[5]Whether its AAPL, GOOG, or the broad equity indices, today saw the bulls 'Baumgartnered'. Despite a valiant attempt to rally into the close, because Bernanke forbid the Dow close the week red, the NASDAQ is 4% off its Wednesday lows (-1.3% on the week) as AAPL suffers its largest 3-week decline since the March 2009 lows (closing with a $609 handle -3.6% today!) and Tech is -5.7% from QEtc. The weakness was absolutely systemic as cross-asset-class correlations were extremely high and CONTEXT (our broad risk-asset proxy) tracked lower and stabilized into the close. Gold, Copper, and Oil all ended the week clustered together down around 1.7% as the USD ended practically unchanged. Credit's mid-week epic short-squeeze lingers in traders' minds as equities underperformed. Treasury yields end the week up 9-11bps. VIX jumped back above 17% suggesting further weakness for stocks. S&P futures are dropping after-hours - closing at lows of the day - disregarding the late-day cash ramp.
Late-day surge pulls Dow back from the brink of weekly redness...but not the NASDAQ...
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S&P futures plunged after-hours to the day's lows...on heavy volume...
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S&P futures pulled back to the 50DMA and hover at a key trendline (off the May lows) - in the middle of the Bernanke-Draghi-Divide...
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AAPL's largest 3-week decline since the March 2009 lows...
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S&P Sectors post-QEtc...
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Credit markets appear to have suffered a somewhat 'epic' short squeeze midweek and have been nervous to re-enter short - Monday will be interesting...
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VIX was trampled at the close in an effort to ramp stocks we would suggest but that failed and it ends well above (below on the chart) QEtc. levels...
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Gold, Copper, and Oil all huddled together this week - while Silver lagged...
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Even as the USD ended the week unch...
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Risk assets in general stabilized at the close but the weakness was very systemic...
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On the year, Gold and Silver remain the winners...
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Charts: Bloomberg and Capital Context [17]
Bonus Chart: How over 200 hedge funds felt today...
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