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Thanks to The White House saying something de minimus about Tax Reform progress (and a little help from Boeing after Trump’s warmongery), Nasdaq was the day’s best-performer as The Dow had its best day in 4 months…

Futures show the driver of the actions…

Bonds & Bullion were sold post-tax-headline as stocks surged…

Most-Shorted stocks surged/squeezed to their best day in a month (after 5 straight down days)…

VIX was smashed down below 12 at the open amid Trump Tax chatter…

The S&P ramped all the way to the 50DMA (having bounced perfectly off the 100DMA yesterday)…

This week’s bounce has an odd sense of deja vu all over again…

S&P VIX dropped back to 5-day lows but Nasdaq and Russell vol remain elevated…

S&P traders are actively hedging with Put/Call Open Interest Ratio at its highest since July 2015…

And ironically, there has never been more money bet on volatility dropping (SVXY AUM at record high $1.3 billion)

FANG Stocks had their best day in over a month…

Treasury yields rose 2-3bps across the curve today with 7Y underperforming…

30Y Yield has now traded in a 3bps range for the last 3 days…

Meanwhile, debt ceiling concerns remain high in the T-Bill market….

The Dollar Index rallied today after Trump Tax headlines…

Cable was weakest and Yuan modestly stronger against the greenback on the week…

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