Stocks are higher... so the economy must be doing great and Trump must be awesome and trade wars don't matter, right?

Trannies outperformed and Small Caps managed to extend gains as US equity markets shrug off the weekend's rhetoric and any potential for errors this week...all spoiled with an ugly close...

Someone shit the bed at the close...

Tech managed to scramble back and ended flat relative to financials today...

VIX was practically unchanged despite the stock market gains...

In credit-land, even Goldman Sachs has started to notice the dramatic divergence between IG credit and stocks...

Treasuries inched higher in yield with 2y notably underperforming...

10Y Yields traded in a crazy narrow range of less then 2bps...

The yield curve flattened notably on the day ahead of the start of FOMC tomorrow...

And while all eyes were on America's northern neighbor after this weekend's G-7 debacle, it is the southern neighbor that is struggling as Mexico's credit risks surges to the highest since Trump's election and furthermore, above the credit risk of Russia for the first time since March 2008...

The Dollar Index managed a small gain but remains in the extremely narrow closing range for the 18th day in a row...(1168, 1170, 1169, 1168, 1169, 1168, 1171, 1173, 1177, 1170, 1171, 1172, 1171, 1172, 1170, 1170, 1170, 1172...)

The Dollar Index also completed its Golden Cross today (50DMA crosses above the 200DMA)...

Emerging Market FX tumbled...

After a couple days of resurgence, Brazils' Real rolled over today as Argentina's peso puked to new record lows...

Finally in currency land - cryptos were clubbed like a baby seal after news of a hack of the 98th biggest exchange in the world...

Silver managed solid gains despite dollar strength and copper's recent ramp ended abruptly...

Big intraday swing in crude today...back above $66 again

Gold rebounded off $1300 once again...

The gold-to-silver ratio tumbled back to unchanged for the year...

Finally, in the "this won't end well" file; Canaccord Genuity's Tony Dwyer notes that the Federal Reserve’s monetary policy uncertainty index has only been this low in four other instances, each which was followed by a sudden swing in equity prices...