Remember those China headlines...

US equity markets are melting up this morning with S&P at new record highs and Dow topping 25,500 for the first time ever...

 

https://alternativeeconomics.co/res?src=https%3A%2F%2Fwww.zerohedge.com%2Fsites%2Fdefault%2Ffiles%2Finline-images%2F20180111_china.png

And while stocks are exuberant, bonds are going nowhere...

 

https://alternativeeconomics.co/res?src=https%3A%2F%2Fwww.zerohedge.com%2Fsites%2Fdefault%2Ffiles%2Finline-images%2F20180111_china1.png

And notably VIX is rising with stocks melt-up - suggesting call-buying exuberance...

 

https://alternativeeconomics.co/res?src=https%3A%2F%2Fwww.zerohedge.com%2Fsites%2Fdefault%2Ffiles%2Finline-images%2F20180111_china2_0.png