Euphoria over Apple channel-stuffing and non-GAAP magic for Facebook quickly turned into the HFT-liqudity-providers nightmare as rumors of an emergency Putin press conference sent USDJPY tumbling lower (and therefore US equities). Once the rumor passed - and despite all the facts on the escalation - stocks bounced (especially Nasdaq) to close mixed. S&P and Dow unchish, Nasdaq +0.5%, Russell -0.5%. VIX was in charge in general once the ramp was under-way but even that went into crazy mode as algos lost the plot. Credit markets are "deniers" of the exuberance as are long-end Treasuries which rallied another 2bps and near 10-month lows. Gold was monkey-0hammered early but rallied on Putin's comments and closed unchanged for the week above $1290. Copper rallied notbaly eback above its 50DMA and Oil limped higher as the USD flatlined.
V-Shaped recovery...
[9]
But the recovery was very uneven...
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And on the week all the indices are holding green for now...
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Momos had quite a day...
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Credit vs stocks on the week...
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VIX had quite a day also... but note the late day ramp in VIX failed to excite stocks
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Treasuries are very mixed on the week as the flattening trend persists...
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Gold and silver had their own wild ride...
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Copper cracked back above its 50DMA...
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Charts: Bloomberg
Bonus Chart: The MSFT "beat" in context...
The MSFT "beat" pic.twitter.com/z8DwtuYWEG [18]
— Not Jim Cramer (@Not_Jim_Cramer) April 24, 2014 [19]