Dow Tops 25k As Gold Surges To All-Time Record Win Streak

"Life's a bit of shit, when you look at it..."

 

The Dow reached 25,000 for the first time today.

 

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The move from 24,000 on 11/1 was the fastest (in terms of calendar days) ever for a 1000-point move...

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Source: WSJ

But adjusted for the percentage difference that 1000-point gain is at 24k vs 10k etc, this latest move is the 4th fastest gain ever with the 1999 surge from 10k to 11k (at 0.4% per day) as the most aggressive buying ever...

 

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Source: WSJ

Perhaps even more shocking is the fact that the in less than a year, The Dow went from 20k to 25k with only 5 stocks responsible for half of those 5000 points.

  • Boeing +898pts
  • UnitedHealth +429pts
  • Caterpillar +407pts
  • 3M +406pts
  • Home Depot +355pts

Nasdaq remains 2018's biggest winner with Small Caps and The Dow lagging with only a 1.3% gain in 3 days...

 

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Notably, VIX traded with an 8 handle for the 2nd day in a row - this has never, ever in the history of stocks...

 

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Retailers underperformed (hit hard early then ripped back) as Financials were the winners and Utes the losers...

 

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The S&P 1500 Department Stores Index was having its worst day since Oct. 27 before the dip-buyers rescued them too...

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Macy’s and J.C. Penney, both of which reported positive holiday sales this morning, have erased earlier gains: M is now down as 7.5%, JCP off as much as 8.7%

L Brands and Buckle sink after reporting Dec. comp. sales that missed estimates, dragging down all but one component (Zumiez) of the S&P 1500 Apparel Retail Index (which was down as much as 3%, its worst day since Nov. 14, before the afternoon dip-buyers stepped in)

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HY Bonds ripped back above their 200-day moving average - highest in 2 months...

 

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While stocks just can't be stopped, nor can the Treasury yield curve... to the downside...

 

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2s10s traded with a 49bps handle for the first time this cycle...

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And 2s30s tumbled to new cycle lows...

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Yesterday's brief bounce in the dollar is over...

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Commodities are up for the 14th day in a row - a record win streak...

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WTI/RBOB closed higher, bouncing back from early losses...

 

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One more record for the day was in precious metals as gold futures rallied for the 10th straight day - equaling the record win streak of all-time from 7/18/2011 and 9/9/1994... (Gold is up 14 of the 15 days since The Fed hiked rates)

 

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Will it make 11 tomorrow? It's payrolls day - which has typically had a negative tone for gold.

 

Crypto was crazy again with Ripple grabbing all the headlines...and then crashing...

 

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Bitcoin and Gold have recoupled on a normalized basis...

 

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While all the chatter today was about The Dow, we note that gold is outperforming that index in 2018...

 

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Finally, today's epic cold sent NYC post NatGas prices to an unprecedented high...

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