Stocks Soar To Record Highs As Dollar Dumps To 1-Month Lows

Record highs... what to do now?

 

Chinese stocks soared as the week opened (with tech-heavy CHINEXT up 3%)...

 

European stocks took their lead from Asia exuberance (UK closed so no FTSE trading)...

 

All of which boosted US futures overnight...

 

And sent cash indices soaring - Nasdaq (8k), S&P, and Russell 2000 hit all-time-highs, and Dow topped 26k for first time since Feb.

NOTE: After Europe closed, markets went dead with Small Caps actually fading

Another short squeeze at the open today but it seemed to run out of ammo very early...

 

Despite soaring stocks, VIX was higher on the day...

 

Financials surged relative to tech stocks..

 

Tesla stock tumbled after Musk's about-face on going private and its bonds traded back near record lows...

 

For 2018, it's been the 'tech-haves' vs the 'tech-have-nots'...

 

Bonds & Stocks remain completely decoupled - though yields and stocks rose on the day...

 

Treasury yields pushed higher almost uniformly starting at around 7amET (smells like rate-locks once again)...

 

But, despite the spike, 30Y Yields remain below 3.00%...

 

The Dollar dumped on the day to unchanged on the month...

 

To the bottom of its multi-month range...

 

Offshore Yuan stabilized today after Friday's surge...

 

The Turkish Lira dropped after its week off...

 

The Peso and Loonie both managed gains against the greenback after trade-deal headlines...

Cryptos are higher since Friday's close with Bitcoin leading the way (and ethereum lagging)...

 

In commodity land, a weaker dollar helped support the majors very modestly higher...

 

Hogs and Corn futures jumped on the US-Mexico trade deal talk...

 

The broad commodity index rebounded but remains below Friday's spike highs...

 

Finally, just in case you were wondering why stocks are just ripping in August amid the dismal data... it's not the economy, it's the buybacks, stupid!