Treasury yields finally got back up to pre-Payrolls levels today but there was no stopping stocks as the S&P 500 finally broke its all-time highs (and yay verily there was much rejoicing).USDJPY pushed on lower (despite a decent spike on early comments from Kuroda that 'the market misunderstood') edging ever closer to the magic 100 level. This JPY-cross weakness provided the ammo (along with a 5-6bps decompression in bond yields) to take stocks on to new highs (from Friday's close, JPY is down 2.28% vs the USD and AUD up 1.5%) Gold and Silver had a tough day, giving back yesterday's gains. The only stock index to lose today was the S&P Small Caps but Materials and Homebuilders lagged the market. Equities topped around the European close and from then channeled sideways (with a little 330pm ramp effort) but credit markets and VIX were not buying into this move at all. As the Nasdaq had it best day of the year, so Bitcoin, umm, didn't - losing over 50% of its highs intraday. Trannies are the best off the post-NFP gap-down-open, up an impressively ridiculous 4.7%.
From the NFP gap open in cash markets...
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And Treasuries retraced back to pre-NFP levels...
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But VIX wasn't fully engaged... as it seems protection was sought...
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and credit markets (while they did play catc up into the close) were not buying into the exuberance...
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Everything is one market now...
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Gold and Silver rolled over today but noth remain above pre-NFP levels...
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and while shareholders the world over were celebrating their unrealized fiat 'wealth', it appears BitCoin holders were realizing losses...
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