Following Friday's exuberance, US equity markets traded in an extraordinarily narrow range today (Dow's 41 points is lowest in 16 months) as S&P futures had the lowest non-holiday volume day of the year - despite plethora of Fed talking heads. Treasuries were no less un-vibrant with a 2bp range ending with the short-end very modestly higher in yield and long-end -1bps. The USD closed lower with its only sizable move driven by Bullard's dovish comments on inflation credibility; most notably US equities ignored JPY crosses efforts to ignite momentum. VIX was smashed lower at the close (back to inverted). The big movers on the day were in commodity-land. WTI dipped but Brent was slammed as the spread dropped notably to 6-week lows. Gold (and even more so Silver) were the big winners (relatively speaking) ending the day +1 and +2.2% respectively. Oh and TWTR went bull retard...
The Dow saw its smallest intraday range in 16 months...
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Silver jumped over 2% on the day and gold lifted over $1240...
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The crude complex was busy with WTI trading down but Brent hammered - narrowing the spread to $11.70
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no matter how hard they tried - EURJPY coul dnot bring stocks higher this afternoon...
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as FX markets were dominated by German macro data and the Bullard comments this afternoon...
And again - for clarity from the NFP print... some context
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Charts: Bloomberg
Bonus Chart: TWTR... lol
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