Even CNBC has grown apathetic at the all-time-higherest moves in stocks...
Another day, another rally, another BTFD in Biotechs (why? because they are down, durr), and another record-er-est high in stocks... This is the strongest 6-day rally since July 2010
Did The Santa Claus Rally Already Happen?
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But it ended ugly... with the S&P red!!
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Stocks rolled over after the 7Y Auction surprised with its resilience amid low liquidity...
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As Biotechs bounced...
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Algos got confused at the esrly close in Europe... and took a while to catch on to how strong the auction was...
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Russell 2000 hitting new highs as HY and HYG are not...
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But healthcare (which includes Biotechs) is the laggard along with Energy so far this week as Utes lead the way...
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Treasuries rallied back late today to unchanged after early weakness (chatter of rate lock hedges ahead of exuberance-based HY issuance coming next week sent rates up)... following today's auction
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And then there's this...
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The USD slipped lower on the day...
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Crude slipped back below $56 - down 3% on the day...
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Despite USD weakness, commodities slipped lower in general...
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Charts: Bloomberg