Just when you thought it was safe to BTFD on absolutely no news just because the US equity market opened...
What started off weak, then spiked into awesomeness... ended ugly...
[6]
and from Payrolls...
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As Cash markets surged at the open (apart from Trannies which played catch up) as Small Caps led... Dow lost 18,000, S&P lost 2,100, and Nasdaq lost 5,000 - NOT OFF THE LOWS
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Financials led on the day ahead of earnings hope.. every other sector closed red...
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Nasdaq topped 5000 out of the gate - ripping back to the pre-Durable Goods Collapse levels... then gave it all back and some...(outside reversal day)
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At over 47x LTM earnings, Russell 2000 hit record highs early in the day...
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VIX spiked over 11%...but note the smash at the close!!!
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After we warned Friday that the VIX term structure was excessively steep...
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Bonds never bought it at all...
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With all yields lower on the day (led by front-end strrength)...
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The US Dollar ended the day practically unchanged - giving back all its overnight gains during the US session)... USDJPY was weak following Hamada's comments...
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Despite USD unch-ness, Gold, Silver, and Copper all slid lower on the day...
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WTI Crude soared at the Asian close, running stops instantly to $53... that faed as Europe opened... re-ramped to test $53 stops ahead of US open... then dumped (following the biggest hedge fund buying week since the collapse began)
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Charts: Bloomberg