It seems there was only one thing on the minds of the machines today - get us green (on the day and the week). Following ugliness in Asia overnight, US equity markets were sliding into the open and so cash markets opened gap down. Good-is-bad confidence data legged us down one more time leaving the Dow down over 140 points but as Europe closed things started to pick up (apart from volume). By the close, equity markets had managed an almost perfectly linear liftathon back to unchanged leaving the Dow also unchanged on the week. As we tweeted:
The US consumer isn't allowed to enter the weekend with a market closing red.
— zerohedge (@zerohedge) July 26, 2013 [3]
Do you believe in miracles?
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Away from stocks, Bonds ended the week notably higher in yield (10Y +8bps), JPY signficantly higher on the week (+2.5%), USD down 1.2%, Gold and Silver up 2.8% on the week, and WTI down 3% (ending under $105).
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Gold remains the leader off the post-FOMC "Taper? Just Kidding!" lows..
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Shorts tried a few times but were smashed higher each time...
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and VIX tracked S&P futures tick for tick all day closing back below 13%.
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Homebuilders remain the worst perfoming sector post-FOMC (with Materials and Tech close to unch)...
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Charts: Bloomberg