China stocks went nowhere overnight...seems like the panic buyers from Tuesday have left (cough National Team cough) The Dow finally broke above its January record highs and there were record highs all around for stocks as trade wars are now a buying opportunity (so the narrative goes - if stocks drop, then Trump will pull out of trade war, so buy stocks, durr!!) US Equity markets gapped up at the cash open and never looked back, but Trannies underperformed...Futures show the week's incessant bid at the cash opens...The rise in yields prompted renewed buying in financials...though we note the decoupling ... (full story)