Yesterday higher oil prices were the catalyst for higher stock prices. Today lower prices - after OPEC slashed growth expectations - were "unequivocally" positive for Americans and sent Trannies soaring. Of course, it was Draghi's promise that there's more to come that sustained USDJPY's levitation and thus stocks. Treasury yields slid 2-4bps higher on the day as the USDollar surged to +1.2% on the week after Draghi's chatter slammed EURUSD below 1.24. Gold and silver were flat (despite USD strength) as oil prices dipped to $78. HY credit diverged notably after EU closed as managers appeared to protect bond positions into the jobs data. VIX pumped then dumped and cracked back to a 13 handle as stocks closed at record highs (right before the uncertainty of tomorrow's NFP).
Since Bullard's utterance, we have had 12 up days and 4 down... (look at volume!)
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Spot the difference...
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Trannies were the day's big winners...
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From Draghi's promise...
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As VIX was smashed back under 14...
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Crude and Stocks can't make up their mind on the correlation...
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Financial stocks are screaming higher... financial credit markets are not... does this look sustainable?
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HY credit was not playing along either...
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Treasury yields pushed 2-4bps higher after Draghi promised moar... 4th day in a row of jiggery pokery between US open and EU close...
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The USDollar surged after Draghi's promise, now up 1.2% on the week...
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EURUSD - spot the Draghi promise...
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Gold and silver managed very small gains on the day even as the USDollar surged.. but oil slipped lower...
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Charts: Bloomberg
Bonus Chart: It's that time of the month...
It's 'that time of the month' pic.twitter.com/rqLgDDLA4s [20]
— Not Jim Cramer (@Not_Jim_Cramer) November 6, 2014 [21]
