S&P futures volume was the lowest of 2013 for a non-holiday-related day (35% below last year's volume and 40% below recent average volume). NYSE volume the second lowest of the year. Tech and Staples managed small gains on the day but homebuilders and utilities underperformed as bond yields rose 3 to 5bps on the day. The 'anxiety' in stocks showed itself with another appearance of the Hindenburg Omen (which has signaled short-term weakness in the last six months). The Russell closed green and thanks to AAPL, the Nasdaq eked out a small gain. Trannies were down 0.8% in their now-ubiquitous schizophrenic manner as 'most-shorted' names outperformed significantly. The USD slid lower from the US open ending -0.1% (with JPY strength dominant) but commodities were worse down 0.5% (WTI) to 1% (silver and gold) on the day. VIX was clubbed lower (to 11.8% - its lowest close in 5 months) right at the close to ramp stocks into the cash close.
Volume was abysmal...
[6]
and investors' anxiety is demonstrated by the re-appearance of the 'Omen'...
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but that never stopped the dash-for-trash idiocy from continuing as shorts continue to get squeezed to cover... with a flat Russell 2000, the 'most shorted' index managed a remarkable 0.8% gain on the day...
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The better-than-expected US Services PMI was the anchor for today which saw gold and bonds in "Taper-on" mode and stocks in BTFATH mode...
[9]
Credit remains unimpressed... especially HY bonds (3rd worst day in a month)
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and JPY carry was unwound on the better data...
[11]
Charts: Bloomberg