So this happened...

Which made us think of this...

So much for all those naysayers fearing the impact of a global trade war... US equities love trade tariffs!!

Record highs for Nasdaq... Dow (blue) outperformed, outpacing Nasdaq on the day, as Boeing added most (wait, isn't Boeing supposed to suffer from a trade war?),Trannies were disappointed by Energy weakness...

NOTE - stocks pretty much went nowhere after the open.

VIX tumbled back to a 12 handle...

FANG stocks are roaring higher to a new record high today: the last two days have been the biggest jump since the rip higher off the mid-Feb lows...NOTE - the FANG stock opened at the lows of the day and closed at the highs for the last two days.

Tech stocks continue their march higher relative to financials... this won't end well...

The ratio of tech to financials has only been higher from Feb 2000 to March 2000.

Growth continues to surge (despite the collapse in the yield curve)...

And while bond yields have bounced they remain notably decoupled from stocks...

European HY spreads have compressed, but remain wide of US HY for now...

Treasury yields rose today, basically erasing last week's moves to unchanged from the Friday before Memorial Day...

The yield curve ended very modestly flatter on the day but 2s30s did briefly dip to a new cycle low at 55bps... (and 2s10s just 41bps)

Don't get too excited about today's extension in 10Y Yields - it looks like a run-stop on very low volume...

The Dollar Index ended the day modestly lower but after ramping back during the US session from overnight weakness...USD remains in a very narrow range...

Cryptocurrencies faded today after a strong weekend...

Commodities were very mixed with Copper surging and crude crushed... PMs ended unch...

WTI Crude tumbled to a $64 handle - neat two-month lows

WTI broke below its 100DMA...

Gold tested back above $1300 today but was rejected again...