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Bonds Battered And Stocks "Plunge" 0.2% Despite Intraday Ramp
Credit markets have been nervous for over a week. Treasury yields have been rising notably. The USD has been pushing higher and with all eyes focused on the momo name du jour (and indices 'near' all-time highs) it seems few have noticed US equities have actually had 3 down days in the last 5 days. Only NASDAQ managed a green close. Of course, this is merely an excuse buy moar with all the money on the sidelines but today's move in Treasuries (and intraday volatility in stocks) suggest some anxiety is back that a flow-slowing Taper is closer on the horizon of hope than many believe. Oil and Gold lost ground on the day - though the latter is the best of the commodities on the week. The USD is back to unchanged on the week (with CAD and EUR weakness in charge). VIX diverged higher into the close with its first up-day in the last six.
Better-than-expected ISM sent stocks lower (good news is bad news) exaggerating early weakness on China 'tightening' suggestions...
Only the Nasdaq managed to close green...(depiste the Dow scrambling back to green intraday)
S&P futures blew through VWAP on POMO then faded all afternoon - despite an attempt at a ramp - ending teh day at VWAP...
Treasury yields blew higher with notable steepening... (worst day for 30Y in 2 months)
The USD reverted higher back to unch on the week

Credit markets remain entirely unimpressed...
Charts: Bloomberg
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Paging DR Ben, increase the POMO -- intraday ramp no longer working! Gold looks stoic in spite of the rising piggy, you can cop a new Krugerrand at $34 over spot right now, not bad compared to historical premiums -- www.comparegoldprices.com
And I broke even on the craps table, so all is well.
Excellent. The faster the higher they yields go up, the faster this bitch goes down, the least worst it will be.
Credit versus equity, someone is lying. Since we know QE continues, credit will catch up eventually (fundamentals be damned).
Moon Pie...what a time to be alive.
http://www.youtube.com/watch?v=qu32fBkiHFE
We demand a BONUS CHART!!! everbody loves the BONUS CHART
Everyone knows its a buying opportunity. Its a buying opportunity.
"How to Scalp a Muppet as EZ as 1-2-3!"
Paging "Fuc to Market" for a "dispassionate analysis" of the " key drivers".