Fears over ECB crackdowns on Greek banks started the turmoiling. Denials carried it on, then good housing data was bad news until it was good news... With moar HFT algos driving today's manic volatility (and Sarao in court), we thought this apropos...
Dow Futures swung over 750 points intraday...
And futures show the volatility was widespread...
But cash indices all closed higher, led by Trannies (small caps lagged) - Mission Accomplished: NKY > 20,000; Dow >18,00; Nasdaq > 5,000; and S&P > 2,100
On the week that leaves Trannies in charge and small caps lagging...
Notice we reversed lower towards the close as S&P Futs tagged yesterday's openiung highs - just another stop run!
Everything today appeared to pivot around the Housing data...
Treasuries were clubbed like baby seals... leaving 30Y yield up 14.5bps on the week (8.5bps today) in a major steepening post housing data. 10Y Yields hit 1.99%
Worst day for the long-bond in 7 weeks pushed yields to 5-week highs.
3rd day in a row that Treasuries have been sold in the US session
The Dollar ended the day very modestly higher thanks to USD buying duringh the US session (which is unusual)... Swissy was baumgartnered...
Despite the dollar's quietness, commodities all lost ground with gold and silver monkey-hammered... and copper continuing its slide (and hitting contango)
Crude prices spiked on the smallest of production cuts but then humans realized that in fact it was Alaska that had cut.. and prcies tumbled back to red on the day...
But that didn't stop energy stocks from rallying to new high valuations...
Charts: Bloomberg











