A very volatile day in stocks ended with a violent high volume dump from post-FOMC highs on heavy MoC selling pressure that left the S&P and Dow with red closes. S&P futures still managed their best month since Oct 2011 - though unable yet again to capture the 1,700 flag. The size and scale of the 'rotation' into the close (and strength in bonds) leaves us wondering who is buying and who is selling [2]. For some context, post-FOMC, S&P -4pts, 10Y -8bps, Gold +$10, USD -0.15%; so it seems bonds benefited the most and stocks seem to be crying out for moar. The Dow has now closed red for 3 days-in-a-row - the worst streak in seven weeks.
S&P 500 futures had their best month in 21 months...
[3]
but the Dow has closed red three days in a row now... the worst streak in 7 weeks...
[4]
The S&P (cash) dropped from record highs (with 2 points of 1700) back to the old highs from 5/22 very quickly into the close...
[5]
and it was quite a day in QE sensitive assets...
[6]
Will we see an un-rotation/rebalance now? With Sep-Taper on its way? US Treasuries have ust had their worst 3-month run in 10 years...
[7]
From the last FOMC, Homebuilders remain the biggest losers (despite avaliant ramp effort today) with Tech and Materials slightly red...
[8]
And after Trannies touched unch a few days ago, all the major indices are in the green post-6/19 FOMC...
[9]
Commodities surged post-FOMC...
[10]
Only WTI trumped gold for the month as the best performing asset...
[11]
As gold had its best run in 19 months...
Charts: Bloomberg