Another day, another highest ever close for the Dow. However, away from the silliness of that index, the S&P scraped a small gain and the Nasdaq a small loss as volume and the day's range was its lowest in two weeks. Treasuries were weak, adding around 3-4bps on the day (10Y 1.94%), now up 10bps on the week - catching up to equities. The S&P was unable to get away from its VWAP today and churned as HYG (high-yield credit) closed red and VXX (vol) closed green in the face of equity's positive drift. Silver jumped 1.25% on the day (and Gold about half that) back over $29 in the face of USD strength (driven mostly by JPY weakness). It seemed today was a catch-up day for the rest of risk-assets as arbs dragged bonds and FX carry markets up towards equities. Spot VIX hardly moved from its 13.5% opening as it is quite clear protection of gains as opposed to adding is the name of the game here for now.
Trannies are down around 1% from their opening highs today but all the major US equity indices are clustered together +2.25% to 2.6% on the week...
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VIX not playing along as it seems hedge your gains is the new normal...
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as the S&P holds it up-trend channel...
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Treasury yields have caught up to equities once again...
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Silver (and Gold) gaining on the week...
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even as the USD gains (on the back of JPY weakness)...
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Charts: Bloomberg and Capital Context
Bonus Chart: Why not just take a year off from the epic roller-coaster of the 1980s precursor...
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