Dow Jumps To Longest Record-Setting Streak Since 1987

Quick... look over there..

 

The Dow was the only major to close green today... (DD and MMM created 35 points of The Dow's 32 point gain)

 

The Dow has notched its 9th record close in a row - the longest streak since Jan 1987...

 

And still no losing days in February for tech stocks...

 

The US equity market and VIX have now been decoupled for 8 trading days... (closing higher with stocks for the 2nd day in a row)

Lots of excitement today about the fact that The Dow closed more than 2000 points above its 200-day moving average...

But realistically this is less than 10% - well below the 12-14% spread level that has been historically an omen for weakness. Technical analysts at Strategas Research Partners, led by Chris Verrone, pointed to the S&P’s climb relative to its moving average in a Wednesday note, suggesting that while the deviation is large, it hasn’t reached the 12%-to-14% range that marks a “statistically significant overbought signal.”

Notably the yield curve flattened, dollar dropped, and bonds/bullion were bid after The Fed Minutes (and rate hike odds dropped) - a big 'fail' given their recent efforts to jawbone March hike odds higher...

 

The Dollar dumped...

 

And The Yield Curve...

 

Only 2Y yields are higher on the week after today's post-Fed rally...

 

The Dollar dumped after the minutes pushing it negative on the week with CAD surging...

 

PMs pushed back into the green for the week on dollar weakness but crude faded ahead of tonight's API data...