Dow futures plunged over 760 points after tagging yesterday's highs overnight, but those darn algos ripped the market higher in the last hour erasing the entire drop...  with the biggest buy program since February and biggest reversal since 2010

And the 4th biggest buy program of all time...

In words...

And pictures... Dow futs exploded over 900 points higher, taking out yesterday's highs and ending like yesterday at the highs of the day...

 

On the day, Small Caps ended red but The Dow led the rest green...

 

Quite a wild ride this week so far...

The plunge was not a total surprise after economic confidence crumbled and job expectations crashed, but the buying panic had the same short squeeze and pension panic reallocation fingerprints from yesterday.

However, gold and bonds remain green since the Fed hike and stocks still down over 4%...

 

It certainly has the smell of a massive pension reallocation as the moment stocks started to surge, bonds were dumped...

 

Especially the long-end as pensions unwound as much duration as quickly as possible to cover the increased equity exposure...

 

While the USD and stocks were correlated today, the former plunged and was unable to rip back with the magnitude of stocks...

In fact the usd fell well short...

Dollar weakness helped lift Silver again as crude slipped...

 

Silver has dramatically outperformed gold in the last few days...

 

But finally, no matter how much lipstick they put on December, it is still a pig...