Stocks Up, Bonds Up, VIX Up, Dollar Up, Gold Up... As Crude Crashes

Jeff Bezos and Bill Gates vying for the world's richest man title...

Today's biggest story outside of AMZN $1000, was OPEC's epic fail... OPEC announced a 9-month extension of its production cuts that have not worked. The market was disappointed...WTI saw its biggest down day since Feb 2016

And so the jawboning began...

  • *OPEC CONSENSUS THAT OIL PRICE SHOULD BE $50-$60/BBL: KACHIKWU
  • *RUSSIA'S NOVAK SEES OIL PRICE AVERAGE AT $55-$60 IN 2017
  • *NOVAK SAYS NOT `MUCH CONCERNED' OVER TODAY'S OIL-PRICE FALL
  • *NOVAK: OPEC/NON-OPEC COOPERATION TO CONTINUE
  • *OIL MKT RESPONSE TO OPEC DECISION WAS SURPRISING: IRAN MINISTER
  • *OIL PRICE DROP BASED ON SPECULATION, NOT FUNDAMENTALS: IRAN
  • *FALIH DOESN'T BELIEVE THERE'S CONFRONTATION BETWEEN OPEC, SHALE
  • *FALIH HOPES U.S. SHALE PRODUCERS WILL `MODERATE' THEIR GROWTH
  • *AL-FALIH: LONG-TERM TREND FOR OIL DEMAND `VERY HEALTHY'
  • *FALIH: IF FUNDAMENTALS REQUIRE ANOTHER EXTENSION, `WE ARE OPEN'
  • *AL-FALIH: 6 MONTHS `TECHNICALLY' WOULD BE ENOUGH TO REBALANCE
  • *OPEC WILL DECIDE IF MORE ACTION NEEDED IN NOVEMBER: NIGERIA

Bitcoin was insane today with a $1300 roundtrip in price... a $400 ramp overnight on South Korean demand, sudden $600 collapse, and then $400 rebound to leave Bitcoin up for the 28th day of the last 30!

 

Trannies outperformed on the day, as S&P and Nasdaq hit intraday record highs...Small Caps ended flat...

Trannies pushed higher today but Small Caps remain the laggard post the Trump-Dump - NOTE the market has only risen on knee-jerk moves with no trending in between...

 

Volume remains minimal at best...6th up day in a row - longest streak since mid-Feb

 

VIX held steady with a 9-handle until the close and limped to 10 and higher on the day... as S&P hit a new record high...

 

Short-Term VIX slipped to a 7-handle - a record low intraday...

 

Amazon (and Netflix) traded to record highs with Bezos' bubble hitting $999.00 for the first time ever...as EPS expectations for 2017, 2018, and 2019 have slumped...

 

Treasuries were unchanged today (long-end was marginally lower in yield, outperforming)...

 

30Y remains well below 3.00%

 

The Dollar Index reversed some of yesterday's losses, rallying once Europe opened...

 

Pushing the dollar index back to unchanged on the week...

 

Gold and Silver managed gains on the day - holding above pre-FOMC Minutes levels

 

Bonus Chart: Nasdaq Record Highs because of fun-durr-mentals...