You have to laugh sometimes...

US Macro data continues to disappoint after its record run...

Post-payrolls gold is the winner (usd the loser)...

Stocks ended higher on the day with Small Caps best - all melting up into the close...

S&P and Dow hovered around unch on the week...

It seems VIX 12 was as 'extreme' as the market was willing to go today before panic struck... (must close green above 2182) - total panic bid into close as VIX was clubbed

As an aside, stocks remain 'safer' than bonds on an implied vol basis... (in fact S&P (SPY) vol is just 75% of bond (TLT) vol - the lowest on record) - it did not end well last time...

The USD Index kept sliding today led by cable and swissy strength...

Smashing USD Index to Brexit lows...

Treasury yields fell across the complex with the longest-end modestly under-performing...

Spot the odd commodity out... gold and copper mirroring USD weakness but crude in a world of its own...

Oil closed up 23% from its Aug 2nd lows - swinging from bear to bull market in just 2 weeks...

The last 6 days in crude oil...

Notably it is the front-end that is surging...

Finally, oil appears to continue tracking last year's maniacal analog with its stunning sudden meltup...

To explain...

Step 1: OPEC jawboning
Step 2: Short-covering rally
Step 3: Oil back in bull market
Step 4: No need for OPEC action pic.twitter.com/b1Y0Werljx

— Mark Constantine (@vexmark) August 18, 2016

But be careful... today saw major hedging in Crude vol...

Charts: Bloomberg

Bonus Chart: A Gentle Reminder Of What Really Matters...