Anyone get the feeling we are at 45 seconds into this clip?
The Dollar is down 5 days in a row - today's drop is the biggest since Trump commented on the "too-strong" dollar two months ago. This move has now erased all the gains since the election...
This is the longest period of calm for the S&P 500 since 1969...
And that is happening as US macro data crashes to one-year lows... This is the biggest crash in macro data since March 2015
It appears we're gonna need more OPEC/Russia jawboning... (ahead of tonight's API inventory data)
and that weighed down stocks today...
NASDAQ outperformed (new record highs), Small Caps were panic-bid into the close and The Dow clung to unch... Buy The F**king Shitty Data Dip?
Who could have seen that coming?
Wall Street admits Long Nasdaq is the most crowded trade... takes Nasdaq to new all time highs pic.twitter.com/8yPl1AAIB0
— zerohedge (@zerohedge) May 16, 2017
Year-to-Date... presented with no comment...
Notably we dipped pretty hard in stocks after weak hoiusing data and McConnell comments sent the USD lower (USDJPY lower) but dip-buyers rejoiced..
VIX closed higher (marginally) as every effort was made to keep S&P above 2,400... The VIX range for the last 4 weeks has been 11.2 to 9.6 and S&P 500 range from 2380 to 2405.
The 17th day in a row that VIX closed below 11...NEVER HAPPENED BEFORE
Ford managed only modest losses despite announcing a 10% gutting of its workforce...
Treasury yields dropped - erasing yesterday's moves...
With 30Y back below 3.00% again...
EUR strength was the big drag on the USD index...
With EURUSD now at its highest since Trump was elected...
USD weakness spurred another up-day for precious metals (up 5 days in a row)...
- Dow 30
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