The S&P 500 And Russell bounced once again off post-December-Taper unchanged levels today but the Dow remains flat from 12/18 as the Nasdaq (led by exuberance in momo social media stocks as AAPL closed <$500) jumped the most in almost 4 months (though remains -1% on the year). The rally in stocks was simply remarkable for its tick-for-tick tracking of USDJPY and EM FX and the S&P was unable to make significant progress past its pre-Turkish-rate-hike levels. Treasuries sold off but remain 3-5bps lower in yield than when Turkey was "fixed". The USD rallied on EUR and JPY weakness (but was almost entirely dead once Europe closed). Precious metals were manhandled instantaneously lower at 8amET then spent the rest of the day trying to recover. Stocks did tumble into the close to recouple with USDJPY but bad news was great news it seems…(for now)
Spot The Difference – US Stocks, USDJPY, or EM FX…
The Dow remains lower than the December taper but the S&P and Russell bounced…
For the day stocks regained the pre-Turkey levels but bonds remain well bid from there…
An odd day for the USD… ramped higher on the back of EUR and JPY weakness but once Europe closed, dead!
The rally in the USD echoed a drop in PMs but the monkey-hammering at 8amET was once again a joke…
Charts: Bloomberg
Bonus Chart: @BD_Analyst shows the massive amount of insider selling that has recently occurred (while th every same companies are buying back their management's shares?)
via Zero Hedge http://ift.tt/1bDo0fJ Tyler Durden