Overheard at The PBOC, The SNB, The ECB, and The Fed...
Before we start, it is worth noting that this is the first consecutive quarterly loss for Trannies since Lehman...
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S&P 2067.89 was all that mattered today - for the biggest US equity market to avoid its first quarterly loss since Q4 2012... It Failed!!
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Q2 ends with crude the big winner, bonds the big loser, and stocks and gold modestly lower...
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Q2 saw Dow Transports ugly, Dow Industrials lower, and S&P teetering on the brink. Small Caps managed a small gain as Nasdaq outperformed...
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Biotechs (healthcare) dominate Q2 with Financials and Discretionary ekeing out gains. Utes were monkey-hammered and Tech closed lower on the quarter...
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Ugly quarter for bonds... (30Y up 57bps in Q2!, 2Y +8bps)
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Year-to-Date, the picture does not change too much with bonds the laggard, Crude #winning, Silver flat, gold and stocks down...
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And Trannies are a disaster in 2015...
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Year-to-Date, 2Y and 5Y yields are still lower but 30Y is up 37bps...
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Overnight China hope provided some news chatter into the open...
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But Greece dominated...
On the day, stocks went into full schizophrenia mode as the inevitable default and Merkel's "Nein" was whipsawed by rumors of a last minut deal and of Greeks suspending the referendum...
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From pre-Greferendum, US equity indices are all lower still...
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With Financials, Materials, and Tech worst...
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FX markets remain "well managed" post Greece...
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Treasury yields appeared to be pulled and pushed between safety bids and month- and quarter-end positioining... (ECB Sells 'em, Fed Buys 'em)
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Crude rallied as the Iran Deal deadline was delayed (again) but bullion limped lower and Copper slipped...
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You can't keep an over-priced irrationally bid Biotech bubble down... Investors saw bonds rallying and stocks volatility, were stunned by the moves around Greek rumors and decided to pile into the safety of Biotechs...
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Chasrts: Bloomberg