The Nasdaq and Trannies closed green, Dow and S&P red (the latter pinned to VWAP thanks to some late-day JPY ignition dragging it off the lows). Volume was 'average and into the close VIX was bid as stocks clung to VWAP. Treasury yields limped higher from yesterday's small rise (30Y +1bps on the week, 5Y +4bps). The USD index would suggest a quiet day (practically unch of the week) but dispersion with EUR strength and AUD and JPY weakness was notable. Credit markets continued to slide notably. The biggest moves of the day were in commodity land with silver -3.5% on the week and gold and oil pinned to each other (petrogold?) -1.5% on the week [7], and copper -1% on the week. Today was all about POMO (as usual) and dueling Fed speak (Lockhart talked us down and Kocherlakota saved the day).
The day in stocks...
[8]
quite dispersed across the indices with the DoJ airline deal topping the Trannies...
[9]
Credit ain't buying it...
[10]
and Commodities were sold...as POMO ended and Europe closed...
[11]
While the USD ends unch, there is clearly a lot of dispersion in FX markets...
[12]
Shorts "won" today - as yesterday's squeeze was collapsed back lower...
[13]
Charts: Bloomberg