Gold and crude oil prices rose steadily all day even as US equities oscillated around VWAP unable to break above Friday's lows (and trading in a narrow range) on heavier than normal volume. USDJPY and US equities remained roughly coupled but stocks auctioned up and down in search of stops with algos desperate to cling to VWAP on a big down day as a rally mid-afternoon reached the S&P into the green for 2014 and marked the top of the day. Gold ended at 4-month highs, the USD rose 0.4% (led by GBP and EUR weakness), WTI crude back over $104.50 (near 6-month highs), and Treasury yields dropped 5bps or so with 10Y back under 1.60% (2nd lowest yield close in 4 months). VIX jumped above 16% - 1-month highs but still the asset-gatherers demand we BTFWWIII...
S&P 500 Futures traded in a narrow range around VWAP unable to break Friday's lows (or hold YTD green levels)...
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When Russia denied its ultimatum, USDJPY was ramped but stocks were not in the mood to play along...
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The S&P 500 tagged its year-to-date unchanged levels and sold off...
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VIX was well bid as managers reached for protection en masse
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Treasury yields closed their lows of the day (with modest 30Y underperformance) as 10Y ended at the crucial 2.60% - its 2nd lowest yield close in 4 months...
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Gold rallied all day - ending at 4-month highs
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WTI Crude surged back over $104.50 - near 6-month highs...
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The USD rose on the day led by weakness in EUR and GBP...
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It seems bonds and USDJPY have a different perspective from stocks..
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Charts: Bloomberg
Bonus Chart: It seems "investors" also sought the safety of Bitcoin...
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