Seriously…
Thanks to The White House saying something de minimus about Tax Reform progress (and a little help from Boeing after Trump's warmongery), Nasdaq was the day's best-performer as The Dow had its best day in 4 months…
Futures show the driver of the actions…
Bonds & Bullion were sold post-tax-headline as stocks surged…
Most-Shorted stocks surged/squeezed to their best day in a month (after 5 straight down days)…
VIX was smashed down below 12 at the open amid Trump Tax chatter…
The S&P ramped all the way to the 50DMA (having bounced perfectly off the 100DMA yesterday)…
This week's bounce has an odd sense of deja vu all over again…
S&P VIX dropped back to 5-day lows but Nasdaq and Russell vol remains elevated…
S&P traders are actively hedging with Put/Call Open Interest Ratio at its highest since July 2015…
And ironically, there has never been more money bet on volatility dropping (SVXY AUM at record high $1.3 billion)
FANG Stocks had their best day in over a month…
Treasury yields rose 2-3bps across the curve today with 7Y underperforming…
30Y Yield hs now traded in a 3bps range for the last 3 days…
Meanwhile, debt ceiling concerns remain high in the T-Bill market….
The Dollar Index rallied today after Trump Tax headlines…
Cable was weakest and Yuan modestly stronger against the greenback on the week…
And the 2016 analog is at an inflection point…
Industrial metals had a bad day after days of surging…
Crude pared earlier gains after Libya announced security forces reopened a valve that had been closed on the pipeline linking Libya’s Sharara oil field, the nation’s largest according to Petroleum Guard. Tonight's API data will likely drive the next few hours…
Gold was down on the day, not helped by a stronger dollar, with some notable vol around the Tax headlines…
And finally this 1987 analog is really starting to get spooky…
via http://ift.tt/2x9Zi97 Tyler Durden