The S&P 500 ended the month with an odd shade of green (called red). This is the worst month in stocks for 8 months and makes only the 5th negative month in the 20 months since the global central bank co-ordinated save in Q4 2011. The week, however, saw the S&P gain around 1.25% on the back of endless repeated bullshit from various Fed heads about how we all got it so wrong... which also saw Treasury yields drop notably (30Y -8bps on the week and 10Y down 16bps from its Monday highs). Equities remain the big year-to-date winners and despite some of the biggest single-day gains in over a year today gold and silver remain at the lower end of the pile. The Nikkei and the S&P lead global DM equities (now what do they have in common?). Then with minutes to go, S&P futures collapsed on massive volume to the lows of the day...
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Risk... Schmisk... Taper... Schmaper...
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Only the 5th drop in the last 20 months... do not panic!!
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leaving the S&P (and the Nikkei) as the big winner year-to-date in global stocks...
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and relative to other asset-classes...
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which must mean the US is the cleanest dirty short right? Well no! It's second worst year-to-date only to China for crappy macro data relative to expectations...
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Since the FOMC, we have recovered somewhat but it seems the 61.8% retracement stalled index performance even with all the Fed jawboning...
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and the sectors also dropped into the close en masse with Builders worst and Utilitie sbest post-FOMC...
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and Bond and FX markets have had qquite a ride since the FOMC (with JPY down over 5%!!)...
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Gold and Silver had quite a day with Silver almost back to unchanged on the week...
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With a few minutes to go in the day, month, quarter, it was all going great and then 330RAMP Capital stepped away and...
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as S&P 500 e-mini Commitment of Traders positions plunged (h/t @AndrewYorks)
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Charts: Bloomberg