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Yield Curve Collapse Continues As Small Caps Stumble Ahead Of Tax Plan

Courtesy of ZeroHedge. View original post here.

Record highs for stocks, 10 year lows for the yield curve…

Small Caps were in risk-off mode today (having oscillated this week) as the S&P, Dow hugged the unchanged line and Nasdaq was modestly bid ahead of tonight's earnings…

The moves post-FOMC were marginal…

The S&P dipped out of the gate to unchanged and then VIX was clubbed like a baby seal to get it green again…

FANG Stocks rallied ince again ahead of tonight's earnings…

Notably, stock that would benefit most from corporate tax reform have notably underpeformed ahead of tomorrow's tax plan release…

High Yield bond prices tumbled below key technical support…

Treasury yields were mixed today with the long-end outperforming – notably moving after the refunding news this morning…

The yield curve continues to collapse…

To new 10 year flats…

The Dollar Index managed very minor gains today but traded in a very narrow range…

All commodities are higher on the week with silver leading…

WTI/RBOB sank after DOE data disappointed compared to API – despite more OPEC jawboning from UAE…

We also note that copper futures continue to rebound and remains massively – and oddly – decoupled from raw industrial commodity prices

Finally, Bitcoin surged to another new record today above $6600…up 15% since Friday…


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