With Europe still on holiday, US equity market volumes were in a word, abysmal (S&P futures only around 30% of average) but VIX saw action as volume was healthy and the machines were in charge of the action from start to finish. The Dow's intraday range (and volume) was the lowest of the year. This is the first time since Oct2013 that the S&P 500 has had 5 positive closes in a row just as we predicted this morning [5]. Between VIX slams and JPY crosses, today's action was clearly unrigged as Biotechs pumped, dumped, then ripped 2.5% off the lows as April's largest POMO sent markets scurrying. The USD rose 0.1% (on modest EUR weakness) and commodities slid lower led by silver, gold, and copper respectively. VIX closed at 13.25% - new cycle lows.
Mission Accomplished...
[6]
The day in Biotechs
JPY carry appeared to lose its hold a few times today...
[7]
POMO drove FX markets...
[8]
Narrow range in Treasuries but once again POMO was the news...
[9]
Credit markets did not get as excited as the post-POMO close ramp in stocks...
[10]
Charts: Bloomberg