Government Un-Shutdown Sends Stocks To Record Highs, Bonds “Most Oversold” In 13 Months

“Don’t worry, be happy”…

 

While stocks soared to new record highs, the dollar was completely unexcited and bonds ended the day unchanged…

https://www.zerohedge.com/sites/default/files/inline-images/20180122_EOD1.jpg

Spot the odd one out…

 

https://www.zerohedge.com/sites/default/files/inline-images/20180122_EOD13_0.jpg

US Equity futures show the immediate selling pressure at Sunday’s open (the shutdown occurred after the close Friday)… a panic bid at the US cash open… and then another leg higher on the actual Senate vote… and the ubiquitous melt-up into the close…

 

https://www.zerohedge.com/sites/default/files/inline-images/20180122_EOD14.jpg

 

But record highs for all four major US equity indices by the close… (Nasdaq was the day’s big performer despite AAPL weakness)

 

https://www.zerohedge.com/sites/default/files/inline-images/20180122_EOD15.jpg

 

As AAPL slid, so FANGs were bid (ahead of NFLX earnings tonight)

 

https://www.zerohedge.com/sites/default/files/inline-images/20180122_EOD11.jpg

 

High yield bonds underperformed once again again…

https://www.zerohedge.com/sites/default/files/inline-images/20180122_EOD6.jpg

 

Treasury yields ended the day broadly unchanged with the long-end very modestly bid (30Y -1bps)…

 

https://www.zerohedge.com/sites/default/files/inline-images/20180122_EOD2.jpg

 

This left the yield curve modestly flatter on the day once again…

https://www.zerohedge.com/sites/default/files/inline-images/20180122_EOD3.jpg

Treasuries are now the most oversold in 13 months…

 

https://www.zerohedge.com/sites/default/files/inline-images/20180122_EOD5.jpg

 

The Dollar Index just refused to hold on to any gains once again today… mounting a brief algo ramp on the Senate vote only to fade back into the red…

https://www.zerohedge.com/sites/default/files/inline-images/20180122_EOD4.jpg

 

Copper, Crude, and Gold managed gains on the day as silver slipped…

 

https://www.zerohedge.com/sites/default/files/inline-images/20180122_EOD7.jpg

 

Cryptos had another ugly day… with Ripple down 20% from Friday’s close…

 

https://www.zerohedge.com/sites/default/files/inline-images/20180122_EOD8.jpg

 

With Bitcoin below $11k and Ethereum below $1000…

 

https://www.zerohedge.com/sites/default/files/inline-images/20180122_EOD8_0.jpg

 

Finally we note that Jeff Gundlach’s favorite 10Y yield indicator is very close to recoupling…

 

https://www.zerohedge.com/sites/default/files/inline-images/20180122_EOD10.jpg

 

Bonus Chart: 2Y Treasuries now yield 27bps more than the S&P 500…the most in 10 years…

 

https://www.zerohedge.com/sites/default/files/inline-images/20180122_EOD12.jpg

 

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