Japanese data (double) miss, check! Chinese data miss, check! US data miss, check! Investor trust in US equity at record lows, check! All-time record highs for US equities - you betcha! Stocks broadly pumped and dumped once again today but the start-of-the-month exuberance over April's seasonality was enough to leave gains that accelerated into the close as the long-bond sold off and short-end rallied (biggest 2-day steepening in 5 months). USDJPY was in charge for much of the day but when it went limp in the last hour, it was VIX-clubbing time (to 10-week lows ahead of the ECB and NFP?) Oil prices slumped intraday (back below $100) as gold slipped but copper and silver flatlined. Wondering what fueled today's panic buying spree? "Most shorted" stocks tripled the market's performance on the day...
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As we noted in the last hour of trading:
Stocks will close at new all time high as programmed (on economic data misses) to restore confidence in a rigged market
— zerohedge (@zerohedge) April 1, 2014 [8]
Off last Thursday's open last week, it's all about high beta again bitches...
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Biotechs pumped and dumped (and then rallied into the close)
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USDJPY and stocks tracked well most of the day but the last couple of hours it went dead and so VIX was put in charge...
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VIX was slammed (again) as the mad buying scramble fo stocks and selling panic for vol went on (which makes total sense ahead of ECB and NFP friday)...
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Oil prices tumbled hard; gold slipped as copper and silver remained around unch...
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As stocks and oil decoupled when Europe closed...
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Treasuries saw more flattener unwinds with the long-end underperforming notably...
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and the last 2 days have seen the biggest steepening in 5s30s in 5 months!!
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Charts: Bloomberg
Bonus Chart: As @Not_Jim_Cramer warns... tick, tick, tick...
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