Credit markets remain notably less sanguine than stocks; VIX remains relatively well bid; and in a freakish state of affairs most US equity indices closed the day with an odd shade of red against their price… all that is, except for Trannies which soared 0.67% to new all-time highs once again. Nasdaq was the worst (-0.7%) as more momo slipped (TSLA’s turn today), the S&P 500 oscillated in a very twitchy manner all day around its VWAP (for its first losing day in 5 sessions) tracking EURJPY once again, and CAT dragged on the Dow. Sector dispersion off the lows from 2 weeks ago narrowed notably today. Elsewhere, the USD slipped further, now down 0.4% on the week; commodities drifted lower with oil worst (-3.8% on the week closing below $97!); and Treasuries rallied very modestly (yields down 1-2bps).
Credit remains less excited…
S&P 500 futures oscillated around VWAP in a very twitchy pattern all day…
But Trannies didn’t care about any of it…
Sectors, rather notably, saw dispersion post debt-ceiling lows collapse…
VIX remains bid…
and notice the noise around EURJPY… the algos are fighting hard to hold this…
Commodities slipped all day…
Charts: Bloomberg
Bonus Chart: TSLA got the NFLX treatment on downgrades…
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/BiSB0uENp9o/story01.htm Tyler Durden