The S&P swung 44 points from low-to-high today as panic-buying lifted stocks vertically on the back of an utter VIXtermination (from over 18 to under 15). Nasdaq surged over 2.5% from its lows before FOMC Minutes - the biggest swing since May 2012 (and biggest daily gains in a year). 10Y Yields closed at 2.33% (2.3249% lows) - the lowest since June 2013. The TSY curve steepened dramatically post-FOMC with 5Y now -18bps on the week and 30Y -7bps. The Dollar fell for the 3rd day in a row (-1.6%) - its biggest such drop in 15 months. Initial weakness in commodities was wiped away post-FOMC leaving Silver +3.3% on the week (Gold +2.3%). Oil saw no bounce closing at April 2013 lows (WTI below $87.50). The S&P and Dow managed to get to green on the week in the last few minutes (only the S&P held it into close). So in summary: FOMC Minutes sent Stocks Up, Bonds Up, and Gold & Silver Up; VIX down, USD down, and Oil down.
The Russell 2000 jumped over 3% off its intrday lows to the close - that is the biggest swing since Nov 2011...
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As "Most Shorted" Stocks were face-ripped all the way... it appears the squeeze began before the Minutes were released...
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Today's epic ramp brought to you by AUDJPY...
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And VIX...
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The Russell 2000 rose almost 3% off its EU-close lows today...
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This was Nasdaq's biggest day in a year and biggest intraday low to close swing since May 2012...
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But since the last FOMC statement, stocks remain red...
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Post September FOMC: Treasuries are still the best performer, S&P is down (as is gold) and the USD is up 1.5%
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On the week, it seems today's mega ramp was all about getting the S&P green...
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Bonds and stocks entirely decoupled (30Y is 10bps lower in yield than the last time stocks were here) - as The Fed (seemingly) said Buy it all...
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Tresasury yields collapsed post-FOMC (and bull-steepened)
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The Dollar was punched down for the 3rd day in a row... most sellinmg pressure coming in the US session...
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USD weakness helped commodities (except oil)...
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Charts: Bloomberg
Bonus Chart: Will USDJPY rally in the Asia session or NKY fall?
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Bonus Bonus Chart: What Happens Next?
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