Stocks End Biggest 4-Day Run In 4 Months Amid Lowest Volume Of Year

Tyler Durden's picture

S&P 500 futures saw the lowest non-holiday trading day volume of the year and the lowest average trade size of the year also but capped a four-day win streak (biggest in four months) with small gain. The overnight plunge in futures (on EUR weakness following the Greek #Fail) was entirely retraced - slowly but surely but once Europe closed, the US was dead. Treasury weakness and EUR strength (JPY weakness) were the correlated drivers of equity exuberance today, oil flip-flopped in its non-believing 'cease-fire' way (recoupling with gold on the week); Silver surged; and credit tended to track stocks but HY modestly outperformed (though HYG closed red). VIX traded with a 14 handle briefly but ended +0.3 vols at 15.4%. Stocks (especially the big bellwethers) tracked VWAP all afternoon as all but Johnny-5 had left the building. HP Bonds cracked, AAPL green, SPY green, HYG red, VXX green, volume negligible - that is all.

S&P 500 had its biggest four-day gain in four months

 

ETFs across the macro capital structure weren't beating to the same drum as stocks today...

 

And across asset-classes - lots of decoupling and recoupling this week, which makes sense given the lack of human involvement... Bonds and stocks exchanging swings and USD and Gold recoupling by the close...

 

High-yield credit spreads squeezed higher today, outperforming but HYG (the high-yield bond ETF) tended to underperform...

 

Commodities were mixed but Silver surged and interestingly Gold and Oil recoupled post cease-fire chatter just as they did yesterday...

 

It seemed oil prices rejected the hope that a cease-fire is really upon us...

 

Charts: Bloomberg and Capital Context

Bonus Chart: Food for HP Thought as you gobble gobble tomorrow...HP's CDS points to considerably lower stock price...

 

HP Bonds started to crack today and yesterday falling towards CDS' view...

 

but bonds have a long way to go to really catch up...