For the 9th Tuesday of the last 11, stocks closed green with the S&P at new record highs. "Most shorted" stocks were under heavy testicular pressure but seemed the only driver supporting stocks as JPY decoupled, bonds decoupled, the USD decoupled, VIX decoupled, and credit spreads decoupled. But hey, it's Tuesday so that doesn't matter. Copper and oil were flat on the day but gold and silver (battered at the open) lost 1.5 to 2% on the day (gold's worst day in 6 months). Treasuries are 1-3bps lower in yield at the long-end with modest flattening. Volume remains abysmal. The last few minutes saw a mad buying panic come over Russell 2000 bulls which had its best day in almost 3 weeks and is up 6 of the last 7 days.
Coz It's Tuesday Bitches...
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Stocks gapped open after yesterday's futures exuberance... The Russell 2000 is back above its 50DMA
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Led by yet another squeeze...
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Credit markets weren't buying it...
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Treasuries weren't buying it...
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USDJPY wasn't buying it...
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VIX wasn't buying it...
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FX markets rolled over in the afternoon of the US session...
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And gold and silver rose very modestly off their lows in the afternoon after being clubbed like a baby seal early on...
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Gold's worst day in 6 months...
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Charts: Bloomberg
Bonus Chart: Far-Term VIX at record complacency
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Bonus Bonus Chart: Citi is just un-euphoric so that's a good reason to BTFATH
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