Dude....
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This happened... Remember Greece doesn't matter...
[6]
The Dow dropped 350 points from its overnight highs to stop almost perfectly at the close of Europe (1130ET) and then abruptly rallied a stunning 320 points back...
[7]
The S&P tested Sunday night's lows and the 200DMA before exploding higher...
[8]
Who could have seen that coming?
"Greek deal" rumors upcoming, rejections imminent
— zerohedge (@zerohedge) July 7, 2015 [9]
On the day, cash indices reversed perfectly on Europe's close...
[10]
Leaving stocks mixed on the week, with Nasdaq underperforming...
[11]
It appears that Oil was the momo igniter for stocks...
[12]
And VIX briefly hit a 15 handle - well below Thursday's closing levels...
[13]
Bear in mind that Greek stocks did not partake in the idiocy... but once US stocks astrted to roll, Greece caught up (so now we are seeing US equities lead Greek stocks fundamentally higher!!!)
[14]
As US Stocks ramp was all EURJPY-driven once again (just like yesterday)
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Note that post-Tsipras' "Greferendum" announcement, Bonds remain the big winners...
[16]
Treasury yields plunged early as shorts squeezed and safety was bid but once Europe closed... sell sell sell...
[17]
The US Dollar collapsed into the close as EURUSD surged (for now good reason) and as we noted above EURJPY was running stocks today...
[18]
It's pretty clear what (or who) was helping things along...
[19]
Commodity prices plunged early on (led by crude and silver)
[20]
Oil prices carnaged early on, then bounced after EIA data suggested higher demand and chatter that the Irtan deal talks were falling apart (and Europe's close)...
[21]
As a reminder, shale stocks have been collapsing since Einhorn tried to bury PXD... (but they all v-shape recovered today)
[22]
Charts: Bloomberg