Following this morning's manic euphoria in small businesses and ahead of tonight's delusion by Obama, given the market's performance, this seemed appropriate...

But, it appears the hype of the reflation/growth trade is now well and truly over...

Financial conditions don't seem to matter...

For now it's all about 2018 or 2019 or 2020...?

Because trailing earnings are 'disappointing' to say the least...

And 2017 Earnings still haven't been notched up by the analysts...

***

Having got all that off our chests... Nasdaq another record high as The Dow tried but failed again for 20k, clinging to unch as Small Caps and Trannies squeezed higher again... NOTE - once again we rallied into the European close and sold off... and once again a weak close

Nasdaq longest streak of gains to start a year since 2006.

Financials and Healthcare outperformed...

As Biotech stocks continue their charge higher, up 6 days in a row (longest win streak since July 2015) - best start to a year since 2000 (which was followed by complete carnage)...

Banks continue to tred water for the last few weeks ahead of this week's chaos of earnings on Friday...

WMT stumbled into the red after announcing more layoffs...

VIX ended unchanged after the initial slam to send stocks higher...

The Dollar Index limped higher...

As Yuan weakened all day (back above 6.91/$)...

Treasury yields also limped higher today (long-end underperforming the short-end)...

WTI Crude front-month tumbled to a $50 handle at the NYMEX close...

Gold is up 11 of the last 13 days to 6 week highs...

Gold remains 2017's biggest winner so far... with oil the biggest loser...