Dollar Dives To 6-Week Lows As Fed Fears Market 'Partying Like Its 1999'

1999-like parties are breaking out everywhere across financial markets...

First things first, US Financials Conditions are partying like its way easier than 1999...

 

The Philly Semiconductor index is partying like its 1999...

 

But what happens next? Meltup time?

 

S&P 500 Valuations are partying like its 1999...

The spread between German and US bond yields is partying like its 1999...

 

And the US Treasury curve is partying like its 1999...

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The Fed Minutes spooked markets a bit today - USD down, gold, stocks, and bonds unch

 

On the day, The Dow & S&P were joined late on by Small Caps in the red (but the Dow was worst, Trannies were best)

 

VIX ended modestly higher but still below 10...

 

Another day, another short-squeeze...

 

This is now the biggest short squeeze since the election...

 

And before we leave stockland, remember CHF-Solutions...

 

High yield bond prices ralied once again - almost back to their 200DMA...

 

Treasuries rallies across the curve today (but for a change the short-end outperformed the long-end - 2Y -4.5bps vs 30Y -1.5bps)

 

Quite a significant reversal today in yields after bond weakness overnight suddenly reversed this morning and then extended after the dovish FOMC...

 

Stocks and bonds remain notably decoupled this week...

 

The Dollar Index extended its losses after FOMC Minutes. Today is the worst day for the dollar index since Sept 7th...

 

However, stocks remain decoupled from FX carry...

 

Bitcoin rallied once again today but failed to make a new record high...

NOTE the interest patterm starting to develop intraday

 

WTI rallied, bouncing back from disappointing inventory data and RBOB leaked lower...

 

Gold and Silver gained as the dollar drooped - Gold and silver  surged back above its 50- and 100DMA