Gold was Bitcoin'd (or Baumgartner'd) as it suffered its biggest daily drop since LTRO2 on 2/29/12. The JPY rallied over 1% - its biggest rise in 7 weeks. 10Y Treasuries had their best day in 7 weeks. Macro data was absymal. But it was evident that the only thing mattered was a new high close for the Dow - as we noted 10 minutes before the close:
EURUSD must ramp over 1.31 for green DJIA
— zerohedge (@zerohedge) April 12, 2013 [6]
And thanks to some help from the old ramp standbys - HYG and VIX - they nearly made it (but not quite) as the Dow ended -0.08 points rallying 75 points off the lows on the worst macro data day in months, with the EURUSD ramping just the right amount over 1.31.
Not a good day for Commodities... gold...
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A Great day for bonds...
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Not a good day for JPY carry traders and the rest of Western Civilzation banking on Abenomics to save the world...
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But The Dow came through so mom and pop wouldnt even know the stuff had hit the economic fan...
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The S&P did not have such a sgood day though once Europe closed the algos were in charge and we oscillated around VWAP... and closed prefectly balance at VWAP...
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But FX land was more active today than it has been a week or two...
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as Treasuries reversed almost all their losses on the week...
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Not a fun week for precious metals (or oil for that matter)...
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VIS compressed back to the market (as hedges were lifted) but we note that market breadth was weak - suggesting the macro hedges were lifted as single-name positions were reduced also...
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Charts: Bloomberg and Capital Context