If only stock indices only included stocks that were green... IBM's 80-point weight on the Dow disappointed some but that was no problem for the index-pushers who needed the S&P 500 to tap its 200DMA. The only thing that mattered to stocks today was EURJPY... and that managed to get the S&P 500 'almost' to its 200DMA (but noit quite) and ensure a green close for the Dow. The USDollar slipped lower all day (-0.4%) led by EUR and GBP strength. Gold ($1245) and silver gained on the day but even with a weak USD, oil and copper dropped (with oil very volatile). US Treasury yields drifted lower by 1-2bps (thin trading) decoupling from the post-European close exuberance in stocks. HY credit decoupled from stocks initially (post-Europe) but as stocks ramped so did spreads and VIX continues to run ahead of stocks (under 19 today) as it appears hedges are being lifted. Of course, AAPL was a big help, up over 2% pushing back towards its magical $100 ahead of this evening's results. S&P futures volume was dismally low.
First - spot the rally days in the S&P 500 (based on the lower pane only)...
[6]
And so...
[7]
On the day, stock indices were green (except the IBM-stunted Dow)
[8]
And from Bullard's QE4 comment...
[9]
and Financials and Tech are underperforming off the Bullard bottom... with Homebuilders squeezed higher
[10]
VIX notably ahead of stocks...
[11]
And while HY decoupled initially, it ramped pretty rapidly as stocks surged...
[12]
Treasury yields dipped lower on the day... rallying after Europe closed...
[13]
Decoupling from stocks...
[14]
The USD drifted weaker all day too (led by GBP and EUR strength - and AUD ahead of the China GDP tonight)
[15]
But stocks only cared about the fun-durr-mentals of EURJPY (notably decoupled from USDJPY)
[16]
USD weakness helped PMs modestly but not copper and oil...
[17]
With some notable volatility in oil prices today... but that's nothing new...
[18]
Simply put - someone really wanted the S&P back at its 200DMA to 'prove' recovery was back on.
[19]
AAPLtastic... testing up to $100 and the 50DMA
[20]
Charts: Bloomberg
Bonus Chart: When machines read Chipotle's earnings report...
[21]
