As we noted earlier... there's only one thing standing...

Before the US cash open, The ECB desperately tried to jawbone back Draghi's comments from yesterday... it was met with an instant reaction lower (in Bund yields and EUR/USD) but the rest of the day saw that reaction entirely erased...

The ECB chatter did impact US equities early on...

Nasdaq was crazy today, with chaotic moves all over the place as every effort was made to ensure the tech-heavy index closed above the May close of 6198.5...

The bounce occurred right at the 50DMA...

FANG Stocks bounced off the tech-wreck day lows...

The entire equity complex saw v-shape recovery today.. which started at 10ET following dismal home sales data...NOTE - Dow, S&P, Trannies, and Small Caps went nowhere after Europe closed, Nasdaq kept on running. Little selling pressure into the close...

Nasdaq was unable to recover yesterday's losses and the S&P ended unch from Monday's close...

The driver of the panic-bid - simple - another huge short-squeeze at the open and lasted through the European close... (today was  the biggest short-squeeze since the first day of March)

Banks were bid and Utes were offered today ahead of the stress test results...

As rates and the yield curve has plunged in June, so the big banks have been bought...round-tripping today from the CAR results last week...

Despite the manic buying in stocks, bonds limped only 1-2bps higher (with 2Y yields actually down 2bps on the day)...

The Dollar Index extended its losses after Carney and Poloz comments in Sintra... the Dollar Index is now at pre-Fed-hike levels...

Funnily enough USD/JPY (green below) was deadstick as everything flew around in FX land (and Kuroda warned the world that "there's no magic wand.")

Poloz restating his bias towards higher rates sent CAD surging most since March 15th to its strongest since Feb 2017...“The Poloz comments buttress the change in tone that we’ve seen from the Bank over the past month,” said Bipan Rai, Toronto-based senior foreign-exchange and macro strategist at Canadian Imperial Bank of Commerce. “There’s still some speculative shorts out there are being squeezed as a result.”

Cable also extended yesterday's gains after Carney hinted at stimulus withdrawal... (biggest gain since April and strongest since the election)

WTI and RBOB bounced notably after DOE inventory and production data...

Gold and silver managed to close higher also as the dollar sank...

Finally, as Bloomberg notes, high-beta stocks are no longer in sync with the S&P 500, sending a cautionary signal to equity bulls.

The S&P 500 High Beta Index turned south before each of the last two stock corrections. The high-beta index peaked in February 2011, more than two months before the S&P 500's apex that March. Again in 2015, the high-beta index peaked about a month before the S&P 500. In 2017, the high-beta index peaked in February yet has failed to recover with the broader market.