Stocks Up, Bonds Up, USD Up; VIX Up? Commodities Creamed

Another very volatile day across asset-classes with no-one having a clue what is going on. Good-news (GDP) was instantly interpreted as bad-news (moar Taper) and bonds and stocks sold off notably but as the US equity market opened, JPY was sold and carry took over lifting stocks back to pre-FOMC-minutes levels once again... but bonds also rallied significantly with it (in a non-Taper-ing manner) as the USD rallied. But once that run-stop was covered on low volume levitation, stocks limped lower from the European (and POMO) close onwards, ending towards the lower-end of the day's cash range. Treasury yields dropped 7bps from their post-GDP highs leaving the 30Y -3bps on the day (and 7Y and less unch). VIX rose (turning higher before stocks topped), almost tagging 17% as it closed. But burying the lead, commodities were slammed with WTI slammed back under $108; gold, silver, and copper all hit with the latter -3.5% on the week. 'Average' volume day in futures.

S&P futures levitated to FOMC-Minutes levels then slid lower all day...

All indices followed the same pattern post-EU close...

As did the sectors...

Commodities struggled... in what looked like forced selling in WTI...

Protection was well bid before the US equity market turned - a very unusual 'lead' disconnect...

But across all asset-classes, today was 'confusing'...

Charts: Bloomberg