US equities converged down to VIX's warnings from the holiday period as for the 3rd day in a row equities dropped. This is the worst start to the year for the S&P 500 since 2005. Equities improved during the European session but top-ticked at the US open, tumbling to 10-day lows by the time Europe closed. A leak higher with a vertical ramp to VWAP in the afternoon gave way to selling in the last hour. Trannies are the worst year-to-date (-2.2% from 2013 close highs). Treasuries gained further today, with yields down 6-8bps on the year. The USD lost ground during the European session then flatlined for the rest of the day (-0.25% on the day). From Friday's close, commodities are ending almost unchanged but all had a very volatile ride today (most notably in gold and silver).
VWAP once again played a key role in S&P 500 futures trading today...(and volume was well above the average of the holiday period)...
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Stocks caught down to VIX...
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Performance off the 2013 Close highs has been ugly (despite the Bernanke bounce)...
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Commodities all seemed to regroup back around unchanged after a majorly volatile day (most notably in the PMs)
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The USD's weakness today (-0.25%) all occurred betwee the US open and EU close with it flat otherwise (as POMO started)...
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But stocks tracked JPY very closely once again...
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Treasuries are tending to trade one way since the start of the year... (but again - it has been a US open to EU close story there also...)
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Charts: Bloomberg
Bonus Chart: Lots of odd couplings and uncouplings across asset classes today...
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