What a difference a word makes... Can you spot the moment when President Trump said the word "tax"... Record highs for The Dow, S&P, and Nasdaq. Of course it's all just another bigly short squeeze...Today saw "Most Shorted" stocks soar 2.5% - the biggest squeeze since the election VIX crushed back to a 10 handle sending Dow above 20,200... Small Caps were ripped back into the green for the week... Banks and Energy stocks tore higher - after being the biggest losers... Bonds sold off today (after 3 days of strength)... 30Y bounced back above 3.00% The yield curve steepened modestly... The USD Index bounced led by Yen weakness... USD gains impacted PMs today - gold and silver lower - but crude rallied in risk on mode. PMs remain post-payrolls winners... Finally, Soft Data and The Dow remain convinced of how awesome everything is while Hard Data and Bonds are not at all...