The next two weeks in France...

According to the bookies, it's a done deal...

Stocks Up, Oil Down

So stocks soared... Trannies best on the day but Nasdaq hit a new record high, desperately trying to tag 6,000...

and legged higher in the last hour as machines misinterpreted Le Pen stepping down as head of the National Front as some bullish factor for markets (that was the big volume spike) which hit about 15 mins after WSJ reported Trump chatter of a 15% tax rate...

With VIX slammed back to a 10 handle... But that did nothing for the S&P...

And VIX crashed most since Aug 2011 (more than Trump's election) - think about that - Anti-establishment Trump wins, VIX collapse; Establishment-ist Macron wins, VIX collapse...

But it seems all the action was pre-market as stocks flatlined from the initial cash print...

Thanks to a yuuge short squeeze...

NOTE - the last few times the S&P has gapped up on a huge VIX collapse has not ended well...

So stocks surge on hedge unwinds BUT bonds are bid, yield curve flattens, the dollar drops, and crude tumbles as the reflation trade is entirely missing

Oh and The Dollar tumbled despite a surge in rate hike odds...

So, bond yields rolled over all day and the yield curve flattened... but bank stocks were bid!?

The kneejerk move was EUR bid and JPY offered but all day long that reversed - the dollar index remained lower on the day...

Still EURJPY remained positive on the day

USDJPY ended at the LoD...

For the 7th day in a row, spot gold was hit right before the London Fix...

But while Gold closed red, it staged two solid bounces intraday...

Crude was clobbered again - having erased 75% of the bounce... (chatter of some big liquidations overnight)

*  *  *

So stocks love a Le Pen loss...BUT...There's just a couple of problems...

Macro data is collapsing...

Earnings expectations are falling...

And debt ceiling concerns are growing...