While stocks were the headline-makers yesterday, they mostly range-traded today taking a breather to think (even with a double-POMO) as the rest of the world's asset classes did their thing. The Dow closed at a new recxord highs but the Russell 2000, however, lost over half its gains from yesterday! Markets everywhere saw major moves... in no particular order, JPY carry trades disconnected from stocks (EURJPY fading) - until the last few minutes of failed ramp-levitation; 5Y Treasuries underperformed back to 3-month highs (up 11bps - the most in over 5 months) and the Treasury complex saw its biggest bear-flattening (5s30s) in over 2 years; WTI crude rose notably on the day , back above $99; and gold (and silver) was monkey-hammered to 40-month lows - with the biggest 2-day drop in 6 months