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Stocks Jump As Dollar Dumps And Bitcoin Explodes To Record Highs

Just because it made us laugh...

As Bloomberg notes, the S&P 500 climbed for the third consecutive session as President Donald Trump’s trip to Saudi Arabia netted deals that lifted defense shares. The euro remains firm having pared gains from Chancellor Angela Merkel’s comment referring to the single currency as “too weak.” The 10-year Treasury yield climbed above 2.25% while gold rose and crude climbed to the highest in a month as Saudi Arabia said all producers agree on extending output cuts. Brazil’s real trimmed losses after the top court suspended its ruling on President Temer, while Mexico’s peso gained as interest rate differentials temporarily overshadow NAFTA concerns.

NO VOLUME!!

While stocks are up 3 days in a row, they remain below the Trump-Dump levels... NOTE - each of the daily bounces have been opening gaps with little follow-through...

 

And "Most Shorted" stocks are now back unchanged from the Trump Dump...

 

S&P limped back into the green for May (Dow remains red)...

 

And all this while VIX was crushed back to a 10-handle...

 

And short-term VIX has crashed back to a 9-handle...

 

Energy stocks disappointed despite WTI topping $51 on the heels of positive OPEC jawboning...

 

But thanks to Trump's big deal in Saudi Arabia, Aerospace & Defense stocks soared...

 

Treasury yields rose very modestly on the day but remain well below pre-Trump-Dump levels... (30Y hovers around 2.91%)

 

The Dollar Index was down once again (8th of last 9 days) to pre-Trump lows

 

Brazil is bouncing back a little from its devastation but notably stocks are not as excited as FX...

 

WTI Crude rallied to $51 and then stuck there...

 

Gold and Silver both gained on the day...

 

Finally Bitcoin was the day's real winner, soaring over 15% on the day (up 25% since the Trump chaos last week)... smashing through $2000, $2100, $2200, and almost $2300...

 

Bonus Chart - One of these things is not like the other...