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Thanks to The White House saying something de minimus about Tax Reform progress (and a little help from Boeing after Trump's warmongery), Nasdaq was the day's best-performer as The Dow had its best day in 4 months...

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Futures show the driver of the actions...

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Bonds & Bullion were sold post-tax-headline as stocks surged...

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Most-Shorted stocks surged/squeezed to their best day in a month (after 5 straight down days)...

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VIX was smashed down below 12 at the open amid Trump Tax chatter...

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The S&P ramped all the way to the 50DMA (having bounced perfectly off the 100DMA yesterday)...

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This week's bounce has an odd sense of deja vu all over again...

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S&P VIX dropped back to 5-day lows but Nasdaq and Russell vol remain elevated...

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S&P traders are actively hedging with Put/Call Open Interest Ratio at its highest since July 2015...

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And ironically, there has never been more money bet on volatility dropping (SVXY AUM at record high $1.3 billion)

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FANG Stocks had their best day in over a month...

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Treasury yields rose 2-3bps across the curve today with 7Y underperforming...

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30Y Yield has now traded in a 3bps range for the last 3 days...

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Meanwhile, debt ceiling concerns remain high in the T-Bill market....

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The Dollar Index rallied today after Trump Tax headlines...

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Cable was weakest and Yuan modestly stronger against the greenback on the week...

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And the 2016 analog is at an inflection point...

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Industrial metals had a bad day after days of surging...

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Crude pared earlier gains after Libya announced security forces reopened a valve that had been closed on the pipeline linking Libya’s Sharara oil field, the nation’s largest according to Petroleum Guard. Tonight's API data will likely drive the next few hours...

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Gold was down on the day, not helped by a stronger dollar, with some notable vol around the Tax headlines...

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And finally, this 1987 analog is really starting to get spooky...

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