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Bonds & USD Quiet, Stocks Squeeze Higher As Event-Risk-Heavy Week Looms
A quiet day for macro - ahead of a week chock full of 'event risk' signals from PCE to ISM to NFP - was dominated early on by China's 5th try-and-fail to ignite some momentum in its stock market... chart That, as well as the new negative gamma regime (see below) prompted a giant short-squeeze at the cash open (but note no follow-through)... chart And despite the opening mess, all the majors ended the day higher with Small Caps leading the charge... chart The S&P stalled 4 times at a critical CTA level (4447)... chart That late-day surge was the biggest buy-program since July 27th... chart NVDA was ugly ... (full story)