AAPL Leads Stock Surge To New Highs

Tyler Durden's picture

Broadly speaking, risk assets were not as dismal as equity markets today - holding on near the highs for much of the day. The late day surge higher in AAPL - that dragged everything higher - was a recoupling to risk-assets on the day as volume surged and average trade size picked up significantly. AAPL ended up at the record-high day's closing VWAP (around $672) perhaps suggesting some algo-driven liftathon to enable the bigger boys to exit the heavily-weighted-in-the-index name - and right in front of Bernanke's big day tomorrow, it seems odd - other than short-covering squeezes - to be positioning this heavily long. HYG once again soared (playing catch-up to HY credit spreads), VXX tumbled into the close as VIX dropped following the ESM decision (though was not as ebullient as stocks ahead of tomorrow's NFP). Treasuries just kept leaking higher in yield (now 5 to 30Y yields higher by 5-10bps on the weeks) - and crushing the spread to MBS. The USD was stable most of the day after early weakness, on EUR strength after the ESM decision, was unwound. A bump-and-dump in commodities ended generally unchanged aside from Silver which had its own mysterious flash-crash soon after the US day session close. Credit tracked stock generally on the day and was quiet. S&P futures take out (after-hours) the highs of the day/year/four-years (as contracts rolled). Need Moar QE.


S&P 500 e-mini futures took out the year's highs after hours and turned back modestly lower (but found support at yesterday's closing VWAP twice today)...[note the futures volume is rolling also]

 

Commodities were dominated by some crazy Silver action today...

 

AAPL liftathon coincided with Monday's VWAP close...

 

and risk assets in general did not sell off with stocks - which led to the program buying catch up into the close we suspect as correlations tried to square up ahead of tomorrow...

 

and from the early June lows, the last few days have seen somewhat of a capitulation in HY spreads - even relative to the exuberance of stocks - while VIX has pulled back a little...

 

Charts: Bloomberg and Capital Context