SPY Has Just Done Something It's Never Done Before It appears "clots" won't stop this meltup... ...as early weakness was met by a wall of buying around the CPI print and a replay of the reflation bet (Big-Tech up, Small Caps down) at the cash open. Nasdaq was the day's best performer, S&P closed green as Dow and Small Caps erased most of their losses for a small down day... The Dow was hampered from its exuberance by JNJ's modest drop. Underneath the surface, the market is assuming a defensive posture today led by mega-cap Tech and the bond proxies -- Utilities and Real Estate (yields on 10-year Treasuries are back down to 1.63%). On the flip side, the procyclicals - Industrials and Financials - are lagging. Source: Bloomberg Notably, however, the defensive tilt is taking place in an environment of relaxation, not anxiety. The VIX is down again today to 16.6 -- nearing the 15 level that the VIX was camped out at during long stretches of the pre-pandemic/post-GFC era. VIX has now closed below 20 for 10 straight days - something it hasn't done since Feb 2020 Bonds were bid with with 5Y-10Y segment outperforming... Source: Bloomberg A very strong 30Y auction helped... Source: Bloomberg The dollar continued to drift lower... Source: Bloomberg Crypto surged above $2.1 trillion market cap today with Bitcoin above $63K for the first time... Source: Bloomberg And Ether surged above $2300 - a new record high... Source: Bloomberg Dollar weakness helped send Gold higher... WTI managed to close back above $60 ahead of tonight's API data... And finally, this is the 13th day in a row where the S&P 500 ETF (SPY) closed above its opening price... Source: Bloomberg Since SPY's inception in 1993, that has never happened before. Tyler Durden Tue, 04/13/2021 - 16:00