Treasuries ended the day practically unchanged. Gold, despite some early weakness, ended the day unchanged. The USD ended higher on the day - extending post-Yellen gains but was essentially flatlining aside from concerted buying pressure from 3ET to 7ET. Copper kept falling (as did silver) and oil prices slipped lower. VIX pressed lower as stocks rallied out of the gate but VIX diverged notably after Europe's close to 15% with a few minutes to go. So, given all of that, where do you think stocks closed? Thanks to a pre-CCAR ramp in US financial stocks (which notably diverged from financial credit spreads), and an idiotic 0.5 vol smackdown in VIX, US equities managed to clamber their way back up to pre-FOMC levels before giving some back inthe late-day (with a mini-melt-up into the close). AUDJPY ruled the 'fundamental'-driven US equity markets from open to close.
What the fuck was that!! Thank you VIX
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Spot The Odd One Out...
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US financials led the post-Yellen re-exuberance...
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Which dragged the blue-chip indices up to unch from FOMC before fading into the close...
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And while much of this rampaging recovery from Yellen's mis-step is due to US financial stocks jerking higher into tonight's CCAR results - but credit wasn't buying it...
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Of course AUDJPY ruled stocks all day...
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And VIX diverged notably...
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FX markets have been trading in fits and jumps - total flatline then chaos -
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Copper crapped out again... (but wasn't yesterday's ramp the end of the problems? - That's what we were told?)
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Charts: Bloomberg
Bonus Chart: The chart explains why Shinzo Abe should be stockpiling "Depends" (via Brad Wishak of NewEdge)
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