Another day of 'spot the difference' between AUDJPY and the S&P 500 saw an odd overnight spike in stocks fade soon after the US open, bounce higher (again) at the European close then oscillate around VWAP (with the ever-ready-to-please 330 RAMP). Stocks remain red for the year and still the worst start since 2008. "Most Shorted" names continue to outperform. Copper and WTI crude were notable underperformers (both ending an oddly similar -1.75% on the week so far) with oil rebounding modestly off 8-month lows into the close. VIX and credit markets were quiet - ending practically unch ahead of tomorrow's NFP. CAD weakness continues (-2% on the week) but the USD leaked lower to unch on the week. Treasuries rallied 2-3bps (and the curve flattened very modestly) with 2Y unch and 10Y -3bps.
Spot The Difference
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Stocks remain red for the year...
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But on the week, "most shorted" names are significantly outperforming.... (squeezed each morning as usual)
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Copper and oil have recoupled on the week (coincidentally) as gold ans silver limped higher on the day...
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Credit markets have been flat for the last few days but hedgers were clearly worried early on...
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Treasuries rallied all afternoon from the European close...
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USD ended the week so far Unch - even after the vol today around Draghi's comments... CAD continues to get hammered...
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Charts: Bloomberg
Bonus Chart: What is it with 5 oz of Silver for a barrel of oil?
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Bonus Bonus Chart: The Baltic Dry is down over 25% in the last 2 weeks...
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The worst post-Christmas Eve performance in over a decade!
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