Keep. It. Together.

As noted in “No Tapestries“, folks kind of muddled through the U.S. session on Thursday ahead of GDP on Friday and Amazon after the bell.

Trump kicked things off with some of the most egregious “covfefe” on record, dialing in to Fox & Friends for a bizarre ramble that conjured up images of someone doing standup comedy at 8 in the morning after an all-night coke binge. You’re encouraged to review the full highlight reel at the link above, but here’s a little sample:

He has lost his fucking mind, and clearly, his “friends” at Fox & Friends realize it.


So there was that. And we also got the ECB and Draghi who was “dovish” if you go by the euro, but according to traders, you shouldn’t read too much into the move (options expiries). For whatever it’s worth, here’s the chart:


Bunds rallied, with 10Y yields falling 4bps:


The bund rally that unfolded right around Draghi’s presser helped underpin Treasurys as 10Y yields retreated from four year highs:


The dollar rose again, hitting fresh day highs against the euro and the franc late in the day:


The euro weakness was a boon for European stocks, which rallied into the close:


Notably, EURSEK hit a new eight-year high after the Riksbank pushed back the date for a hike by a few months:


Aluminum spiked earlier on indications that Mnuchin will have to pry Rusal from Deripaska’s cold, dead hands (figuratively, of course):


U.S. stocks were up sharply pretty much across the board, with the Nasdaq leading the charge. Panning out a bit:


This was the best day for Facebook since early 2016:


This was the best day for Chipotle since going public:


Finally, for your moment of zen, here is Donald Trump talking about how he “stays on the ball and keeps it together”…

Cue Bowfinger...

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