Credit markets remain notably less sanguine than stocks; VIX remains relatively well bid; and in a freakish state of affairs most US equity indices closed the day with an odd shade of red against their price... all that is, except for Trannies which soared 0.67% to new all-time highs once again. Nasdaq was the worst (-0.7%) as more momo slipped (TSLA's turn today), the S&P 500 oscillated in a very twitchy manner all day around its VWAP (for its first losing day in 5 sessions) tracking EURJPY once again, and CAT dragged on the Dow. Sector dispersion off the lows from 2 weeks ago narrowed notably today. Elsewhere, the USD slipped further, now down 0.4% on the week; commodities drifted lower with oil worst (-3.8% on the week closing below $97!); and Treasuries rallied very modestly (yields down 1-2bps).
Credit remains less excited...
S&P 500 futures oscillated around VWAP in a very twitchy pattern all day...
But Trannies didn't care about any of it...
Sectors, rather notably, saw dispersion post debt-ceiling lows collapse...
VIX remains bid...
and notice the noise around EURJPY... the algos are fighting hard to hold this...
[4]
Commodities slipped all day...
Charts: Bloomberg
Bonus Chart: TSLA got the NFLX treatment on downgrades...
Bonus Bonus Chart: In the last 3 weeks, US Macro has collapsed at its fastest pace in over 8 months...
