The S&P 500 closed at new record-er-est highs (a record 29th day above the 5DMA) providing just the right amount of confidence-inspiring ‘wealth creation’ to ensure you spend, spend, spend this weekend all those gas price savings (despite 9 of 9 macro data misses today). Dow and Trannies underperformed today as Nasdaq surged on AAPL strength. The USDollar fell for the 3rd day (first time in a month) and Treasury yields tumbled (down 5-8bps on the week) near 18 month closing lows. VIX traded briefly with an 11 handle and lost its inversion (1st day in 6). Gold prices flatlined for the 3rd day (as EURCHF fell) ahead of the Swiss gold referendum this weekend. Oil tumbled to fresh 4-year lowsas OPEC hinted at no cuts and copper slipped to fresh 4 year closing lows. Late-day shenanigans sent stocks ripping higher… in a totally rational manner. Turkey prices are at $1.67/lb and have been remarkably stable over the past few years.

This happened…

  • Mortgage Applications -4.3%
  • Durable Goods Ex-Transports MISS -0.9% vs +0.5% Exp
  • Initial Jobless Claims MISS 313k vs 288k Exp
  • Personal Income MISS +0.2% vs +0.4% Exp
  • Personal Spending MISS +0.2% vs +0.3% Exp
  • Chicago PMI MISS 60.8 vs 63.0 Exp
  • UMich Confidence MISS 88.8 vs 90.0 Exp
  • Pending Home Sale MISS -1.1% vs +0.5% Exp
  • New Home Sales MISS +0.7% vs +0.8% Exp

    • Which explains this..Another Death Cross… right?

     

    What’s funny is how fucking predictable it has all become…

    Rather oddly, S&P 500 e-mini liquidty was at its highest point since the Treasury yield flash crash with an hour to go… (h/t @NanexLLC)

     

    Recorder-est 29th day in a row closing above its 5-day moving-average

     

    On the day, Nasdaq won thanks to AAPL…

     

    Thanks to a 3Sigma above VWAP ramp

    Thanks to the ubiquitous VIX slam at 330ET

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