Holiday Hangover Remains As Light Volume Lifts Equities To Exuberant Unch Close

Tyler Durden's picture

Broadly speaking, risk markets seemed stuck in tryptophan-mode today but as always it was stocks that used a mediocre volume day to squeeze the odd name here or there. Facebook and Apple were the wunder-kind once again (with the latter now up almost 17% from its swing lows at its 30DMA and a 38.2% retrace of the high-to-low move). The Apple gain moved the Nasdaq into the green (for the sixth day in a row) but the S&P 500 (despite its best efforts into the close) was unable to reach green after overnight weakness. S&P 500 futures did managed to cross into the green (fill the gap) as the day-session closed but Treasury yields were lower all day and signaled considerably less exuberance. FX markets oscillated in ever-decreasing ranges as everyone waits for the next eurogroup bullgasm. Commodities wondered aimlessly with Oil down and Copper up and gold/silver either here nor there. VIX rose modestly to 15.5% by the close as credit markets overall underperformed stocks.

 

Bonds and stocks decoupled again (though post-EU close, Treasuries sold back - up in yield - a little)...

 

which is evident in not just Treasuries but broad risk-assets in general which did lift in the afternoon but were far less excited than stocks...

 

but the S&P 500 futures saw no volume in Friday's rally (lower pane), heavy volume in today's weakness into the European close (which troughed at Friday's day-session open level), and then volume disappear again in the afternoon lift-fest session (which peaked at Friday's close)...

 

FX markets remain quiet with GBP the most volatile (on Carney news) while EURUSD coiled and coiled...

 

Charts: Bloomberg

 

Bonus Chart: AAPL retraced 38.2% of its drop and closed at around the 30DMA on significant volume once again...