Confused as to why stocks are soaring… along with the dollar… and bonds… join the gang as one confused bank trading desk admits “there are no real headlines to note” behind this price action…

Bonds are bid, stocks are bid, and the dollar is bid…

EURUSD dived – which is odd since the ECB meeting came and went with little of note.

Stocks are suddenly spiking (and VIX plunging) – Dow futures have retraced Fib 61.8% of the early week plunge…

For no good reason:

“We did hear from Kudlow sounding constructive on trade tensions, while Mattis has said that no decision has been made on any withdrawal from the Iran nuclear deal (deadline for sanction waivers expires May 12). However the comments are not exactly groundbreaking.“

And Treasury yields are sliding – 10Y back below 3% and holding…

…perhaps reflexively driving the gains in stocks as extreme longs in VIX Futs, S&P Futs, & extreme shorts in Treasury futs can’t coexist forever.