New 52-week highs reached 2-month highs (and lows at 1-month lows) as stocks ruged to new record-er highs once again today. Aided by AAPL, the NASDAQ outperformed but the ridiculousness was not limited as TWTR continues its exponential rise (up over 59% in the last 2 weeks). Today's range was small in stocks (except for a strange – likely rebalancing related – 6% rise in the Russell at the open) and volume barely above the lowest of the year. Bonds sold off modestly with 7s and 10s worse at +3.5bps following ths morning's un-fat-finger idiocy in Treasury Futures markets. VIX was banged lower (with a late flourish) to 1-month lows. The USD slipped modestly lower on the day but rallied from the US open but correlations to JPY crossesd were not great for stocks once again. Commodities were quiet with Silver up and gold down (back under $1200).
Russell's open confused a lot of people…
But The Taper continues to be great news for US equities….
As TWTR just goes bull retard…
Bonds "broke" higher in price (lower in yield) overnight but sold off from that point on (as the 2s10s30s butterfly supported stocks today).
Commodities were relatively flat… (week after POMO started)
Oh – and we heard numerous times today how the market is now priced on fundamentals as the Fed starts to Taper… hhmm seems like the "market" is still "correlated" to the flow of liquidity and JPY crosses when it wants to be…
And finally – the credit market's melt-up as once again it proved "too" anxious and explodes to new cycle lows as hedges are lifted…
Charts: Bloomberg
Bonus Chart: Will The Nikkei overtake the Dow once again tonight…?
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/fSLo-JwthJA/story01.htm Tyler Durden