What we think about when we see the opening ramp like this morning...

Another day, another record high...

And another "lowest volume day of the year"..

Small Caps and Trannies outperformed on the day thanks to the opening ramp but we note that all indices closed lower from the EU close...

Today's meltup was not enjoyed by the vol-selling machines... it appears the spike was heavily hedged amid dismally low volume...

The first VIX up, Stocks up day in 6 weeks...

On a daily basis, the S&P is at its most over-extended since April when it slid lower...

And on a monthly basis, the S&P has swing across its bollinger bands back near record highs...

Treasury yields rose today (with the long-end underperforming)...

The USD Index ended the day practically unchanged with Cable weakest and commodity currencies gaining on the heels of crude...

Spot the odd one out (all commodities gained on the day but crude was just funny...)

WTI Sept 2016 contract traded almost back to $46 today

Oil's gain helped early BUT from the NYMEX close, stocks fell...

Charts: Bloomberg