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Much Dollar Ado About Nothing In Stocks & Bonds
Today some very significant moves across asset-classes - despite the apparent close-to-close 'blahness' of stocks (Dow, S&P, Trannies small red, Nasdaq green) and bonds (30Y unch, 5Y +2bps) from Friday's close. The USD surged to fresh 15-month highs, ripping another 0.6% higher as GBP, EUR (1.28xx), and JPY (106.xx) all faded dramatically. US equity markets entirely decoupled from JPY (in fact became negatively correlated) and US Treasury yields ripped higher - tick for tick with USDJPY's rise. Gold and silver slipped 1% on the day, copper limped higher (after an early plunge) and oil rebounded to close with a small loss near $93 (Brent under $100 for first time in 14 months). Late-day news of 'delayed' sanctions sparked the standard post-EU-close buying panic, regained S&P 2,000 (and Futs hit VWAP), and ensured Friday's bad-news-is-good-news jobs meme stands.
S&P 2000 - that is all...
A quick look across the markets... correlations shifting dramatically
And in more detail...
With stocks holding post shitty jobs data gains...
US equities ended mixed but closing changes hide the volatility...
As S&P 500 2,000 was all that mattered again...
And S&P futures once again did the VWAP algo ramp thing...
The USD ripped higher again...
to fresh 15-month highs...
Treasury yields surged as the USD pushed higher... but 30Y ended unch...
PMs dropped around 1% on the day as the USD surged...
Charts: Bloomberg
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GC CL SI equities all feeling the wrath of DX strength..
god forbid.. http://www.hedge.ly
We have an exceptional printer, bitchez. USD wins over all the other central bankers fiat race to the bottom.
That was last year. This year everyone else is beating us to the bottom. We need to redouble our efforts and unleash QE5. Without notice, without warning. Just BAM! And not just bonds and MBSs. EVERYTHING. Stocks, futs, corp bonds, real estate, gold (OK, maybe not gold). Shit, buy accounts receivable straight out of Fortune 500 companies for all I care. If it's not nailed down, buy it. If it is nailed down, yank out the nail and then buy it.
Hold on, I'm getting a little light-headed. I need to sit down.
they are closing them @ 2000.00
#un-rigged
YEAH BOSS......STRONG DOLLAR....... what were tulips worth at their peak........
"Treasury yields ripped higher" -- right, wake me when the ten year breaks the 3% barrier. The historical average is somewhere around 7%.
Western Civilization saved for another day. We aren't getting too far away from 2000 until options expire next Friday. I said awhile ago that this bullshit market would go on until USDJPY and stocks decoupled - let's see if I'm right later in the month
Look at the volume on the down moves compared to the up moves. Riggedy riggedy.
Soon Rubles(vs USD) will be worth less than a toilet paper.
2009 were panic highs for the Bucky. Nothing says "New Normal" than what's going on now. The Greenback as impregnable? Bwhahahahahaha. Never saw that coming in a million years.
I do certain amounts of productive activity in ye olde USofA...but relative to what these homes, bridges and infrastructure in the first to call this recovery "pathetic" is like calling Generalplan Ost "a good idea from the get-go!"
I mean seriously...maybe some new roof or a porch being refinished...other than ain't shit but the phucking coupon clipper class a happenin'.
Default Manhattan next? I mean fer real...there ain't SHIT going on.