Stocks are at record highs... so... Since the headlines crossed proclaiming some low-level Chinese folk will visit DC to meet some low-level Trump administration folk - Gold and The Dow have soared together, dollar faded, and bonds modestly bid... China stocks extended Monday's "National Team' gains but went flat after the lunch break... UK's FTSE faded a little on the day but European stocks extended recent gains too... New record highs in US equities for Russell 2000, Dow Transports, S&P 500, and S&P Mid 400. Futures pushed up overnight and stocks extending gains from the open and one could argue that stocks faded as the Cohen news hit (but it was modest at most)... Everything ended higher in stock-land, but it was well off its highs after Cohen headlines... The S&P tagged its record intraday high (2872.87) as VIX was pressed lower... Just another day in the world of the short-squeeze... Discount brokers (eTrade, Schwab, and TD Ameritrade) took it on the chin as JPMorgan unveiled their latest effort to grab retail AUM... Bear in mind that bonds and stocks have completely decoupled in the last few days... Treasury yields ticked up today modestly but remain lower on the week... The Dollar continued to roll over notably... to two-week lows - extending losses post-Trump (overnight saw a jolt lower in the dollar as Japan opened) Hurting the longs as Treasuries hurt the record shorts... The Brazilian Real dominated the FX space - tumbling over 1% and tumbling below the critical 4.00 level for the first time since Feb 2016... BRL traded 4.03 handle by the close... Offshore Yuan's rebound continues to two-week highs Cryptocurrencies dipped overnight around the same time the dollar dipped at the Japanese open... Dollar weakness helped WTI today - despite the pre-telegraphed SPR release WTI's spike looked very technical - bagging stops above $68 before fading back... Gold rallied for the 3rd day in a row (the biggest 3-day gain since March), tracking yuan higher... Finally, there's this... the yield curve is tracking disappointing macro data BUT stocks don't care... yet!