Tuesday, April 11, 2017

The Status Quo Hinges On OPEC

What could go wrong?

Someone needs to tell Trump that World War III is not "bullish"...


Global RISK OFF

USDJPY:



Today's rally compliments of OPEC bullshit:



"It's been working so well until now, that we've decided to extend the cuts"




The key reversal in oil was reversed (and Gold, not shown)

U.S. Oil ETF:



Long-term rates definitively broke the support line, which means the max pain trade is on...

Bond shorts (red) with Ten Year yield:



A big day for short-covering

Equal cap / market cap S&P:



Big banks



Small banks


Big cap tech:


And the other big rally today was in implied volatility:



This is the S&P / VIX ratio: