The Dow Transports continue their entirely sensible march to infinity as they have no risen over 11% in the last 19 days with only 4 marginally lower days in that period. The S&P tested lower around the open but that 'dip' was mandatorily bid and lifted the index back towards the highs (with a 330 Ramp off VWAP for good measure). Volumes in futures, options, and stocks were absolutely abysmal (S&P futures lowest non-holiday in a couple years). The USD decided to limp lower (led by EUR strength), gold and oil ended unch (silver and copper -1%), Treasury yields very modestly lower, and VIX was banged back under 13%. Credit remains un-impressed (though rallied modestly in the day).
With volume absent, the machines were running the show again - leverage tool of choice was VIX as the ramp off VWAP from 330 proved infallible once again...lifting ES 5 points on no news at all - just for the shits and giggles... 950,000 contracts at the cash close vs 1.4 mm average...
[3]
The major indices continue to rise... with Trannies topping the pack... today was the Transports best day in 3 weeks!!!!
[4]
With Discretionary and Industrials leading (and asdide from Utes, Financials lagging)...
[5]
Gold and Oil faded back to unchanged as Silver and Copper lost ground...
[6]
Despite USD weakness...
But credit remains unimpressed...
[7]
Treasuries sold off for much of the day as stocks went higher - bucking the but it all trend from the EU session...
[8]
Dec VIX futures dropped to their lows...
Charts: Bloomberg