Despite a 10% collapse in CSCO (which apparently is not a bellwhether anymore at all) – notching a mere 18 points off the Dow, Yellen's confirmation of everything we thought we knew (and bad macro data) was enough to send the S&P and Dow to new all-time highs. Treasuries rallied 2bps (5-8bps on the week) and gold lifted back to unchanged on the week. VIX limped lower. On the day, the USD closed higher (thanks to JPY weakness supporting stocks) but was lower from early highs. Credit markets rallied very modestly but remain hugely divergent in this supposed QEeen-fueled surge. And on it goes…
Stocks are unstoppable… credit not so much…
The Dow, Nasdaq totally ignored CSCO – so old school – and roared again…
Some context off the debt-ceiling lows…
and across the sectors…
Gold lurched begrudgingly today – back to unchanged on the week…
as Treasuries rallied (10Y back to 2.69%)
Before everyone gets too excited – we have seen this rampacious levitation 4 times this year now and each time it reached this pace – we turned lower…
You think this is funny… does it amuse you?
Charts: Bloomberg
Bonus Chart: It all makes sense somewhere…
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/cw33tsj9-Mw/story01.htm Tyler Durden