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Stocks, Yields surge after yesterday's breakout- Stretched but Bullish

On CNBC today-  3:30-40-  S&P’s follow-through from yesterday’s surge has carried S&P up to test August highs within 2 ticks as of this morning ahead of Europes open, a very stretched condition considering that Futures have risen 8% since Midnight Tuesday night/early Wednesday morning, while DJIA futures are back at new all-time highs this am and NASDAQ futures within 1.5% of its all-time highs made on 10/25-  The acceleration in Treasury yields has also continued this am, not just in US but globally with German Bund yields rising up to near 0.30 bps,, or a full 40%+ rise this am alone while US Yields have exceeded the trendline from late 2013 in both 10s and 30s and up to 2.10%.    Dollar surge has also continued this morning with more than 1% gains vs Japanese Yen and above avg gains vs most Emerging mkt currencies .   Given the US Dollar upside acceleration along with Yields, the Emerging mkt space should suffer, and should be poor also for Gold.  The ratio specifically of Developed markets to Emerging mkts has broken out of an intermediate-term trend in the last couple days, arguing for OUTPERFORMANCE in Developed markets.. so for those looking to sell into this move-  Shorting EEM might make more sense than SPX.   Overall key resistance for today lies at 2182-4 and then 2196, while on the downside, earlier lows at 2155 could be important on any dip, but should be used to buy on pullbacks.  A long bias is preferred, but given how stretched indices have gotten in the last 48 hours.. pullbacks would offer better buying opportunities, particularly within the Financials and industrials space.  Let me know if you have any questions.  MNKD, SODA, KSS, PRGO FCX higher, while on the downside- ANTH, NVAX, SEDG, NTES, SLCA, TWTR-