Stocks ignored yesterday';s spike lower in VIX but didn't today. VIX closed at 10.3 - its lowest close since Feb 2007. Stocks initially dropped on the 'good news is bad news' payrolls report but thanks to ECB jawboning the EUR down (USD up), USDJPY went on a stop-run and blew back through 102 providing just the ignition to get stocks going. Bonds sold off on the jobs print but rallied back all day to close only 2bps higher in yield. The USD rose over 0.4% - its best day in 2 months. Gold, silver, and copper rose after the jobs data. Stocks rallied ~0.4% from the payrolls print and closed with a 'standard' melt-up buying panic into the long-weekend.
Stocks rallied ~0.4% from the payrolls print (after an initial drop)
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and the Russell went totally dead after Europe closed...
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USDJPY started it but didn't finish...
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But VIX was large and in charge as it tumbles back to a 10-handle
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But bonds didn't buy it at all...
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FX markets were very noisy - the Riksbank surprised with bigger-than-expected rate cut (and SEK dumped) and then Draghi and US jobs sent EUR lower and USD higher (closing +0.55%!)
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Gold and silver slipped into the print then were jammed lower and rallied for the rest of the day. Copper continues to surge in CCFD unwinds...
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Charts: Bloomberg
