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Stocks Soar Most In 2 Months After Brainard Warns "Not Compelling" To Raise Rates

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"You get nothing... it's all here in black and white... shit's so bad out there that you get no interest rate hike!!"

 

 

 

 

Maybe she has a point...

 

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But buy stocks because earnings expectations for 2016 just hit cycle lows...

 

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Post-Rosengren...

 

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And Post-Brainard...

 

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Equities soared today - the biggest jump in over 2 months (since the Brexit rebound)...

 

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Notably, S&P tradex extremely technically - tumbing yesterday through the 50-day moving average, testing the 100DMA (2120) this morning and bouncing up to the 50DMA (2163)...

 

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The S&P's bounce was a 61.8% fibonacci retracement...

 

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Investors rushed into the safety of Biotech stocks...

 

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No sectors managed to get green over the past two days... (on the day healthcare outperformed but the entire complex moved linearly)...

 

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After 2 days of serious (Saudi?) selling, Treasuries flatlined today (with the short-end outperforming -2bps, versus the long-end 0bps)...

 

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Notably the Japanese yield curve continues to steepen dramatically...

 

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The USD Index slid lower all day but did not unwind all of the gains from Friday...

 

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Commodities all ended green today with crude rescued for no good reason at all... but we note only copper is green for the last 2 days...

 

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Charts: Bloomberg

 

Bonus Chart: The Most Important Chart of the day...

 

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Bonus Bonus Chart: Just a reminder, before we see today's data, that Friday saw the biggest Emerging Market fund outflow in history...

 

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