As headline after headline was regurgitated and used a momentum igniting ammo in stocks, the S&P managed to get back to post-Yellen-news highs before dumping into the close on the back the Fidelity "Sell" news. S&P futures closed perfectly at VWAP (and green) but the Russell and Nasdaq closed red. The Dow bounced off its 200DMA and set the lows for the day. USD strength across the board was not rotating into stocks or bonds or PMs as we suspect cash is the friend of the repo-angst deleveraging ahead. Copper and Oil are -2.3% on the week, Gold -0.4% and Silver remains positive +0.5% on the week. Treasury yields limped higher to +2bps or so on the week. VIX fell back on the day from spike high levels of 2013.
Stocks skidded into the close following the nervous Fidelity news...
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The Dow bounced off its 200DMA... and NASDAQ close below its 50DMA...
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Not exactly a convincing rally off such a huge technical level...
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and the S&P seemed to just want to get back to Yellen-news levels from last night before giving it all back...
Commodities were sold hard during the European day session and rose after Europe closed...
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Treasuries showed weakness across teh complex today - obviously led by the ultra-short-term Bills...
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Charts: Bloomberg
Bonus Chart: Makes you think eh?
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