&P closed above 2,400 for the first time ever, as closed below 11 for the 16th day in a row
Yet another new record streak…
The last time the US equity market had a longer stretch of calmness was February 1969.
Of course oil was the big news of the day as WTI managed a mere 2% surge on the back of chatter of a Russia/Saudi agreement to extend the production cuts… by the end of the day, sellers were back as the machines ran the stops… RBOB closed back below 1.60 and WTI never made it to $50…
And that helped provide cover for desperate stock buyers…
The Dollar Index extended its losses after CPI missed on Friday…
Treasury yields rose modestly on the day with 30Y back marginally above 3.00%
Silver is now up 4 days in a row (after falling for 16 straight) and gold is also up 4 in a row – back above its 100dma..
Silver has outperformed gold for the last few days…
via http://ift.tt/2qKFHwe Tyler Durden