The short-term rates market continued its dovish reversal, now expecting over 10bps less tightening by the end of 2022...
That helped send the S&P to a new record high (Nasdaq outperformed on the day and Small Caps managed solid gains are plunging at the cash open)...
Right after the cash close, US equity futures went ridiculously vertical...
Small Caps are glued to their 50DMA...
Growth has ripped back, erasing all of its relative weakness to value since the end of Feb...
"Most Shorted" Stocks were generally flat today as hedge funds' favorite stocks ripped...
As the dollar dump returns, Gold rallied back above $1750 to its highest since late February today...
Bitcoin ripped back above $58,000 today...
And Ethereum spiked back above $2050...
Bonds were bid, pushing 30Y yields lower since the Thursday equity close (remember bonds were open around the payrolls print)...
10Y Yield dropped back below 1.65% (so much for the spike in yields from payrolls)...
WTI was unable to get back above $60 today, despite the dollar weakness...
Silver jumped back above $25 this week and is extending gains...
Finally, it's probably nothing but a United Nations gauge of global food prices climbed for a 10th month in March, driven higher by costlier vegetable oils, meat and dairy. This the highest level since June 2014...
Oh, and don't pay any attention to this (for the first time ever, the S&P 500 is trading 3x Price-to-Sales), it's probably nothing too...
Oh, and for the first time ever, the US equity market cap is twice that of US GDP...
