For the start of a quarter, volume was very weak today (but to be somewhat expected given the holiday) and despite two valiant algo-driven attempts to save the day, the S&P and Nasdaq ended back below its pre-Cyprus levels. The 'magical' Dow ended only a smidge lower on the day as the 'real' markets were all weak. Builders led the drop today but financials (especially the majors) continue to be monkey-hammered (Citi and MS now down 8% post-Cyprus). AAPL also stood out with its biggest drop in 10 weeks as the 50DMA breakout appears to have foxed many fast-money types. The USD faded on the day but provided no juice for stocks as the JPY strength hurt FX carry. VIX made higher highs on the day - hitting 14% as Treasury yields in general slipped 1-2bps. Gold ended unch, Silver down1.6% and Oil's afternoon strength supported some algos under the S&P. Today's equity weakness appears as much a catch-down from last week's disconnects as a possible reflection of the fact that US macro data has seen its worst 3-day run in 9 months.
The S&P 500 futures market was all about the algos after the early drop as we retraced twice to VWAP and closed there...
It appears the S&P is lowing its uptrend - didn't managed to get back to it today and heavy professional activity (block size)...
The S&P and Nasdaq closed back red post-Cyprus - after making new highs at the open...
Discretionary is back unchanged from Cyprus but the leaders post-Cyprus are the saf-haven plays (Staples, Healthcare, and Utilities) as high-beta momo is battered...
Financials are not enjoying the shine of equity 'strength' at all...
And VIX remains well bid relative to stocks since Cyprus...
and AAPL was just ugly...
as we remind readers that US macro is not happy...
Charts: Bloomberg
Bonus Chart - Corn-holed...(down 13.5% from Friday's highs)









