Bad news is absolutely great news this morning it would seem. Just as we noted (ironically) this morning, equity algos appeared set for new highs no matter how terrible (or good) data was [3]... and sure enough, the S&P 500 is testing its record highs once again... With Q1 GDP expectations plunging and even the hopeful hockey-stick of Q2's resurgence are now being chipped away as one sell-side economist after another folds [4]...
Record highs for the S&P...
[5]
As JPY started the momo...
[6]
But someone is bidding aggressively for protection...
[7]
And GDP expectations tumbles...
[8]