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)...
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Russell remains the post-peak winner as Trannies were blown lower by FDX among others today and are diverging notably...
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HYG (red) underperformed SPY (green) and pulled lower towards its intrinsic value (dark red)...
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AAPL underwhelmed (falling to yesterday's closing VWAP) with some heavy VWAP sell orders at the close...
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and GS and MS stand alone - now higher than they were when the S&P 500 topped out on 8/21...
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Commodities didn't do much - aside from Copper which hugged back upto Silver...Oil is rallying after-hours...
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Charts: Bloomberg
Bonus Chart - EURUSD ended today exactly where it opened after the EU Summit - interesting round-trip eh?
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