Worst back-to-back retail sales since the financial crisis explodes the narrative that low gas prices are a stimulus, a truce in Ukraine (which we already had and by the way the Hyrvnia imploded to fresh record lows today - not exactly signaling exuberance), some chatter of compromise in Europe (though we've heard that before)... which leaves VIX... which was monkey-hammered to ensure record highs prove (despite a total collapse in macro and earnings fundamentals) everything is awesome and confidence is maintained...
Stocks went up... a lot...
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VIX went down... a lot... lowest close since 12/26/14... at 15.3
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AAPL went up... again...
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From the "CNBC Greek Deal" rumor highs last night, we dumped on the denials then soared all day... after Ukraine news (with a slight pause for the shittiest retail sales datas in 6 years)
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On the week - everything is awesome...
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Away from that tom-foolery - FX and credit markets turmoiled quite significantly...
Treasury yields spiked higher on "truce" news, the collapsed on the dismal retail sales data only to bounce higher after a tiny tail in the 30Y auction... before yields fell (bonds rallied) into the close - Treasuries rallied
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Umm yeah!
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The USDollar lost significantly today as JPY strengthened (BoJ sounding a little hawkish) and EUR strength (Ukraine? and maybe Greece) - but everything rallied against the USD.
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Despite the USD weakness, gold and silver flatlined as copper and crude surged...
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With another epic pump-and-dump early on in WTI...
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About that oil and stocks are not correlated bullshit...
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Energy stocks rose to valuation levels not seen since the peak of the dot-com bubble...
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If the rally was predicated on a Ukraine "truce" deal, why did the Hyrvnia collapse even further?
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So let's take a look at Stocks, Bonds, USDJPY, Crude and VIX over the day's events...
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Charts: Bloomberg