From its lowest 5-day range in history and near-longest streak of closes above its short-term average, the S&P 500 broke to new record highs today (as did the Dow) above 2,050, leaving every other asset class in the dust (besides USDJPY of course). The incessant push for the stops above 117.00 dragged the S&P higher on no catalyst whatsoever. Treasury yields traded 2-3bps lower on the day (and HY credit spreads widened) in the face of equity exuberance. The USD faded on the day back to unchanged on the week on the back of EUR strength (post-Germany). Gold rallied to $1195 (+0.5% on the week) and silver rose modestly but the USD weakness did nothing for the rest of the commodity complex. Copper was whacked (after China housing data) but the big story is WTI Crude plunged again (-2% on the week) closing just shy of 4-year lows. Russell 2000 and Trannies close in the red for the week.
In summary: Stocks Up, Gold Up, Bonds Up... USD Down, Oil Down, Copper Down ahead of Fed Minutes tomorrow (credit and stocks protected).
Off the Bullard lows, the Nasdaq is now up over 14%, Dow, S&P, & Russell up around 12% and Trannies up near 18%...
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Despite gains today, Trannies and Small Caps remain red on the week....
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USDJPY was in charge from the US Open...
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And while VIX did drop, the decoupling remains clear...
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Here's the day in VIX and S&P 500 - note the fat finger algofests...
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Treasury yields and HY credit decoupled remarkedly from stocks at the US open...
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And don't forget this...
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The USD fell today as EUR rallied on the back of better than expected German data
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USDJPY tested up to 117.00 and reversed (twice) but Nikkei is unable to recover the post-GDP losses (yet)
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Gold & Silver gained on the day (gold up for the week) but oil and copper were slammed...
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As oil roundtrips once again from Friday's gains
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Charts: Bloomberg
Bonus Chart: This is the 23rd day in a row that the S&P has closed above its 5-day moving-average - nearly an all-time high in terms of sustained rallies in all of market history... (h/t MKM's Mike Kransky)
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Bonus Bonus Chart: Prior to today's push, the 5-day closing range of the S&P is the lowest ever (at 7.7bps) - since 1928 when Bloomberg data began... (h/t @JackDamn)
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