It's Tuesday. It's a big POMO day. And sure enough, equities are in full-tilt melt-up mode. In the face of a stronger USD, rallying bond market, higher VIX, and widening credit spreads, the S&P 500 has smahed through yet another set of stops, squeezed shorts wherever you can see, and made new all-time highs. Mardi Gras indeed... though one wonders what happens when Europe closes and POMO is over. Will USDJPY 102 mark the 'top' in stocks today?
Equities on their own again...
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VIX futures are rolling but Spot VIX is entrely ignoring this rally melt-up...
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It seems like this equity move is a catch-up to bond weakness from Friday...
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Tuesday...
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Tuesday...
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Charts: Bloomberg