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Stocks Scramble To 4th Longest Stretch Of 'Dip-less' Gains In 90 Years

Relax, we got this...

 

The Dow was the day's best-performer (thanks to MCD, CAT, GS, and HD - which accounted for 135 of the 122 points gained on the index; MMM and UTX knocked 85 points off the index). Nasdaq lagged thanks to GOOGL but the machines did their best (got almost to unchanged then faded)...

NOTE: stocks took a tumble in the last hour - not on the healthcare vote but on Trump-Sessions' headlines.

Small Caps remain the week's biggest gainer with Trannies, S&P, and The Dow fading tick for tick...

 

Nasdaq was "managed" back to unchanged...

 

And all another yuge short squeeze...Today was the biggest short squeeze in over 5 months

 

Since the lows reached immediately after the Brexit vote in July 2016, the S&P 500 has seen over 270 consecutive trading sessions without a 5% peak-to-trough drawdown. This is the 4th longest stretch since 1928...

 

UTEs are biggest underperformers, Tech was unch, as Financials and Energy were best...

 

GOOGL did not see dip-buyers...

 

VIX tested down to 9.04 intraday... lifting the S&P after a quiet overnight session...NOTE - as soon as VIX opened for trading, stocks took off...

 

VIX has not closed above 10 for 9 straight days - starting with Yellen's dovish Humphrey Hawkins testimony - this is the longest period below 10 in history...

 

The last time VIX dipped below 9 was 12/27/93, the day of VIX's record intraday low at 8.89...

 

FANG Stocks suffered their first loss in 13 days today (thanks to GOOGL)...

 

Bonds and Stocks recoupled the last few days...

 

But today saw bonds extend out beyond stocks...

 

30Y Yield pushed up above 2.91% ahead of tomorrow's FOMC statement...

The yield curve bear-steepened with 2Y outperforming...

 

The Dollar Index gained on the day - though chopped around quite significantly...

 

JPY weakness was the day's big factor (sending stocks higher)...

 

WTI Crude extended yesterday's panic-buying ramp, testing $48 today - the highest since June 7th (when DOE data slumped prices)...ahead of tonight's API data

 

Gold was down modestly (below $1250)

 

Notably markets barely even blinked when The House voted to debate the healthcare bill. Presumably the market knows it's going nowhere with McCain back, bringing confirmed "no"s to 3.