Another day, another squeeze to record highs…
This was first time the S&P, Nasdaq, and Dow closed at record highs together since 1999…
On the one-year anniversary of China's big devaluation, PBOC actually strengthened Yuan by the most in 4 months this week…
It appears the 'stability' in Yuan strengthening was the catalyst for some turmoil in markets today (see bonds, JPY), helped by the bullshit from the Saudis (see oil, stocks).
Most of today's gains were pre-open – gapping stocks higher – then flat after EU closed, small drop as NYMEX closed and then late day meltup…
Notably 3 sizable algo-driven dumps today to VWAP as small volume trickled futures higher…
Dragging Dow, S&P , and Nasdaq green for the week…
Another day, another record intraday high for the S&P 500…as VIX was jammed and stocks got out of the twilight zone…
Oil helped…
So did USDJPY…with 102.00 all that mattered for The BoJ!
Retail ripped hgher on the heels of Macy's shutting 100 stores (and beating collapsd expectations)
Treasuries were clubbed like baby seals today with 2Y yields now higher on the week (2Y +2bps) but the curve flatter (2s30s -5bps)…
Today's yuuge spike in yields (2Y +7bps) is the 2nd biggest spike in yields (biggest last Friday on payrolls) since October 2015…
Financials seem to love a flattening yield curve!!??
The USD Index strengthened helped by weakness in cable and Yen… (USD pushed back marginally green post payrolls)
PMs leaked lower from the US Open (as USD strengthened) but Crude was just idiotic…
On the back of a single statement from Saudi Arabia proclaiming absolutely nothing of any real substance, WTI Crude prices spiked almost 5% – the best day in 4 months…
Charts: Bloomberg
via http://ift.tt/2aOVNPm Tyler Durden