Ok - where to start...
1) GDP met improved expectations thanks to a huge inventory build (which we know from sales since remains at cycle extremes)
2) Richmond Fed weak for 3rd month in a row (signalled last 2 recessions)
3) Consumer Confidence collapsed (worst in 14 months)
4) Americans have given up hope for more employment opportunities
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5) Another terrorist attack (this time in Tunisia)
oh yeah and 6) Turkey shot down a bloody Russian fighter jet (in what is the closest we have come to WW3 proxy wars yet - the first NATO nation to fire at a Russian plane since 1953)
And so... "investors" bought stocks...
As soon as Europe closed... (because when Obama, Hollande, and NATO speak, stocks must rally to confirm the confident good news)...But ended the day below the pre-Doomsday levels...
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Small Caps once again outperformed amid yet another short squeeze... and trannies were worst despite the ramp in energy stocks and oil...
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S&P is unch, "Most Shorted" is up 3% this week!!!
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As energy stocks soared over 2%...
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Everything happened when Europe closed...
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And VIX was hammered to get the momo going...
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Is the squeeze over in KaleBios? Down 50% today...
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FX Carry and Treasuries were not buying it...
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as stocks ramped to catch up with crude...
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Credit markets were not bouncing with stocks...
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Treasury yields tumbled on safety bids after the Russian fighter jet was shot down... then traded in a very narrow range for the rest of the day...
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The USDollar was notably weaker on the day as EUR and JPY strengthened...
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Commodities were volatile today with oil backing everything but early jumps in PMs were quickly sold into...
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Charts: Bloomberg