The Dow managed its ninth green close in a row - its best in 16 years - and obviously closed at all-time new highs. The Trannies were the real winner though as they are now up over 4% in March (considerably outperforming the rest of the major indices), and up 29% since mid-November (a 120% annualized return) with no more than a 2.5% retracement in that period. Four stocks dominated TRAN today JB Hunt, Alaska Air, CH Robinson, and Ryder accounting for half the index's gains. Volume was its lowest of the year (ex President's Day). Average trade size was low. On the week, financials and energy are the underperformers. Treasury yields spiked on retail sales, dropped on the auction and go out very modestly higher on the day but not confirming the equity exuberance again. FX markets also pointed to a less sanguine view of the world as the USD rallied and EURJPY (carry) provided little support. VIX held up for most of the day but collapsed into the close back under 12%. Commodities gave back earlier (weaker USD) gains to close at the lows of the day.
The Dow versus Volume - all that matters...
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as The Transports run away with it again...
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and the S&P 500 remains in its tight uptrend (also with dismal volume)... it appears the trend is your friend - of course, until the market gaps down 5% and CNBC runs a 'panic' show...
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Protection was relatively bid all day until the last few minutes when VIX was smashed back under 12% more in line with stocks...
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Bang Dat VIX Close...
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FX Markets swung notably longer the USD today starting at around 4amET - Italian auction...
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Charts: Bloomberg and Capital Context