Drumstick.

Today’s gains were preordained thanks to ebullient Asia session. There’s always a chicken-egg scenario there. Is Asia taking its cues from Wall Street or is Wall Street taking its cues from Asia? It certainly seems as though Asia set the tone on Tuesday.

Recall that overnight, the CSI 300 roared higher and Hong Kong-listed Chinese large-caps surged.

HangSengChinaEI

The Hang Seng hit its highest levels since November 2007 as Tencent surpassed Facebook in market cap.

HangSeng

Trump pardoned Drumstick. “Ohhhhh Drumstick”…

U.S. stocks closed at record highs with the S&P crossing 2,600 for the first time intraday and the Nasdaq 100 logging its second-best day since the late-October big-cap tech earnings blowout:

Stocks

This. Just – this:

Days

The dollar was weaker against most of its G-10 peers. Treasurys pared morning gains. Ultimately, the flattening trend refuses to abate. You can see the early moves faded:

DollarYield

European shares dipped at the cash open only to end solidly higher – Tuesday marks the second day in a row of that:

Europe

Notably, the Stoxx 600 has now recouped a good portion of what was rapidly becoming a pretty sizable drawdown:

Stoxx

All of this is of course unfolding against an exceptionally precarious political backdrop in Germany, so don’t get too comfortable.

It was a good day for the loonie and the peso, which were both buoyed by whatever counts as “optimism” on NAFTA these days. Apparently, Juan Pablo Castanon, head of Mexico’s business chamber, said negotiators are close to finishing work on telecom, energy and digital commerce provisions. What. The. Fuck. Ever. Man.

LoonieMexicans

Amusingly, someone decided that risk-on actually meant risk-off right at the cash open on Wall Street as gold rose and USDJPY fell:

YenGold

Oh, make-believe space tokens (Bitcoin) fell some 5% before recovering. The reason they fell is because someone stole some other make-believe space tokens (Tether) from a make-believe space “wallet”:

Bitcoin

One more thing… these are “only” $45 (h/t Murphy)…

hats

 

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3 thoughts on “Drumstick.

  1. all of the other 350+ -without-a-5%-drawdown periods were major long term tops, and/or ‘blow off tops’ where sentiment and positioning were very long and complacent. the ever-cycling question and observation has come around again: what could go wrong? and we dont see a recession or market correction in the foreseable future. which IMPLIES that they think they would be able to see one coming AND they would state such.

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