Volumes picked up for most of the day as US equity markets jerked lower - back to pre-QEternity levels - and AAPL slide ever so gently all day to touch its 50DMA. With about an hour to go, it was clear something had to be done and AAPL levitated on small-lots (as opposed to the bigger lots on the selling) as it pushed back up to VWAP automagically - and dragged the S&P futures back above its VWAP and into the green. Highest AAPL volume in almost a month but trade-size was average as S&P futures levitated 8 points in a straight line and VIX was banged back from 16.5% to 15.7% (down 0.6vols on the day). Stocks were in a world of their own in this liftathon - as Treasuries wiggled along at the low yields of the day and the USD rose all afternoon (from Europe's close). Oil tumbled under $92 and commodities in general slid slightly lower (though intraday vol was high). Staples and HealthCare remain the only post-QEternity sectors in the green. Finally, today's S&P futures action looked more like a EKG than equity trading and with volume leaking badly, things feel a little W&R-like.
Stocks ended this afternoon in a risk-world all of their own - as our risk-asset-proxy (CONTEXT) would not play along...
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As AAPL's small-lot (yellow-bars in chart h/t @eminiwatch) algo-liftathon to VWAP (red line) dragged the world of stocks up...
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and the jerky-nature of S&P futures today was remarkable with 2-4pts snaps and then the straight-line tickle-algo into the close...
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Though the week's action and 'recoupling' in Gold/Stocks/USD might explain where the energy for the ramp came from... though Treasuries sulk along the bottom...
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But S&P sectors certainly tell a less-than-exuberant, high-beta-chase story post-QEternity...
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Charts: Bloomberg and Capital Context [8]
Bonus Chart: AAPL's Drop-and-Pop... as the stock fell, volume was sporadic with some big blocks going through (lower pane volume, middle pane - average trade size for that minute). Once we hit the 50DMA, average trade size suddenly dropped and became much more stable (i.e. small-lots used to auction the market up) and volume picked up - surging as we passed VWAP and those institutional orders could be filled at or above VWAP... fascinating day
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