Stocks are up – just ignore everything else… “all is well”.

One of these things is not like the other… Stocks were panic-bought once Europe closed but Crude, Credit, and Carry crumbled…

From the moment a UAE minister opened his mouth last Thursday afternoon, US equities have soared…

This is the best 2-day gain for the S&P since August!

Small Caps & Trannies were best as the squeeze came on… panic-buy8ing into the close…

As “Most Shorted” have soared 7% off Thursday lows with a big squeeze at the open today…

The last 2 days are the biggest short-squeeze in over 4 months…

US equities decoupled from Oil and USDJPY as Europe closed…

US credit markets – having had the day off yesterday – are not buying the euphoria…

Financials and Energy stocks both showed gains on the day despite credit weakness (and underlying weakness in crude)…

Don’t show Jamie Dimon this chart…

While many European banks gave up their early equity gains – including CS and DB – US Financial stocks enjoyed another day of exuberance following Jamie Dimon’ “Big Buy” – the only trouble is… credit risk for these names actually rose 1bp to 171bps… are you really going to fall for this again?

Once again VIX was extremely noisy with spikes (all lower) all morning..

Treasury yields traded in a narrow range with the long-end underperforming as they extended their surge off last week’s V-shaped bottom, not helped by AAPL and IBM issuance likely weighed on the complex…

The dollar rose for the 3rd day in a row (something it has not done for a month) for the best run in 2 months…

Between dollar strength, Goldman warnings, and the magic in stocks, commodities all weakened as hope disappeared from Crude..

As crude plunged off the hope highs back to a $28 handle…

Notably, the front-second month roll spread has narrowed back to pre-Phillips 66 dump levels…