Summing up the last two months...
and in chart format...
[5]
After weakness overnight (GREXIT fears), stocks saw panic-buying back to record highs at the US cash open thanks to extreme high beta to USDJPY's momo ignition... and while Treasuries rallied, GDP expectations were smashed lower, and crude prices crashed-er, stocks ended mixed to green.
Big short squeeze at the US open... (but it didn't hold)... notice the squeeze again at 1425ET when Tepper told CNBC that 2015 would be a good year!!
[6]
Ignited by USDJPY...
[7]
The cash indices ramped at the open and faded (apart from Trannies). Tapper's comments sparked a rally in the late day... another weak close (3rd in a row)
[8]
But futures show the roller-coaster better as GREXIT fears stumbled stocks overnight...
[9]
Treasuries rallied... (as The Santa Claus Rally seems to apply to them and stocks)...
[10]
Credit got the short-term lift but sold off all day after that...
[11]
The USDollar gained 0.25% on the day led by JPY and EUR weakness... with all the USD buying pressure starting as US equities opened...
[12]
The USD strength took the shine off PMs as oil prices collapsed lower (to a $52 handle briefly), copper was flat...
[13]
Crude had a modest rally early on Libyan tanker fires but very quickly started to re-crash again...
Which all makes perfect sense...
[14]
As does this...
[15]
Charts: Bloomberg