“Could’ve Been Worse”-Weekend Sparks Buying-Panic Sending Stocks To Record Highs

The last month has seen “Fire & Fury” threats, Gary Cohn resignation concerns, North Korean missiles over Japan, Hurricane Harvey, North Korean Hydrogen Bomb tests, and now Hurricane Irma… and stocks are higher…

All the worries are gone for stocks…

But bullion and bonds remain the biggest gainers since Trump’s “Fire & Fury” threat… (note that the S&P just scrambled green)

As stocks soared today – because no missiles were fired and, hey, only 6 million people in Florida are without power…

Huge opening gap then stocks pretty much went nowhere… almost like some all-knowing hand wanted to prove that everything was awesome before the market particpants had a chance to decide... “Standard 1% Rally on everything”

S&P biggest rally since April, closes at a record high.

VIX was dumped today also to make sure stocks rallied amid total chaos. Notably, implied vol is at its lowest premium to realized vol since October….

Banks were the biggest gainers…

All thanks to a big huge short-squeeze at the open…

Insurers give a perfect example of the relief as they soared above Harvey highs…

FANG Stocks best day since July 17th (Netflix earnings rip)…

Treasury yields rose on the day, but still remain lower post-Korea’s H-Bomb test…

With 10Y stalling at pre-payrolls levels…

The Dollar Index to Thursday’s ISM levels…

Helped by a collapse in JPY… This is the biggest spike in USDJPy in 8 months!

Just like after Harvey’s brief tumble (and remember that occurred as Korea flew missiles over Japan), Kuroda came to the rescue…

And as USDJPY surged, so Gold dumped…

WTI bounced on chatter about renewed extension of OPEC cuts but while it rebounded, RBOB ended lower on demand concerns…

Finally, because the world did not end, the odds of a December rate hike soared today…

This post originally appeared on Zero Hedge

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