One supremely smart CNBC talking head summed it all up, "today's negative GDP number was excellent news," and sure enough, thanks to someone's multi-billion-dollar bid at the all-time-highs mid-afternoon, we went to the moon, Alice. Trannies are on target for their best month since October (+5.7%). The dash-for-trash has a new life as "most shorted" have now risen 6 days in a row - the biggest squeeze in over 3 months. This all happened as bonds rallied (though yields rose modestly on the day), VIX rose, USDJPY would not play along and aside from the spike in volume, on a total lack of liquidity. Gold and silver were monkey-hammered early on but limped back off their lows as WTI crude rallied from the GDP print on. The S&P 500 is now only 30 points short of Goldman Sachs June 2015 target.
Here's the day in S&P futures land... GDP hits and volume bumps, US opens and volume bumps... and 1436ET hits and volume explodes on an entirely newsless, dataless, co-ordinated asset-class move-less shift...
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Artist's rendering of anyone who was short into today's manufactured stop-run at 1436ET...
Another day, another short-squeeze...as the dash for trash continues... 6-days in a row up and the best run in 3.5 months...
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As a reminder, things are a little decoupled in bonds...short-term
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And medium-term...
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and VIX...
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and USDJPY...
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But here is the week in the cash equity indices...
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And a birght green month of May - Trannies are set for their best month in 7 months!
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Commodities saw early weakness (with gold and silver slammed once again) but all rallied post-GDP...
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FX markets went nowehere fast...
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Bond yields dipped and ripped around the GDP print...
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Charts: Bloomberg
Bonus Chart: Recovery...
Recovery pic.twitter.com/JlIZZjWcy3 [21]
— Not Jim Cramer (@Not_Jim_Cramer) May 28, 2014 [22]