Despite te best efforts of a late-day ramp, the total collapse in Biotechs and high-growth momentum stocks was just too much for the Dow to manage its first green close for 2014. A late-day panic-buying scramble, sparked by an initial bounce off Nasdaq's 50DMA, was leveraged higher at 330ET once again by a JPY-based momentum-ignition (whocouldanode?) and managed to get the Dow into positive territory for th eyear - but it failed by the close. Draghi's early promises sparked EUR weakness and that USD strength held all day. Oil prices surged back over $100 as gold and silver stabilized post-Draghi (after falling overnight). Treasuries rallied shortly after the US open (on weak data) and then ebbed back higher in yields (30Y -3bps).
Mission NOT! Accomplished for the Dow... (even as the Nasdaq was monkey-hammered)
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VIX was manhandled lower to provide the impetus...
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AUDJPY was in charge...
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Th ramp in the S&P lifted futures perfectly to VWAP (nope, no machines here at all)...
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But Biotechs and MoMo names were ugly...
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Growth is now underperforming Value its most in 2014...
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Bonds rallied post Draghi...which is agood thing or Spanish bonds would be 'less risky' than Treasuries!!!!
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Oil prices surged after Draghi and gold and silver stopped falling (despite the USD strength)
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FX markets saw most of their move around Draghi's press conference...
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Charts: Bloomberg
Bonus Chart: This must be bullish, rght?
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