So the stock market hit a new record today. But no one is buying stocks. Except the central banks with fiat currencies.
David DeGerolamo
S&P Makes History On Lowest Volume Of The Year
As we noted early on, by the time the cash markets opened this morning, the narrative of compliant Kuroda and drug-peddling Draghi had been painted as worth more than a yellowing Yellen’s hawkish comments. And so it was that stocks, despite weak macro data this morning in the US – bad news is great news – surged as cash markets opened and tagged S&P 2,000 for the first time ever. However, once Europe closed, that exuberance faded in stocks.Treasuries rallied (30Y closed -2bps) with the front-end weakening very modestly. USD strength (on notable EUR weakness) sent oil and precious metals modestly lower on the day but Copper had a good day (+0.6%). Today was the lowest S&P futures (non-holiday) trading of the year as the Nasdaq rose for the 9th day in a row.
