S&P Takes Out Overnight Highs, Dow Diverges

The S&P ramped past overnight future highs and extended gains back to mid-December...

but Dow futures remain unable to break out...

10Y Bond yields and stocks are tracking tick for tick (but we note that 30Y yields are actually lower on the day)...

And the USD index continues to slide...

Simply put, it appears bad news is good news for stocks once again (gold and bonds lower since the dismal ISM Services print, USD flat, and Stocks surging)...