Overheard inside The Eccles Building today...
Stocks were the least exciting asset class of the day...A narrow overnight range tested down to the pre-China rate cut spike and bounced...
[6]
S&P 500 Futures spent the glued to VWAP...
[7]
From Friday's close, Nasdaq managed to cling to a tiny green close (even as AAPL plunged). Small Caps were weakest...
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Trannies continue to decouple... This seems like the biggest "no brainer" trade for now...
[9]
AAPL was oddly ugly, giving back a lot of last week's late surge...worst day in almost 2 months and notably breaking back below its 100-day moving-average
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VIX and Stocks have notably decoupled since the central bank revelations...
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With VXX closing it its highs today...
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Treasuries and Stocks remain decoupled from last week's manic central bank elevations...
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Treasuries were well bid today (2Y flat but longer-end down 3-4bps)...
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As the Yield Curve fell to its 50DMA...
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The US Dollar slipped notably against The Majors with a plunge in Swissy offset by strength in EUR and AUD...
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And The Dollar slipped modestly lower against Asian FX...
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Commodities were generally quiet driftinmg lower of overnight gains...
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But Crude was ugly, testing back to 2 month lows...
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Breaking out of its channel...
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Oil & Oil Vol recoupling quickly...
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However, today's crash chart is NatGas which was hammered to over 3 year lows amid surging inventories and warmer weather expectations...
[22]
Charts: Bloomberg