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S&P Goes Longest Without A 5% Pullback In 20 Years As NFLX Leads Nasdaq To Record Highs

Courtesy of ZeroHedge. View original post here.

'Hard' Data takes another dip to 28-month lows (as Import Prices disappoint)…

But as Leslie Nielsen says…

While the S&P 500 Index has notched one record after another over the past year, its climb has been the most stable in two decades.

As Bloomberg notes, there hasn’t been a single instance when the U.S. equity benchmark pulled back 5 percent from its highs during the period. The last time the market slumped at least that much was in the aftermath of the June 2016 Brexit vote — marking a 267-day streak that’s the longest since 1996, according to data compiled by Bloomberg.

And for good measure, the lows were in again by the European close then slow meltup for the rest of the day… tough day for Trannies (FDX and airlines big drag), S&P scrambled back to green and Nasdaq hit a new all-time high today.

Oh and in case you were wondering, yeah it was all NFLX… Nasdaq hit record highs on negative advance/decline…

Once again traders are making a molehill out of a mountain… of risks – with VIX tagging 9.66 lows intraday

Banks were the biggest losers (as Goldman and BofA couldn't hide reality) but Tech and Utes were best…

Some big movers in the headlines – Chipotle tumbles 6% on Norovirus, Blue Apron just keeps plunging (along with Snap) to new record lows, and of course, there's Netflix which single-handedly saved Tech today and FANG Stocks soared…

A FANGtastic Day…

TWTR teetered on the brink of breaking its streak of positive gains (9 days until today) but the machine made sure… 10 up days in a row – a record!

Treasury yields bull-flattened further today as yet more weak data crossed the wires…

10Y yield has retraced half its swing higher from hawkish Draghi comments and 30Y yield is back at 2.85% – the same level before The Fed hiked rates in June…

After a brief respite yesterday, the Dollar Index continues to slump…

Driven by an ever-stronger EUR – when will Draghi cut rates? It seems EURUSD has got a little ahead of itself once again…

Commodities were all up on the day as the dollar sank with WTI very noidy into the API print tonight (on Saudi jawboning and Saudi fact)…

Gold's gain pushed it above the 200DMA…

And with hope surging through the crypto world that the civil war may be over, virtual currencies soared…

Bitcoin is up 30% from weekend lows…

And Ethereum up over 20%, back above $200… (up 54% from the weekend's low at $132.65 to over $205)

So stocks v-shape-recovered on absolutely nothing but bad news (economic and political) but every thing else flatlined this afternoon…

This seemed to sum things up nicely…
 

"Stocks climb to record highs as political turmoil in Washington spins out of control". "The Fed has our back" commented one trader

— StockCats (@StockCats) July 18, 2017


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