Worst Productivity Data In 37 Years Sends S&P, Nasdaq To Record Highs

Stocks hit new record highs... again!!!!

 

Oil and stocks remain higher post-payrolls, but bonds and bullion are catching up...

 

The machines managed to crush VIX to within a tick (11.02) of a 10-handle and new record highs for the S&P 500...(before it tumbled)...

 

Desperate machines clung Dow and S&P to unchanged...

 

Once again the knee-jerk squeeze higher at the open turned into weakness... leaving Dow and S&P red on the week.,

 

As Nasdaq hit its record highs again, breadth is falling apart quickly...

 

Not helped by Facebook's flop...

 

Energy credit markets remain entirely decoupled from fundamental reality still... thanks to ECB 'spillover'...

 

Bonds and stocks decoupled today...

 

Treasury yields tumbled after the productivity debacle... (as the yield curve flattens back towards cycle lows once again)

 

And financials refuse to admit that the curve is flattening...

 

With stocks ignoring the long-end retracing all of the post-payrolls losses...

 

The USD Index tumbled on the shitty productivity data as dreams of a Fed rate hike dissolved on data again...

 

Cable weakened as UK QE started... (back below 1.30)

 

Commodities were initially bid on productvity-driven weak USD but reality set in for crude...

 

Oil and stocks recoupled after EU closed...

 

Charts: Bloomberg

Bonus Chart: in case you hadn't already seen it, here is another chart to ignore...