The Dow had its narrowest range day of the year today and volume was dismal (as weak as yesterday's) but we made new record highs so USA USA USA. From the start of the day stocks were in a wild world of low volume levitation of their own as bonds made lower and lower yields and USDJPY was not supportive at all. Once Europe closed, the bid for US equities disappeared and Nasdaq and Russell tumbled, with the Dow and S&P catching down to unch. Bundesbank bullshit sent the EUR lower (cracking below 1.37 at 6 week lows) and thus the USD higher (+0.3% on the week). Treasury yields tumbled (and flattened) all day with 30Y -2bps on the week (and 7Y -6bps from today's highs). VIX had another seizure today (this time spiking up) and closed higher.
It's Tuesday...for the Dow...
[4]
But the Dow had one of its lowest ranges in years...
[5]
Mission Accomplished for the S&P to hit 1,900...
[6]
But not for the Russell or Nasdaq...
[7]
VIX had another one of its seizures - there is something going on in here that is entirely too fragile...
[8]
Bonds weren't buying any of it...
[9]
And nor was USDJPY...
[10]
Bundesbank bullshit sent the EUR to important support levels...
[11]
Which obviously dragged the USD higher (but did not flop over into JPY weakness)...
[12]
Treasury yields are now lower for the week...
[13]
Gold ans silver flatlined as oil surged up towards $102 (though contract technicals may have been a driver).
[14]
Charts: Bloomberg
Bonus Chart: Gentle reminder of who's buying and who's selling...
[15]
Bonus Bonus Chart: IMF's Christine Lagarde says the global economy is picking up... she lied...
[16]