Record Highs!!
“F**k Yeah, ‘Murica”
The S&P 500 finally broke above its previously closing record high today…
Happily shrugging off the clump in macro- and micro- data…
Driven a massive re-rating of tech stocks – dramatically more so than the broad market…
All on the back of a central-bank-fueled frenzy…
Convincing the world to ignore risk entirely…
* * *
China extended losses overnight as authorities slowly and quietly begin to reign in excess… (this is the first two-day losing streak for Chinese stocks in over a month)
After a long weekend, European stocks resumed trading and ended mixed with UK’s FTSE higher and Spain and Italy lower…
Small Caps and Nasdaq led the way in the US markets…
But all eyes were on the S&P 500 as it broke above its old record closing high of 2930.75 (09/20/18), well below its record intraday high of 2940.91 (09/21/18)
A nice big short-squeeze provided the ammo to take the S&P to a new record today…
AAPL is up 46% since cutting guidance! makes sense, right?
Notably, Value stocks have dropped to their weakest relative to Growth stocks since the dotcom crisis…
VIX continued to tumble…
While stocks were surging today, bonds were also bid (as vol fell, suggesting relevering in Risk-Parity funds)…
With the short-end notably outrperforming…
Steepening the 2s30s curve…
The Dollar spiked to its highest since June 2017 today…
Bitcoin extended recent gains, above $5600…
But as bitcoin rallied, the rest of the cryptos slipped lower…
Silver suffered the most today as oil prices extended gains…
The Dollar soared today, smashing gold lower this morning ahead of the London Fix…
While gold ended the day lower on the strong dollar, it rebounded notably intraday after this morning’s plunge…
Notably the last couple of days have seen high vol moves in gold vs Yuan that have been reverted to a pin…
WTI extended its surge from yesterday, pushing above $66.50 intraday ahead of tonight’s API data…
Oil’s gains, as silver slumped, has pushed the relative pair up towards the key 5x ratio level…
Finally, we leave you with this…
via ZeroHedge News http://bit.ly/2Zuefkt Tyler Durden