Shorts Smoked – Stocks End ‘High’ As Dollar Dumps’n’Pumps
Despite tumbling soft data and disappointing earnings data…
Stocks soared most in 6 weeks…
Another day, another one-way trip in stocks. VIX clubbed to a 13 handle again stocks soar…
Trannies and Small Caps once again led the day (short squeeze) and S&P lagged but everything was awesomely green again…
Another big short squeeze…
The Dow continues to lag – managing to scramble back to unchanged from last Wednesday’s close before fading into the close…
Financials limped back into the green for 2017…
The Dow remains below its 50DMA, S&P and Small Caps are clinging to it, Nasdaq is well above it…
The Dollar Index dumped early and then pumped after Europe closed and extended to unchanged on Mnuchin’s comments…
EURUSD moved notably lower after Europe closed enthusiastically… USD remains lower on the week…
The strong TIPS auction was also supportive of the renewed hope for the reflation trade…
Treasury yield rose on the day but bonds rallied in the afternoon to push back lower on the week…
The entire yield curve is moving very parallel – not much steepening or flattening in a relatively narrow range…
Gold was hit again pre-London Fix (but not as hard as the last two days)…and the fix was higher…
But USDJPY and Gold were joined at the hip all day…
Crude slid on doubts over Saudi jawboning and a stronger dollar, back to a $50 handle…
Finally there’s this…
Source: http://silveristhenew.com/2017/04/20/shorts-smoked-stocks-end-high-as-dollar-dumpsnpumps/
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