Stocks Extend Fastest Bounce In 8 Years As Dollar Crash Continues
Video length: 00:02:44
Stocks are up five days in a row... Nasdaq up 5.6% this week alone...
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For context, this is the Nasdaq's best 5-day rally since 2011!!!!
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Small Caps got back to even for 2018 (trannies still red)...Nasdaq is up 5% YTD
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Nasdaq Futures are up 10% off the lows...
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As "Most Shorted" Stocks soared off the lows... This is the biggest short-squeeze since the election
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The Dow tested back below its 50% retracement level but rebounded quickly to a new bounce high...(oh, and Gartman nailed it again)
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The S&P closed above its 50DMA...
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The Inverse VIX ETF fell today as stocks gained - the first time that has happened since the collapse...
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VIX was chaotic around the open today...
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Despite stock strength, VIX ended the day modestly higher and we do note a significant divergence
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While prices for HY and IG debt have 'stabilized' they are not rallying as exuberantly as stocks... perhaps because they just got hit with the biggest ETF fund outflows ever...
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And just in case you needed any more confirmation of how nuts the world has become, Emerging Market High-Yield Debt is now trading at a lower yield than US High-Yield Debt...
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Treasuries were notably mixed today with the long-end rallying and short-end higher in yield... On the week 30Y yields remain lower...
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Which pushed the yield curve even flatter...
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The Dollar Index bounced very briefly on BoJ headlines then tumbled back to its lowest close since Dec 2014 - down 5 days in a row...
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Once Europe closed today, the dollar (lower) and gold and stocks (higher) were locked at the hip...
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Once the dollar started sliding again this afternoon, commodities were all off to the races...
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Cryptocurrencies continued their strong run this week...Bitcoin is up 20% on the week...
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With Bitcoin seemingly tied at the hip to Nasdaq and VIX...
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As a final reminder, markets are about to somewhat quieter (or at least less liquid) as most of Asia heads into the year of the dog and their celebrations.
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