Stocks have fallen for 9 of the last 11 days since the Un-Taper and the S&P has falen 3.7% from its highs. Volume today was above average (as we note CBOE SPY options volume set an all-time record yesterday) and thanks to a 1% or so rally off the lows on the back of a restatement that Speaker Boehner doesn't want to see carnage, the S&P managed to scramble back above the 50DMA. A late-day collapse (what no VIX pumpathon today?) closed us below that crucial level for the first time in a month. VIX rose 1 vol to 17.6% by the close (off its highs). Treasuries rallied in general (but the 30Y ended the day unch as the curve steepened notably). The USD fell some more (-0.65% on the week) as JPY and EUR strength didn't help but gold and silver closed unch, oil and copper down 1%.
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Intraday was data driven and Boehner headlines (with a blip for the DC Shooting)...
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Big divergence this week in the Treasury curve - 30Y sold off modestly as the rest opf the curve compressed on risk-off demand...
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Precious metals bid and growth-related commodities offered...
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The USD has been on a one-way street lower since the shutdown...
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Charts: Bloomberg