The Dow has its best day since August 1st but its the NASDARK that takes the biscuit with a 1.4% gain - its best day in 6 weeks. S&P 500 futures ramped all the way to recent highs, snagging stops all the way to its 50DMA once again. Trannies were the big short-squeeze high-beta muppet-killers today though +2%!! While the topic du jour will be the total farce that US equity markets have become, there was action away from stocks that bears noting. The refunding news sent the Treasury market diverging with the belly getting smacked higher in yield as the long-end rallied (the forward curve's biggest drop in 4 months). That won't help NIM but, of course, financials didn't care as the so-called 'market' lifted stocks with abandon. Commodities in general rose with WTI best breaking back above $105 (and Gold above $1375 - closing above its 100DMA). The USD ended modestly higher as JPY pushed weaker all day. AAPL had quite day, losing $500 and then regaining on the back of Icahn's save (perfactly tagging VWAPs all the way). BTFH!!!!
Quite a day...
[5]
As shorts were slayed at the open...
[6]
NASDARK's best day in 6 weeks!!! Makes perfect sense...
[7]
and the S&P 500 once again ran up to its 50DMA...
[8]
The Treasury complex saw a very notable divergence today... with 30Y bid and 5s and 7s both well offered...
[9]
which meant the 5Y forward 30Y rates dropped almost 8bps - its most since April... (this is market's implied expectations of what 30Y interest rates wil be in 5 years time... and today's price action saw that drop)
[10]
and why would you care about that forward-looking measure? Here's why...Spot the difference...
[11]
FX markets were a one-way street of JPY selling today... (and CAD)... as the carry traders provided just enogh magic sauce for everyone to ignore the market's total breakdown...
[12]
But AAPL trading entirely Algorithimcally once it reopened tagging VWAPs wherever it went...
[13]
Buy The F##King Halt Dummy!!
Charts: Bloomberg