We are 30 minutes into the day session. Do you know where your sanity is? Silver and Oil (over $102) are up 3.5% from last week's close, Copper and Gold up 1.5-2% and the USD down 0.7%. The USD weakness, along with Treasury selling, is enough to juice stocks up nicely as they catch up to yesterday's European extravaganza. European sovereigns are giving back a lot of their gains from yesterday so far but ECB buying chatter is supporting BTPs at the moment. US financials are up 2.8% as the Treasury-Stock disconnect of last week converges rapidly.
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Oil is nearing its mid-Nov and mid-Dec highs - which would take it back to six-month highs as Gold inches ever closer to $1600 once again (hitting $1598 intrday this morning).
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The disconnect from 'normality' that we occurred late last week (the orange oval indicates the typical correlated relationship) between stocks and bonds has converged considerably this morning already as Treasuries sell-off to equity's ebullience. Stocks and the USD are linked at the hip once again - after some disconnect into the close of the new year. Arguably stocks remain a little over-exuberant relative to broad risk assets here - especially as Spanish spreads (among others) are well off their best levels of the day.
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Charts: Bloomberg