After last night's tumble in copper and surge in CNY during Asia, Europe steadied the ship with more plunging yields (especially the front-end) but the US was all about USDJPY ignition at the open to blast the S&P through 1,950 comfortably and decouple stocks once again from reality. VIX was higher and credit markets were not as exuberant and by the time Europe closed and POMO was done, stocks crumbled back to unchish (apart from the Russell - lifted by another epic short squeeze from the Biotech sector this time). This is the best 4-day swing in the Russell 2000 since Jan 2013 (led by Biotechs today) Gold, silver, and copper ended almost unch as Oil surged 1.7% to over $104 (biggest day in 2 months). Treasury yields bear flattened (5Y +4bps, 30Y +1bps). The USD rose 0.3% - its best day in a month - as EUR closed at 4-month lows.
The Russell 2000 has seen the biggest 4-day swing from low to high since Jan 2013's epic gap... (from Wednesday's lows to today's highs +5.7%!)
[9]
But today saw the Russell in a world of its own...
[10]
Thanks to Biotechs
[11]
USDJPY provided the momo ignition at the open...
[12]
Which sparked the short squeeze...
[13]
But stocks roundtripped to credit's less exuberant day...
[14]
And VIX was bid - after Friday's late melt-down...
[15]
FX very busy as EUR tumbled to 4-month lows (makes you wonder what the PBOC was selling to buy its CNY back last night?>)
[16]
Treasuries were quite range bound with modest bear-flattening...
[17]
Commodities were dominated by the surge in Crude as it had its best day in 2 months... (near 3 month highs)
[18]
Charts: Bloomberg