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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…
Futures show the driver of the actions…
Bonds & Bullion were sold post-tax-headline as stocks surged…
Most-Shorted stocks surged/squeezed to their best day in a month (after 5 straight down days)…
VIX was smashed down below 12 at the open amid Trump Tax chatter…
The S&P ramped all the way to the 50DMA (having bounced perfectly off the 100DMA yesterday)…
This week’s bounce has an odd sense of deja vu all over again…
S&P VIX dropped back to 5-day lows but Nasdaq and Russell vol remain elevated…
S&P traders are actively hedging with Put/Call Open Interest Ratio at its highest since July 2015…
And ironically, there has never been more money bet on volatility dropping (SVXY AUM at record high $1.3 billion)
FANG Stocks had their best day in over a month…
Treasury yields rose 2-3bps across the curve today with 7Y underperforming…
30Y Yield has now traded in a 3bps range for the last 3 days…
Meanwhile, debt ceiling concerns remain high in the T-Bill market….
The Dollar Index rallied today after Trump Tax headlines…
Cable was weakest and Yuan modestly stronger against the greenback on the week…
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