Today was very reminiscent of last Wednesday's NO REASON meltup... and that did not work out so well... So this seemed appropriate...
Today was the biggest short squeeze of 2015...
[9]
No volume - you hear that!!
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Stocks did what stocks do - because as Bob Pisani said "a rally was overdue" - S&P 500 pushed back above its 50- and 100-DMA having bounced off the 200DMA on Friday...Nasdaq surges off 50DMA...
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The S&P 500 retraced all of last week's losses today...
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Because... AAPL...? Best day since January
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Small Caps - Russell 2000 - made it back above its 200DMA at 1221...but then fell back...
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Today's surge in The Dow managed to stave off the death cross and avoided the 8th day in a row of losses which would have stumped Pisani...NOTE: a close below 17850 tomorrow will trigger a death cross
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VIX was managed down to close to a 11 handle once again...
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Credit markets were not playing along fully...
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With energy credit risk surging well above 1000bps...but energy stocks don't care today.!!
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As the energy sector outperformed...
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Treasury yields bled higher from the early morning... biggest yield spike in a month... very notable steepening today...
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The dollar was monkey-hammered as Lockhart forgot to say "September" - biggest drop in 2 weeks... notice swissy weakness early which sponsored the equity rally in the US for a while...
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And Goldman notes we posted a bearish key reversal on Friday...
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Commodities surged with Copper and Crude jumping and gold and silver surging on hopes of China QE... or PBOC buying rumors... or algos gone manic...
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Crude's chaos today...
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Don't get too excited in Copper as Goldman warns this is abunce in a downtrend...
[25]
Silver had its best day in 3 months... Gold's best day in 2 months...
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Charts: Bloomberg