After 3 days of magical buying on no volume after heavy volume dumps, this seemed appropriate... "if you don't buy the dip, then you are a f##king idiot"
First things first... Fed Funds Futures prices tumbled (implying a big shift higher in rates expectations)...
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Chinese stocks plunged overnight as no late-day rescue arrived...
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But more importantly in the US, another day, another opening dip, and another melt-up V-Shaped Recovery...
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Stocks and bonds decoupled again today...once again triggered as Europe closed...
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Credit markets notably decoupled also...
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But despite the best efforts of JPY and VIX, stocks were mixed by the close...
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With cash indices ending with Trannies & Dow red, S&P unch, and Nasdaq the winner (even with AAPL lower)
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On the week, Trannies remain the biggest gainer and Small Caps the least...
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Faceplant...machines did their best to anchor FB around VWAP all day...
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It's all about the MOMO...
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h/t JC O'Hara at FBN Securities
Away from stocks, Bonds rallied notably with yields tumbling into the red for the week... (notice the considerable flattening post-GDP)
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The US Dollar surged higher - enabling JPY carry to save the day in stocks and driving EUR back down to a 1.08 handle (following The IMF's "non" to Greece)
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Dollar strength took the shine off commodities with crude and copper fading...
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As Gold was clubbed overnight once again...and ramped when The IMF said "Non" to Greece...
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And Crude lost some of yesterday's squeeze higher...
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Charts: Bloomberg