Buy it all… On the week – Stocks are up, Treasury Bonds are up, Corporate Bonds are up, Gold is up, Bitcoin is up, and WTI Crude is up…

Video length: 00:04:05

Before we get started – consider the following…

And perhaps this will help explain last week’s action compared to this week’s? Everything reversed trend when China got back from holiday…

Small Caps ended the week red – the first drop in 6 weeks – as Trannies outperformed (just edging the Dow on the week), but the rest of the market traded in a very narrow range this week…

In fact, it appears Russell 2000 has died. After surging 12% higher in the prior month in a seemingly unstoppable surge, it has gone nowhere for 10 days straight – 1509, 1511, 1508, 1512, 1510, 1504, 1508, 1507, 1505… 1505.

This move in Small Caps looks very similar to the surge of the election which then did nothing for 9 months…

S&P saw a change of regime in the last two days with selling in the last 30 mins…

With VIX back at record lows, FX and Rates vol remains elevated – though fell this week…

And while Russell traders are hedging, so are Nasdaq traders.. as it soars to record highs, the inverse QQQ ETF (QID) has seen options interest soar…

(with more than five calls – bearish Nasdaq – outstanding for each put – bullish Nasdaq)

Despite the record highs in the major indices, Trump tax hope has collapsed back to post-election lows…

Bank stocks suffered on the week after ‘sell the news’ earnings…

And traders have rotated back to FANG stocks – sending then to record highs… (up for the 5th week in a row)…