Dow 20,000 teases everyone ahead of The Fed...

Trannies and Small Caps underperformed as The Dow pushed on once again to new record highs (Nasdaq best on the day)

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Stocks were spooked in the last few minutes as The ECB denied Monte Paschi's capital plan... 

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While The Dow failed to make 20k today, we note it is up over 2000 points from the pre-Trump lows... 

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With Goldman accounting for over 20% of all those gains... 

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Financials remain lower on the week but Tech was the winner today...and Energy rebounded despite oil unch 

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But today saw a replay of last week's chaos with VIX and Stocks perfectly correlated (as opposed to perfecvtly anti-correlated norms)... 

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Here is last week... 

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And today... 

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It appears the negative gamma is strong this week.

The Dow has now been overbought for 23 days in a row...at the most overbought in 20 years...

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The Dollar index was unchanged by the close, hovering around 101.00... 

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Treasuries were mixed today with the long-end modestly outperforming (lower in yields) as the rest of the curve leaked higher in yields... 

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Interestingly copper continued to slide today, gold and silver remain unch along with crude... 

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So - just as a note to self - stocks are surging on Trumpflation hype but the long-bond, copper, and the yield curve are flattening in deflationary signals?

Inflation market expectations have gone nowhere as stocks have continued to rip...

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