[1]The Fed minutes were hawkish - even Goldman Sachs and Jon Hilsenrath admitted it - so the exuberance in stocks (and VIX pressure) must reflect a desparate hope that Janet Yellen will indeed go full dovish tomorrow (or fear the consequences as we noted here) [6]. Record highs in stocks, however, are not being followed through by the USD (down today), Treasury yields (long-end down from FOMC minutes), gold (down), or HY credit.
From the minutes...
[7]
And HY on the week...
[8]
Chart: Bloomberg
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Links:
[1] http://www.zerohedge.com/users/tyler-durden
[2] http://www.zerohedge.com/taxonomy_vtn/term/10414
[3] http://www.zerohedge.com/taxonomy_vtn/term/126
[4] http://www.zerohedge.com/taxonomy_vtn/term/197
[5] http://www.zerohedge.com/taxonomy_vtn/term/9483
[6] http://www.zerohedge.com/news/2014-08-20/jackson-hole-tremendous-downside-risks-if-yellen-doesnt-go-full-dovish
[7] http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/08/20140801_hawk.jpg
[8] http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/08/20140801_hawk1.jpg
