It's that time again....
Hope triumphed over experience (and facts) as a slow leak turned into panic buying athe European open and then again after decent housing data and the US Open... weakness hit the moment Europe closed...
Cash equity indices opened gap up, rallied into the EU close... Nasdaq record high close
Then drifted weaker into the close... (performance from EU close)...
Despite US equity weakness and EUR retracement, Greek stocks held gains after the European close...
Perhaps Taylor Swift should cost AAPL millions more often...
From The FOMC, long bonds are now red, stocks nicely green and Gold holding small gains...
Treasuries and Stocks were sold instantly the moment Europe closed...
G481
Leaving Treasury yields up 8-10bps on the day (with a notable 2s30s steepening)... 2nd worst day for Treasuries in almost 4 months...
EURUSD roundtripped to weaker... (anyone else notice the far greater instant selling pressure than buying pressure... almost as if someone wanted to ensure EURUSD stayed lower and was not contagiously dragged higher)
But broad-based major selling sent USD 0.35% higher on the day (as Swissy dumped)...
Gold was monkey-hammered (because Greece is now entirely fixed and there is no more risk) but the rest of the commodity complex clung to gains (with a meltup in Crude into the close...)
And as if by magic, WTI closed at $60.01 as the July Futures contract expired with a perfectly human ramp...
Across the asset classes...
European VIX collapsed 18% - the most since oct 2014...
Charts: Bloomberg













