"Records being smashed left and right on Wall Street today" Better-than-expected 'mediocre' payrolls data was enough to drive pre-open S&P futures well over 1600, provide just the right sprinkling of short-covering scramble...
[4]
and euphoria to smash the Dow through 15,000 and the S&P through 1,600 and up to its long-term up-trend.
[5]
and that Trannies underperformance? not anymore....!
[6]
The algos were in charge once we gapped up and guided us gently back to VWAP close...
[7]
Treasuries snapped higher in yield, catching up to equity exuberance (after disagreeing all week).
[8]
The Brent Vigilantes are awake and paying attention with their biggest 2-day rise in nine months with WTI back above $96.
[9]
Copper also surged (+3.9% on the week) and Gold/Silver ended +0.5% on the week.
[10]
GLD continues to see holdings plunge but gold prices are resurgent
[11]
FX markets went wild around the NFP print - JPY crumbled (ending the week -1%) but EUR round-tripped from its initial dip; JPY-carry was very supportive of today's excitement (until late on).
[12]
Risk markets in general stayed highly correlated until some give back into the close that stocks ignored.(Capital Context's CONTEXT model [13] was extremely correlated all the way through the chaos - suggesting the machines were in charge and it seems they were until Europe closed...)
[14]
Credit markets were not amused and faded the initial equity spike all day.
[15]
Spot VIX ended back under 13% with a drop of 0.75vols but front-month futures fell only 0.3vols to 14.25%
Charts: Bloomberg and Capital Context
Bonus Chart: Strange... What does Lumber know that stocks don't care about either... (h/t @st0cksniper)
[16]
Bonus Bonus Charts: 2 interesting gold charts... comparing COMEX open interest holdings and the Gold ETFs...
What's next?
[17]
seems like reversion to normal now
[18]