AAPL And High-Yield-Credit Crunch As Bonds, Stocks & USD Unch

Tyler Durden's picture

As Elvis (oops) Jerry Lee Lewis might have said if he were a trader "there's a whole lotta shakin' going on" but not much else. Cross asset-class correlations were weakening, ranges were very narrow today in stocks, credit, Treasuries, commodities, and FX, and volumes were well shrug. Away from the unchanged nature of a lot of things today were the following: Materials sector outperformed handily; Copper outperformed its peers (as Silver, Gold, and Oil saw some volatility but ended practically unch from last night's equity close); Treasuries did leak higher in yield into the close but volumes were thin and the moves very small; AUD drifted weaker as early EUR weakness reverted back and USD ended unch on the day and week. The three biggest items of note to us were among 'leadership' assets: AAPL dropped rather notably into the close - ending -0.7%; HYG (the high-yield bond ETF that has been so flow-/yield-grab-driven) dropped significantly into the close (saved by a last minute rescue) after heavy volume at the close last night and relatively heavy today as we sold down; and the major leveraged financials GS and MS - soared intraday (GS>MS) far exceeding their peers - but MS gave a significant amount of it back into the close while GS kept pushing up (+3%) with some major volume and VWAP action. Everyone is waiting for the great and good Draghi to anoint this rally tomorrow morning but the last hour pull to VWAP in S&P futures was not followed by VIX.

Today was the lowest average trade size day in S&P 500 e-mini futures of the year so far (lower pane)...

 

Russell remains the post-peak winner as Trannies were blown lower by FDX among others today and are diverging notably...

 

HYG (red) underperformed SPY (green) and pulled lower towards its intrinsic value (dark red)...

 

AAPL underwhelmed (falling to yesterday's closing VWAP) with some heavy VWAP sell orders at the close...

 

and GS and MS stand alone  - now higher than they were when the S&P 500 topped out on 8/21...

 

Commodities didn't do much - aside from Copper which hugged back upto Silver...Oil is rallying after-hours...

 

 

Charts: Bloomberg

Bonus Chart - EURUSD ended today exactly where it opened after the EU Summit - interesting round-trip eh?