S&P futures traded the lowest volume of the year today (for a non-holiday trading day) and volume has slid consistently lower as this rally of the last 8 days. The S&P outperformed today (up over 0.5%) as yesterday's oil-is-falling-so-buy-Trannies meme reversed into oil-is-falling-so-sell-Trannies which ended the day almost unchanged. The Nasdaq made new 14-year highs, up 5 days in a row. Treasury yields dropped notably early on then surged higher as US stocks opened (30Y +8bps on the week). The USD index also surged today (up 0.55% on the week) to new 11-month highs as EUR and CHF weakened notably. Commodities in general were clubbed like baby seals with copper, silver, and WTI hammered (but not Brent) after the inflation/housing data leaving oil under $95 - its lowest in 7 months. Gold fell much more modestly (but ended below $1300). AAPL closes at all-time high. VIX and HY Credit diverge notably from stocks after Europe closed.
Volume has collapsed as stocks rallied...
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Once again Europe's close stalled the rally...
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As geopolitics means absolutely nothing...
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VIX diverged notably from stocks after Europe closed...
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and so did credit... so if - as CNBC suggest - that professionals are buying what retail is selling - then who the fuck is buying massive protection of HY credit - and why?
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Treasury yields dumped and pumped... most of the damage was done between the US open and EU close (not on the macro data release)
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FX markets were a one way street as USD demand surged... biggest USD rise in 3 months today
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everything cracked when the data hit but oil and silver worst...
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WTI was hammered but not Brent...
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Charts: Bloomberg
Bonus Chart: AAPl closed at record high - just shy of all-time intrday high...
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