Dismal Data Sends Stocks Back To Highs But Bonds Ain't Buying It

Stocks "V-shaped" recovery off the lows, thanks to a good squeeze in FANG stocks, is blindly ignoring the tumble in WTI crude, the drop in Treasury yields, and the weakness in USD/JPY.

Stocks "V-shaped" recovery off the lows, thanks to a good squeeze in FANG stocks, is blindly ignoring the tumble in WTI crude, the drop in Treasury yields, and the weakness in USD/JPY...

 

And the bottom hit when the dismal factory orders data hit...

 

So what happens next?

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