After touching multi-year highs amid the exuberance of liquidity sloshing around the world, Oil became too glaring a concern and two weeks of suppression took the only Central-Bank-'Governor' to much more comfortable levels. But, the last week has seen the biggest 5-day jump in WTI in 8 months and today the biggest jump in 5 months. It seems the 'Brent Vigilantes' are back. Equities traded in a very narrow range after yesterday's #HashCrash and eMini volumes were among the lowest of the year. An early afternoon ramp, aided by EURUSD, failed at overnight highs and collapsed back to VWAP as the machines were in charge once again. Treasuries rallied from early morning high yields ending the day lower in yield (TSY yields down 1-2bps on the week against a 30 point rally in the S&P!!) Durable goods dismal data just reinforced Europe's donut and stirred the bad-is-good mantra as Trannies outperformed, but interestingly once again the Dow was unable to break above pre-Boston levels. FX markets were relatively calm for once as gold, silver, and copper all gained. VIX ended up for the day by 0.25vols at 13.75%.
WTI Crude on the resurgence - must be all the growthiness in the data - or simply the Brent Vigilantes back..
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and perhaps the other central bank regulator... Gold has had the biggest 7-day run in 19 months...
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The Dow seems unable to break that pre-Boston level for now...
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E-Mini volume was very low today (lower pane) as was the day's range (mid pane). Interesting pattern and seasonality to range expansion in the S&P also (orange ovals)...
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Commodities all gained on the day...
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and Treasuries were bid...
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Charts: Bloomberg and Capital Context