Ahead of Veterans Day tomorrow, the United States Marine Corps visited the NYSE to celebrate the 250th Anniversary of the Marines. That was more than enough for global equities to continue with Friday’s rally, helped along by the end of the US government shutdown coming into sight. US equities ended last week on a relatively high note, rallying from intraday declines of more than 1% for the S&P to finish at its best levels. It had been a rather poor week up until then, but buyers stepped in to defend key levels (50d ma, 6700) and breadth was solid as the equal-weight and Russell 2000 outperformed on Friday. With support at the 50-day, the S&P gapped up to its 20d ma this morning and headed higher. Underlying metrics are a little more mixed. The equal-weight is underperforming, but the small caps are trading relatively well. As those metrics would indicate, it’s Tech leading the way. The FANG+ and ICE Semis indexes are up ~2%. Most of the broader AI trade is higher, including non-semi names. On the other hand, Staples are seeing some pressure with the risk flows today. Beverages are mixed while most other areas are lower. Real Estate and Utilities are also modestly lower, not helped by higher yields. Healthcare is middle of the pack but managed care names are under pressure after a deal on Obamacare subsidies was not included in the agreement to end the shutdown. US treasuries are down slightly with yields flat to up 2bp across the curve. The VIX has fallen further below 20 while the MOVE rose has risen off 4-year lows. Commodities are trading higher. The Friday rebound picked up steam this morning as gold, silver, platinum and palladium jumped 3-4% each. Crude is bouncing between gains and losses stalling around $64.50 and finding support at $63.50. Crypto is following through on Friday’s momentum. Bitcoin and Ether are up 2-3%. After several days of stumbling periodically below $100k, Bitcoin has regained its 200d ma ~$104k as it moved back towards $107k.

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