Threaky Thursday. Oil perfectly round-tripped its plunge from yesterday (ending back above $91.50) as Treasury yields caught 'up' to equity strength on the week. USD weakness was a one-way street of straight-line trend from 0500ET in EUR today - until the Fed minutes broke something. Gold and stocks continue their synchronized lift - though gold is still the clear winner post QEternity. Trannies outperformed again but the day-session in the Dow and the S&P were largely treading water - after the factory-order-driven stop run surge this morning. Meanwhile, all those front-running winners in MBS land have seemingly started to unwind - as mortgage spreads have retraced post-QEternity gains quite significantly (which is likely what helped Treasury yields higher today - though the convergence to risk also helped). The ubiquitous 3ET AAPL ramp was modestly front-run and epically failed as the stock-that-shall-not-be-named closed red with a $666 handle once again with some major volume at the close. VIX was solidly banged lower right at the close (coinciding with AAPL's high volume action) to end at 14.55 (down 0.88vols) in line with the S&P.
Brent and WTI recovered yesterday's losses - though the spread remains wider...
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Bonds played catch up (yields) with the rest of the QE-sensitive risk assets today...
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Dow Transports (cyan) outperformed on the day but the day-session of stocks was mostly a small sideways drift except for the Russell and Nasdaq...
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S&P 500 futures have channeled since early yesterday morning - as volumes lag horribly...
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Treasury yields are leaking higher towards pre-QEternity levels...
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Mortgage spreads are seeing very significant retracement of the post QEternity front-running... taking profits never flet so good - but what about those rising retail mortgage rates?
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EURUSD channeled all-day long- providing a nice boost for US equities - can you spot where the FOMC minutes hit?
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AAPL's ramp failed and we saw major volume come in at the close... yesterday's closing VWAP seemed an anchor today...
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VIX was smacked down at the close to catch up to S&P's performance on the day...
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Charts: Bloomberg