The last month has seen "Fire & Fury" threats, Gary Cohn resignation concerns, North Korean missiles over Japan, Hurricane Harvey, North Korean Hydrogen Bomb tests, and now Hurricane Irma... and stocks are higher...
Video length: 00:00:04
All the worries are gone for stocks...
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But bullion and bonds remain the biggest gainers since Trump's "Fire & Fury" threat... (note that the S&P just scrambled green)
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As stocks soared today - because no missiles were fired and, hey, only 6 million people in Florida are without power...
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The huge opening gap then stocks pretty much went nowhere... almost like some all-knowing hand wanted to prove that everything was awesome before the market participants had a chance to decide... "Standard 1% Rally on everything"
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S&P biggest rally since April closes at a record high.
VIX was dumped today also to make sure stocks rallied amid total chaos. Notably, implied vol is at its lowest premium to realized vol since October....
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Banks were the biggest gainers...
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All thanks to a big huge short-squeeze at the open...
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Insurers give a perfect example of the relief as they soared above Harvey highs...
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FANG Stocks best day since July 17th (Netflix earnings rip)...
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Treasury yields rose on the day, but still remain lower post-Korea's H-Bomb test...
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With 10Y stalling at pre-payrolls levels...
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The Dollar Index to Thursday's ISM levels...
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Helped by a collapse in JPY... This is the biggest spike in USDJPY in 8 months!
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Just like after Harvey's brief tumble (and remember that occurred as Korea flew missiles over Japan), Kuroda came to the rescue...
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And as USDJPY surged, so Gold dumped...
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WTI bounced on chatter about the renewed extension of OPEC cuts but while it rebounded, RBOB ended lower on demand concerns...
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Finally, because the world did not end, the odds of a December rate hike soared today...
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