UPDATE: Once again the S&P 500 tumbled as soon as the cash market closed...
[5]
Thanks to a bounce off 101.00, USDJPY supported yet another marginal bounce off fresh 2014 lows in US equities (led by a heavyily turmoiled Russell this morning following the better than expected ISM Services). Nasdaq and Trannies bounced off its 100DMA and the Dow rallied back to modestly green and tested the 200DMA from below. The ubiquitous late-day ramp attempt failed and the Dow lost its marginal green color into the close; Trannies and Russell underperforming. Notably though, despite stocks ending flat to down, Treasury yields surged 6-8bps off post-ADP lows (and 3-4bps up on the day). Gold and silver spiked on the weak ADP data and faded back on the day with Silver outperforming on the week (+3.5% vs 1.1% gold). Credit and VIX once again were not playing ball this afternoon and diverged from stock's bounce but we do note that equities are showing notably more volatilty relative to FX carry in the last 2 days. YTD: Dow -7%, Russell -6%, S&P -5%, Nasdaq -4%
Year to date...
[6]
On the day, early weakness bounced back to unch by the close for the Dow but the late-day ramp attempt failed to hold gains...
[7]
But as seen - the drop in stocks was also coincident with a 101 JPY and that triggered a bounce...
[8]
Equity markets once again played a more volatile game than credit...
[9]
VIX diverged in the afternoon (after Europe's close)...
[10]
Treasuries staged a notable sell-off off the knee-jerk rally after ADP...
[11]
Commodities saw yesterday's trend continues as Silver's underperformance post-Taper is unwound...
[12]
FX markets were very quiet ahead of tomorrow's ECB meeting.
Charts: Bloomberg
Bonus Chart: @Not_Jim_Cramer shows why the recent exuberant sentiment in stocks was misplaced and has rapidly reverted lower (removing notable support for further multiple expansion hopes)...
[13]