What could go wrong?

Small Caps exploded higher today, driven by financials, presumably on tax reform hype.. but after Bob Corker said "yes" there was some notable "sell the news"...

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On the week, Nasdaq (green) and Dow (red) outperformed as Trannies (blue lagged)...

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Tech outperformed on the week but financials lagged...

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Oddly, high-tax companies notably undeperformed low-tac companies on the week....

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High yield bonds lagged notably on the week...

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Yields were mixed on the week with the short-end higher and long-end outperforming...

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30Y Treasury yields are at their lowest since September's Draghi taper tantrum...

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The 5s30s yield curve crashed 10bps this week to 52bps (the last two days post-Fed have seen the biggest curve flattening since June 2009)...

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The weekly plunge is the biggest percentage flattening of the Treasury curve since the US downgrade in the fall of 2011...

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The yield curve is down 5 straight weeks

The Dollar ended the week modestly lower, after chopping around on The Fed and tax headlines (and CPI)

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Huuge week for copper but crude ended the week lower...

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Bitcoin rose 13.5% this week - the 5th weekly gain in a row to a new record high...and gold managed to hold gains...

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And Futures compressed their premium to spot...

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And finally, there is a very serious dollar shortage around the world...signalling ominous signs of growing funding stress in the financial “plumbing”.

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