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Dead Market Ramping – Stocks Hit Record Highs As Activity Hits Record Low

Friday, February 10, 2017 14:48
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Herd mentality…” yes, we are all individuals… he’s not the messiah, he’s a very naughty boy”

Dead Market Walking

Lowest 90-day realized vol for the S&P 500 in 10 years…

85 days in a row without a 1% drop… 44 days without a 1% close to close gain or loss… 39 days in a row without a 1% intraday swing…

But The Biggest Short Squeeze since the election

Has sent stocks to record highs… Trannies were best on the week, but the massve squeeze lifted everything…

On an ever-decreasing bed of lower volumes…

VIX was crushed back to a 10 handle leading the Dow to just shy of 20,300…

Energy stocks ended the week red but today’s kneejerk higher on Tarullo’s resignation headlines kept the banks in the green…

Bonds traded in a very narrow range today and ended the week lower in yield across the curve… (30Y ended the week back above 3.00%)

The yield curve flattened notably… (the week saw the biggest weekly flattening in 2 months)

Which explains why banks shot higher today… oh wait…

The USD Index has its first positive week of the year (best week in 2 months)

EUR was the weakest of the majors on the week and Cable strongest…

Meanwhile oil prices ramped into the green for the week (as EIA OPEC data trumped dismal production and inventory data)…

And Oil Vol collapsed to 3 year lows…

On the week oil ended unchanged. Notably Copper and silver surged today as the USD dropped around the US open (performance post-payrolls)

For 2017, The Dow just edge out the long bond but Gold remains the big winner… (6th winning week of the last 7)


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