Only one clip was suitable for today...
Volume today is around 20-30% lower than yesterday.
If (Yesterday's return < 0), THEN BTFD STUPID...
[9]
On the day, a blip lower at the open was quickly met with Greece rumors... and no matter what, were going to record highs...
- RUMOR - 0953ET *GREECE, CREDITORS STARTED CRAFTING STAFF LEVEL ACCORD: OFFICIAL
- BULLSHIT - 1030ET *TSIPRAS SAYS COUNTRY CLOSE TO DEAL WITH CREDITORS
- DENIAL - 1224ET *GERMAN GOVT SURPRISED BY GREEK REPORTS OF PROGRESS: OFFICIAL
- DENIAL CONFIRMED - 1520ET *SCHAEUBLE SAYS GREEK TALKS HAVEN'T YET GONE FAR
From Friday, Nasdaq soaring back to record highs on Broadcom deal and just general tom-foolery...
[10]
S&P Futures almosty perfectly top-ticked yesterday's highs... and faded after the cash close...
[11]
Then there's this...
[12]
The drivers of today's exuberant bounce... apart from a Greek Deal rumor that was 100% denied by Germany
VXXtermination near record lows for the ETF (as VIX tested back towards a 12 handle)
[13]
Double-fisted Short Squeeze-a-thon...
[14]
And Yen-nado...
[15]
* * *
The USDollar rose once again - even though it fell back off early strength...
[16]
USDJPY topped 124 (tagging it perfectly to run the stops and option triggers)
[17]
To a new 8-year high (and 7 pips from a 13 year high)
[18]
Early Treasury weakness rolled over into modest buying after the strong-ish 5Y auction which then accelerated into the last hour...
[19]
But what is most notable is the collapse/flattening in the 2s30s curve in the last few days -14bps... (2s30s now flattest in a month) This is the biggest 2-day flattening since Jnauary 6th (and 2nd biggest since April 2013)
[20]
The USDollar strength once again pressured commodities (though notably gold was flat)...
[21]
As Crude carnaged early then flopped around like a dead fish st 6-week lows...
[22]
The bottom line: Greek rumors ignited early momonetum... Today Trannies loved lower oil prices (yesterday they hated them)... Today stocks loved lower bond yields (yestereday they hated them)... VIX was hammered... there was a double-short-squeeze in "most shorted" stocks... USDJPY tags 124.00 and carry trades drive stocks to record highs... there was no macro data today at all in the US!
Now who could have seen this idiocy coming?
Today the upside stops will be hit
— zerohedge (@zerohedge) May 27, 2015 [23]
Charts: Bloomberg