UPDATE: It appears all that mattered to the algos was to get the S&P green... (run those stops) S&P now +6pts, 10Y +5bps, USD unch, WTI unch Gold +$5... now watch USDJPY to see where stocks go next...
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The initial reaction to the Fed minutes was to sell first and ask questions later - in everything. Of course, after plunging 10 points, the S&P bounced algorithmically up to its balance point at VWAP (and unch from FOMC) only to glance across at the carnage in the bond market (which didn't bounce) and sell back down. Bonds are trading at their post-FOMC minutes high yields (dominated by weakness in the 5Y/7Y belly), the USD is pushing higher, gold and silver oscillating slightly lower (and copper up). The USD strength is flopping over into JPY weakness and confusing algos that are once again pumping stocks up to VWAP... as we post, from pre-minutes: S&P 500 is unch, Gold is unch, USD is up small, but the 10Y Yield is up 5bps!
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