To the middle class...

 

Before we start, don't forget the chaos in Japan overnight...

 

Gold remains the biggest winner in the post-Saudi-chaos world...

 

The Dow's 7-day win streak is broken... Trannies were worst

 

Trannies are now down 6 days in a row, and all indices are red on the week...

 

VIX pushed higher on the Senate tax bill (topping 12), but soon enough the army of vol-selling-machines stepped in and righted the ship...

 

'High Tax' Companies dropped early but rebounded as details came out....

 

Big tumble in FANG stocks at the open but that dip was bid...

 

Financials continued to underperform (even with modest steepening of the curve today)...

 

And homebuilders rallied on the normalization of interest deduction...

 

As stocks catch down to credit's weakness...

 

High Yield Bond prices (HYG) are at 8 month lows...

 

VIX has started to creep higher but has further to go to fit with credit risk...

 

 

Mixed picture in bond land today with the short-end modestly bid (yields lower) and long-end the opposite... (30Y and 10Y remain lower on the week)...

 

The Dollar Index tumbled to its lowest since Oct 26th...

 

Bitcoin slid on the day... as traders rotated back to ETH as the hopes of a fork dividend fade.

 

Copper remains lower on the week - following hotter than expected China inflation - and gold and crude managed modest gains on the day...