Recessionary retail sales bad news is good news, broken markets rigging VIX, and Tsipras lying to his people about the Greek deal...
Volume was practically non-existent...(less than 50% of average in e-minis)
[15]
And futures show that overnight trading was in a tiny range - until retail sales hit and bad news was good news...
[16]
As Nasdaq led stocks higher and higherer - because that's what stocks do...
[17]
Post Greferendum announcement, all but Small Caps are now higher...
[18]
US equities are rallying because Greece is fixed...
[19]
This continues...
[20]
VIX was hammered back to a 12 handle (and just as risk started to build markets broke to ensure the plunger continued)...as VIX plunged away from backwardation once again (VIX > 3-month VIX)...
[21]
Twitter was manipulated (we await SEC comment in 2 years)
[22]
Treasury yields tumbled lower all day starting at the retail sales print and are now unchanged on the week...
[23]
The Dollar leaked lower (despite some vol around the retail sales data) with cable strength the biggest drag...
[24]
Commodities drifted lower - except for crude...
[25]
Crude surged on a "buy the news" of the Iran deal...having tumbled all night... (though we suspect this is algos filling the gap again to Friday's close)...
[26]
* * *
So to summarise: The US equity markets are up 3-4% on hopes of a Greek Deal.. Greek stocks are collapsing on the reality of the deal... Treaasury bond yields are unchanged on the news... and Retail Sales data is practically as bad as it has been since the recession... pass the ouzo!
Charts: Bloomberg
Bonus Chart: Mission Accomplished Mr.Draghi
EU Vol back below long-term average pic.twitter.com/vKWyE7nI6j [27]
— Not Jim Cramer (@Not_Jim_Cramer) July 14, 2015 [28]