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Biotech Bonanza Sends Russell 2000 Surging To Best Run In 17 Months

Tyler Durden's picture




 

After last night's tumble in copper and surge in CNY during Asia, Europe steadied the ship with more plunging yields (especially the front-end) but the US was all about USDJPY ignition at the open to blast the S&P through 1,950 comfortably and decouple stocks once again from reality. VIX was higher and credit markets were not as exuberant and by the time Europe closed and POMO was done, stocks crumbled back to unchish (apart from the Russell - lifted by another epic short squeeze from the Biotech sector this time). This is the best 4-day swing in the Russell 2000 since Jan 2013 (led by Biotechs today) Gold, silver, and copper ended almost unch as Oil surged 1.7% to over $104 (biggest day in 2 months). Treasury yields bear flattened (5Y +4bps, 30Y +1bps). The USD rose 0.3% - its best day in a month - as EUR closed at 4-month lows.

 

The Russell 2000 has seen the biggest 4-day swing from low to high since Jan 2013's epic gap... (from Wednesday's lows to today's highs +5.7%!)

 

But today saw the Russell in a world of its own...

 

Thanks to Biotechs

 

USDJPY provided the momo ignition at the open...

 

Which sparked the short squeeze...

 

But stocks roundtripped to credit's less exuberant day...

 

And VIX was bid - after Friday's late melt-down...

 

FX very busy as EUR tumbled to 4-month lows (makes you wonder what the PBOC was selling to buy its CNY back last night?>)

 

Treasuries were quite range bound with modest bear-flattening...

 

Commodities were dominated by the surge in Crude as it had its best day in 2 months... (near 3 month highs)

 

Charts: Bloomberg

 

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Mon, 06/09/2014 - 16:04 | 4838283 LawsofPhysics
LawsofPhysics's picture

We're saved!  (or not)

Mon, 06/09/2014 - 16:06 | 4838289 Gaius Frakkin' ...
Gaius Frakkin' Baltar's picture

Hot money attempting (and failing) to find a place to settle where it won't be funny.

Mon, 06/09/2014 - 16:13 | 4838293 Rainman
Rainman's picture

and tomorrow's tuesday ...  hot damn !!

Mon, 06/09/2014 - 16:11 | 4838310 BeetleBailey
BeetleBailey's picture

I'm long

I'm short

I'm treading water

I'm carrying more water than Gunga Din....

I'm making water ....frequently...

So, the long and short of it is, I am....

Mon, 06/09/2014 - 16:24 | 4838364 NOTaREALmerican
NOTaREALmerican's picture

Where's World Death Cross playing this week?

Mon, 06/09/2014 - 16:34 | 4838406 chubbyjjfong
chubbyjjfong's picture

Looks like a right shoulder on the Russell to me..

Mon, 06/09/2014 - 17:13 | 4838557 Panafrican Funk...
Panafrican Funktron Robot's picture

"Bold" prediction:

The S&P will break 3K by the end of 2016.

The Fed adjusted reserve will break 8 trln by the end of 2016.

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