Stocks Soar To Record-est Highs Despite VIX & Crude Warnings

Before we start - Spot The Odd One Out...

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Stocks were up despite crude weakness...

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VIX was notably higher despite the melt-up in stocks...

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And March rate-hike odds near highs...

New All-Time Highs In Dow, Nasdaq, S&P, and Russell 2000.

Dow topped 20,400 (up 400 points in 3 days)...

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Notably GS and CAT accounted for one third of Dow gains - which is just fucking ridiculous when you look at fundamentals...

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3rd day in a row of opening short-squeeze gap-up open...

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But notably Small Caps faded significantly in the afternoon (as the squeeze ran out of energy)...

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S&P 500 topped $20 trillion and its Price-to-Book is now back above 3.00x - the highest since 2004...

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S&P 500 is notably overbought now...

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Bank stocks leading the way again... Up 3 days in a row to the highest since Feb 2008 - bouncing perfectly off the 50-day moving average once again...

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So here are some chart food for thought...

Bank investors don't care about rate hikes anymore...

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Bank investors don't care about the yield curve or NIM...

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And Bank investors don't care about credit risk...

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It's the deregulation-stupid!

Apple stock reached a new closing high...

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So buy and hold for 2 years and bonds still outperformed?

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Treasury yields limped higher on the day (but rallied lower from the US Open) - 30Y holding above 3.00%

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HY bonds rallied to new cycle highs back to July 2015...

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The USD index whipsawed up and down intraday (ending higher)... with cable strength and Yen weakness

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Which fits with the 2016 analog...

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Copper gained (along with every China industrial commodity) after renewed liquidty operations, PMs drifted with a stronger dollar and crude tumbled...

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