Another day, another POMO pump followed by a collapse to close at the the lows as the S&P 500 has its first 5-day negative closing run in 2013. Only the NASDAQ remains above Un-Taper levels with the Dow back below 'Summers' levels and the S&P heading that way. Treasury yields slid further (-4 to 5bps) to 7-week lows (down 10 of the last 11 days) as the 7Y broke back below 2.00%. Gold and Silver rallied (after the ubiquitous opening smackdown idiocy) with both positive on the week now. The USD sold off as JPY strengthened to the week's highs and EUR pushed back to unchanged on the week. WTI was slammed lower (in a seeming mirror of the PMs) ending back at $102.28 (-2.4% on the week) nearly 11 week lows. For the second day in a row VIX closed lower as stocks sold off (unwinding hedges and reducing underlying exposure perhaps?)
5-day losing streak is worst of 2013...
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Trannies finally gave up their post-un-taper gains and the other indices press down towards pre-Summers levels...
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Treasury yields at their lows post-Summer "out" - down 17 to 30bps across the curve!!
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Gold, silver, and WTI crude continue to dance around each other...
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We just wonder at the "odd" behavior between VIX and stocks since the post-Un-Taper spike... seems like hedges are being lifted en masse and at the same time, managers are reducing exposure to stocks (and greatly rotating to bonds)...
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Charts: Bloomberg
Bonus Chart: Things Go from bad to worse for BBRY and Fairfax... new closing lows... at $8.00 as entire LBO premium disappears...
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Bonus Bonus Chart: Gold's 50DMA crossed above its 100DMA for the first time in 2013...
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