86 days in a row without a 1% drop... Buy The No Dip...
6 up in a row for S&P... (longest winning streak in 2 months), Trannies ended the day lower...Dow leads on the back of GS, JPM, and AAPL (45 of 90 total points)
VIX slammed back to a 10 handle as The Dow hit 20,500
Another VIX tail signal?
Of course Janet Yellen was the big event of the day and her hawkishness (and asset valuation warnings) sparked an immediate surge in the dollar, bond yields, and bank stocks...we note that gold managed to get back to unch...
Financials led markets and while everything else lagged initially, the tail of bank wagged the entire indices higher and dragged everyhing but Utes into the green...
4th bigly day in banks in a row...
A big squeeze on Yellen and into the close saved the day...
March rate-hike odds did rise but from 30 to 34%... not exactly priced in how Yellen would like it...
Bonds broke first, and then the broad stock market caught up...NOTE - 10Y yields capped at 2.50% almost perfectly
Bonds kneejerked higher on Yellen hawkishness...
Pushing into the red for the year, but 30Y managed to rally back to unchanged...
The dollar spiked on Yellen, then faded...NOTE - when Flynn resignation headlines hit overnight the dollar got hit hard...
But ended the day higher... led by more yen weakness
As a reminder, Yuan is notably STRONGER vs the dollar in 2017...
Copper was clubbed like a baby seal (after massive China inflation print) and we note that PMs bounced back in the afternoon after dropping on Yellen..
Of course, stocks don't care about oil anymore...
