Stocks Spike To Record Highs, Close Not "Off The Lows"

US and European manufacturing PMIs disappointed (but don't tell the mainstream media), European consumer confidence tumbled, Richmond Fed business survey crashed... but New Home Sales managed a completely normal 6 standard deviation beat...

and so stocks rallied...

While not as obvious as yesterday's malarkey, today's market action had an odd pattern to it - the on-the-hour selling pressure... (note the overnight mini flash crashes in VIX - which seemed to provide a day session marker)

As Realized Vol has collapsed to its lowest since 1994...

Stocks gapped higher at the open thanks to pre-market exuberance in futures, with S&P banging new record highs during the day... but - apart from Small Caps - stocks drifted lower from the gap open...

Small Caps spiked on yet another short-squeeze...

Homebuilders were the best performers...

Trannies and The Dow fell back to red on the week...

Elon Musk managed to over-promise and underdeliver again...

Treasury yields whipsawed up, down, and up to end the day basically unchanged but lower/flatter on the week... Notice solid 2Y auction suggests no hope for a hike from Yellen

The USD Index also ended the day unchanged - reversing early weakness during the US day session - even as Cable surged back over 1.32...

Copper lost ground on the day but PMs managed to hold unchanged as Crude spiked on denied Iran rumors... Interesting that Crude ripped up to recouple with silver and stayed there...