Once again all eyes were on "soft" data (Philly Fed) as "hard" data (housing starts miss) disappointed and the forced buy-in pressure lifted...

Video length: 00:01:12

7 days up in a row for the S&P 500 (longest streak since March 2013) was the limit it seems as Catalyst's statement that it had completed its forced buy-in to cover and Trump's comments about how awesome stocks are capped it...

The Dow managed to creep green (record high) as VIX was crushed...

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Just how much of the last 150 S&P points are due to the liquidation of 'Catalyst' (and strategies like it)?

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Catalyst's footprints are clear in options volumes... As Bloomberg notes, Options Data Show Footprints of Furious Buyer as S&P 500 Jumped

Above-average volume in S&P futures options earlier this week helped drive demand for stocks amid reports of volatility funds buying back deep in the money calls. February contracts alone represented ~$19B of notional value. The most active contracts according to the CME Group website include:

February 15

• 5.9k SPU Jun. $2325 calls
• 8.9k SPU Feb. $2270 calls

February 14

• 10.9k SPU Feb. $2280 calls

February 13

• 6.8k SPU Feb. $2270 calls
• 7.1k SPU Feb. $2275 calls
• 6.8k SPU Apr. $2315 calls
• 7.1k SPU May. $2330 calls

One wonders if Catalyst CEO comments were 100% truthful about being out?

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VIX was very chaotic...crushed back below 12 to ensure Dow green close..

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But the decoupling remains...

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"Most Shorted" stocks were actually allowed to fall today - the biggest drop since November...

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Energy stocks are the week's laggard and banks remain the leaders...

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Bonds decoupled from stocks yesterday and stocks started to catch down...

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And Real yields are entirely decoupled...

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Treasuries extended their gains from post-data yesterday but remain higher in yield on the week...

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The USD Index fell for the 2nd day in a row - biggest drop since January...

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Shifting the USD into the red for the week...

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The Dollar seems to follow 2016's analog very well still...

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Dollar weakness sent PMs higher...

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Note the spike bounce higher in crude prices (just like after DOE data yesterday) which entirely decoupled from Energy stocks...

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