So to summarize the day, CEO's outlook for next year is the weakest in 3 years, US Manufacturing ISM is the weakest in 2009, bond yields are collapsing, and rate-hike odds are dropping... so stocks rallied (because auto sales in the past were soaring?)...
Before we start, the faith remains strong in stocks...
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But not in bonds...
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Since The FOMC meeting in October...S&P +1% post Oct FOMC, 30Y Futs Unch, EURUSD -4%, Gold -10%, Crude -11.5%
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To sum up today's insane moves in equity markets... (via Nanex) [15]
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Chinese stocks did not love the weak data...
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Today's rally was all about the European close once again...
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A look at the futures markets shows just how crazy the last two days have been...
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The S&P 500 is now at Goldman Sachs' new 2016 year-end target. And Trannies love low oil prices...
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Some individual stocks that stood out...
Acorns can grow to the sky...
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And Valeant is fixed...
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VIX was crushed...
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Shorts were squeezed after EU close...
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Today's crazy price action had the stench of QE-trades once again...
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Bonds were very aggressively bid...
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As 2s30s collapsed further to 8 month lows...about to break below 200bps
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Just remind us again why you are buying financials?
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The US Dollar slipped lower amid some buying in EUR and aggressive buying in AUD...
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Commodities drifted higher modestly with gold leading the week..
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But crude dropped amid crazy volatility...
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Charts: Bloomberg