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Stocks are up five days in a row… Nasdaq up 5.6% this week alone…

For context, this is the Nasdaq’s best 5-day rally since 2011!!!!

Small Caps got back to even for 2018 (trannies still red)…Nasdaq is up 5% YTD

Nasdaq Futures are up 10% off the lows…

As “Most Shorted” Stocks soared off the lows… This is the biggest short-squeeze since the election

The Dow tested back below its 50% retracement level but rebounded quickly to a new bounce high…(oh, and Gartman nailed it again)

The S&P closed above its 50DMA…

The Inverse VIX ETF fell today as stocks gained – the first time that has happened since the collapse…

VIX was chaotic around the open today…

Despite stock strength, VIX ended the day modestly higher and we do note a significant divergence

While prices for HY and IG debt have ‘stabilized’ they are not rallying as exuberantly as stocks… perhaps because they just got hit with the biggest ETF fund outflows ever…

And just in case you needed any more confirmation of how nuts the world has become, Emerging Market High-Yield Debt is now trading at a lower yield than US High-Yield Debt…

Treasuries were notably mixed today with the long-end rallying and short-end higher in yield… On the week 30Y yields remain lower…

Which pushed the yield curve even flatter…

The Dollar Index bounced very briefly on BoJ headlines then tumbled back to its lowest close since Dec 2014 – down 5 days in a row…