Appropriately enough, the S&P 500 closed at its all-time high closing price today on pretty much the lowest volume day of the year. Q1 ends with the Dow up 11.25% (on ever-decreasing volume) and the Long Bond down 2% (but don't expect a rotation as it was down 3.75% in Q1 2012). Gold and Silver down 3.6 and 6.4% respectively (as physical demand has surged) while WTI crude is up 4.25%. Ignoring the first day of the year's exuberant spurt, credit markets are unchanged and VIX is only modestly lower. Healthcare was the biggest winner in Q1, rising over 15%. The last time we had a Q1 as good as this? 1987... dun dun dun...
Mission Accomplished... (SPX unch, Gold/Silver +115%, Long Bond +30%, Oil +16%)
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By a Few Good Men...
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Well played...
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and all it took was $8 trillion...
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Because...
And the year so far...
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and across the sectors...
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and the last 2 weeks in Gold (yellow), Stocks (red), and Bonds (green)...
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and the last two days exubernce in the indices looks a little comical compared to market breadth...
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and compared to HY and VIX things look a little umm...
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Charts: Bloomberg and Capital Context
Bonus Chart: What happened in 1987 - the last time we had such an exuberant Q1 (time-shifted by one quarter)...
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and Homebuilders are on a roll - but wait, we've seen these kind of faith-based rallied before...
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