Per CNBC-

"S&P 500 HIGHER FOR THE FIFTH TIME IN FOUR SESSIONS." pic.twitter.com/xSjm5eRS7o

— The Euchre (@TheEuchre) February 7, 2017

The big news overnight was Dollar strength on the back of comments from Fed's Harker that March was live and three hikes still most likely... but that faded as the US day session opened (and cable surged)...

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Everything hinged around the USD Index...

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The Exuberant open - inspired by the USD bounce - faded into the European close, then nose-dived... (Small Caps and Trannies were the laggards).

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The Dow (and Nasdaq) hit new intraday record highs around the open as VIX was slammed... (Dow 20,100.91 was previous record high close on 1/26)

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Energy and Financials now the elaggards on the week...

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The USD’s retreat from its highest since the end of January was exacerbated by a surge in the British pound, which reversed a drop of ~1% amid sparse flows after the London close, the gains coming in a delayed response to BOE’s Kristin Forbes saying the economy may need a rate hike...

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Yuan weakened notably as China returned from the Golden week...

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The question is - what happens next to the USD...

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Treasuries were dumped overnight as the USD rallied but reversed into the US open and rallied to the low yields of the day for the rest of the day (to 2-week low yields).

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Debt ceiling concerns are really accelerating behind the scenes with the 3/9 to 3/16 spread (across the debt ceiling deadline) now inverted at almost 6bps!

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WTI Crude broke back below its 50DMA today - after weeks of acting as support... (as IEA data signaled higher US output expectations)

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Gold broke above its 100DMA - rising for the 7th of the last 8 days...

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Since Payrolls, it is pretty clear that "growth" is questioned and easing is back en vogue...

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