Dismal data this morning (ISM headline 3 year lows, ISM employment 6 year lows, construction spending growth weakened along with Atlanta Fed growth forecasts collapsing... but December rate-hike odds rose to 52.0%...
[6]
and stocks soared.. Nasdaq reaches Dot-Com highs...
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Because...
But the day was full of decouplings and divergences...
The Energy sector led S&P stocks higher... which seems odd...
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Credit markets broke away from stocks at the European close...but then broke higher as S&P panic-buying sent it through 2100...
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Bonds and Stocks entirely decoupled after Europe closed...
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VIX decoupled from stocks as they broke the key technicals...
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Trannies once again decoupled from oil prices...
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Major divergence between Nasdaq 100 and Nasdaq Composite...
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Breadth is collapsing in Nasdaq (as cap weight dominates equal weight)...
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Futures markets how the crazy swings of the last few days best...not Futures were ramped to unchange for the US open...
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And stocks never looked back...
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Energy led the market higher (despite lower oil)
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* * *
Away from stocks, Treasury yields rose 3-4bps...
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The USDollar gave up early gains intop the European close then rallied to close 0.2% higher by the close...
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Commodities quietly ignored equity exuberances and drifted lower with crude down 1%...
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Charts: Bloomberg