"Good news" once again proved the undoing of the equity market (which some bright spark on TV said "has priced in the taper") and bonds and bullion also fell. Despite the ubiquitous late-day ramp to VWAP (thanks to to JPY selling and VIX stomping), equities closed red for the 5th day in a row for the first time since mid-September. Perhaps most notably, new 52-week lows reached its highest in almost 4 months. Volume was above average yet again as Treasuries saw yields hammered higher with the belly underperforming +4.5bps as 7Y broke above 2.20% to near-3-month highs. The USD sold off - driven more by EUR strength as Draghi disappointed in his jawboning - which proved to stumble all the carry trades as USDJPY moved back below 102. Gold and Silver were volatile but ended the day lower. VIX closed back over 15% for the first time in over 2 months and its reaching extreme inverted levels for 2013 into tomorrow's all-important NFP print.
52-Week Lows are rising rapidly...
[2]
USDJPY did its best to accompany stocks with EURJPY to jumpy (and the late-day pump failed at VWAP)...
[3]
As can be seen here once again the VWAP pump late on was perfect and failed perfectly...
[4]
This is the owrst 5-day run in 2 months - but there is still plenty of gains off the debt-ceiling lows...
[5]
VIX is extremely inverted (but not at extreme absolute levels)...
[6]
As VIX continues to diverge notably...it seems equity holders want protection badly...
[7]
Treasury yields are surging into NFP
[8]
Gold and Silver slipped...
[9]
Credit markets reamin saturated and unimpressed...have gone nowhere in 7 weeks!!!
[10]
Also, don't expect a huge short-squeeze tomorrow - the shorts are not in...
[11]
Charts: Bloomberg