The cluster of Omens is starting to build - now 3 in the last 7 trading days. This cluster is now the most frequent since the 2007 highs - more 'clustery' than the 2010 signals. Volume today was dismal - among the lowest of the year in both futures and cash. Equity markets were bid out of the gate on the back of Japanese exuberance - and JPY carry - which oddly hadn't helped European risk markets. Credit markets, which decoupled from equity's reality around lunchtime Friday - were on a one-way street wider today - entirely ignoring equity's efforts at exuberance. The USD saw earlier (JPY weakness-driven) gains entirely unwound by the close and ended unchanged but gold (small gain) and silver (+1.1%) outperformed as WTI limped modestly lower. Treasuries added 3-4bps in yield (up around 16bps from Friday's low yields). VIX also didn't play along with equity's general lack of direction and rose 0.5 vols to 15.5%. Homebuilders are underperforming once again but financials remain the best performers off Friday's lows (for now). Nikkei futures did nothing all day - hovering at last week's dead-cat-bounce highs.
Today was the lowest NYSE volume of the year (and practically the lowest in S&P futures also)...
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But we have now seen the 4th Omen in last 5 weeks and 3rd in last 7 days... quite a cluster...
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not seen since the highs in 2007...
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Credit markets were entirely unimpressed with the rally in stocks...
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Homebuilders squeeze from last Thursday's lows has ben notably undone but today was flatline in most other sectors...
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and while financial stocks outperform (above), financial credit markets are not amused...
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But once again FX markets were very active...
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but gold and silver saw gains despite the USD ending unch... as oil and copper fell on china data...
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and it looks like the Nikkei is rolling over at the bounce from last week...
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Charts: Bloomberg and Captal Context
Bonus Chart: AAPL's algo-driven dumpfest - triggered off the 'radio' news (that was well known) algos ramped to VWAP to enable the big boys to dump (volume)...
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Bonus Bonus Chart: LULU gets pants'd... as CEO steps down... now holding at its 50DMA
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