When even CNBC is playing 'our' song... you just know that "everything is awesome"
Early European hours saw US equity futures leap gazelle-like as JPY momo (cough BoJ after their miracle bid stick-save in JGBs earlier in the evening) lifted them on no news... then crappy US data... more Greek asset weakness... Europe flat... and the US Open - BTFAAPL!!!... liftathon... Greek news - Awesome - oh wait that's no news at all! - forget it BTFATH!!!! and that's how we reached 2100 in the S&P 500...
From the moment when Greek Talks Failed yesterday...
From Friday's close, a miraculous meltup in th elast minute or two dragged everything green...
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...ensuring magically that the S&P 500 closes perfectly at 2100!! Are you fucking kidding me?
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Who needs a VIX smash when you can manipulate the shit out of AAPL at will...
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Builders and Banks did well (despite crap NAHB sentiment), Utes and Discretionary lagged... Healthcare won overall as Biotechs just bubbled further...
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All About USDJPY and the BOJ manipulating the shit out of it (via Gold/GOFO, JPY)
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Credit markets dumped this afternoon
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Bonds were monkey-hammered... an early safety bid was eviscerated as 30Y yields ripped from -5bps at 2.60 to +8bps at 2.72% - a 13bps intraday swing... but note as Schaeuble poured cold water on the hope, bonds started to rally...
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Year-To-Date, Treasury yields have round-tripped...now all buty 2Y is higher on the year
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The USDollar is now unchanged from Friday - given back all of its gains from yesterday on EUR weakness as EURUSD rallied back into the green on the week. JPY was notable under performer...
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Despite the USD weakness today, gold and silver were unceremoniously dumped to prove that "everything is awesome"... Copper also dipper but Crude - after early weakness went entirely algo-plectic - soaring once again into the NYMEX close...
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The machines - and thus the central banks - are back in charge of oil... the volume in Silver and Crude during the early carnage suggests this was either total and utter manipulation or a forced close...
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* * *
So to summarize: Earnings expectations continue to plunge to 10-month lows... US Macro data is a disaster (worst in world since start of year) at 11-month lows... Ukraine's cease-fire is not working... The Greek-EU drama has NOT changed as Greece's request to extend loan with no commitments will be screamed at by Schaeuble "nein nein nein"... Energy stocks are trading at a 28x dot-com-esque multiple... and stocks are at record highs...
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Charts: Bloomberg