“Don’t worry, be happy”…
While stocks soared to new record highs, the dollar was completely unexcited and bonds ended the day unchanged…
Spot the odd one out…
US Equity futures show the immediate selling pressure at Sunday’s open (the shutdown occurred after the close Friday)… a panic bid at the US cash open… and then another leg higher on the actual Senate vote… and the ubiquitous melt-up into the close…
But record highs for all four major US equity indices by the close… (Nasdaq was the day’s big performer despite AAPL weakness)
As AAPL slid, so FANGs were bid (ahead of NFLX earnings tonight)
High yield bonds underperformed once again again…
Treasury yields ended the day broadly unchanged with the long-end very modestly bid (30Y -1bps)…
This left the yield curve modestly flatter on the day once again…
Treasuries are now the most oversold in 13 months…
The Dollar Index just refused to hold on to any gains once again today… mounting a brief algo ramp on the Senate vote only to fade back into the red…
Copper, Crude, and Gold managed gains on the day as silver slipped…
Cryptos had another ugly day… with Ripple down 20% from Friday’s close…
With Bitcoin below $11k and Ethereum below $1000…
Finally we note that Jeff Gundlach’s favorite 10Y yield indicator is very close to recoupling…
Bonus Chart: 2Y Treasuries now yield 27bps more than the S&P 500…the most in 10 years…
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