The US open was enough of an event to decouple stocks (up) from USDJPY (down) but as we approached the crucial 330ET "fundamental" stocks had caught down to USDJPY weakness (worth noting that USDJPY tagged 102 in the pre-open and plunged). The 330 Ramp - JPY and VIX driven - was right on time getting S&P to VWAP and up to its 100DMA and Nasdaq back above 4000. Away from the roller-coaster ride in hope, faith, and BTFD charity in stocks, Treasuries leaked higher in yield all day (with 5Y underperforming and 30Y unch). The USD was bid (+0.3%) led by EUR weakness. USD strength pressured commodities but Gold was bid (closing above $1325 at 3-week highs). All major equity indices remain red year-to-date (and negative from 3/19's FOMC). All "normal" and full of unriggedness.
V-shaped recovery on the 330 Fundamental...
[4]
Year-to-date, Stock indices all remain red...
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S&P futures were ramped to VWAP...
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By selling JPY and buying USD...
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and selling the shit out of VIX...
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Biotech bounced (as did Momos) closing just in the red...
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Stocks appeared to play catch up to TSYs early weakness...
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But credit markets were nothing like as exuberant about the desperate buying panic...
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FX markets were volatile with the USD ending up 0.3% (on EUR weakness mostly)...
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and USD strength weighed on commodities - except gold...
[13]
"Hanging on" seems to be new Bullish news...
Charts: Bloomberg