Stocks saw their lowest range day of the year so far today – and one of the lowest volume days – with today's laggard yesterday's big winner Russell 2000. Financiasls surged today and Energy dropped to worst performer on the year. Treasuries drifted sideways to very modestly lower in yield even as the USD weakened (led by AUD, CAD, and GDP strength). USDJPY and stocks were generally well coupled once again. Gold and silver leaked higher but today's biggest mover was WTI crude which tumbled back to around $101 (-1.4% on the week). High yield credit spreads flatlined with late weakness but HYG (the HY bond ETF) was notably weak all day. A late-day VIX smackdown tried to take the S&P cash into the green (mission accomplished) and new record highs – but it failed. Not exactly the high conviction, break to new highs push so many had hoped for as everyone eyes Friday's NFP (and ignores today's ADP and ISM Services – and China's Composite PMI).
VIX was slammed to try and save the day green for the S&P…
A low range and low volume day for stocks
As broad equity indices went sideways to lower… The Dow suffered thanks to Exxon and Visa ( accounting for all 35 points between them)…
USDJPY was in charge…
Financials had a big day despite the market going nowhere but energy was monkey-hammered to the worst-performer of 2014…
We thought this might interest some… it's been a mixed year for the fantasy five…
Treasuries trod water…
Gold and Silver rose modestly but WTI was the big loser…
This is oil's biggest 2-day drop since the start of the year…
Credit markets appeared to weaken after playing catchup to stocks though the HYG ETF was weak all day…
We are sure today's lack of collapse will be viewed as extremely bullish… we are not so sure.
Charts: Bloomberg
Bonus Chart: For the last f**king time!!! No, the fundamentals are not picking up…!
via Zero Hedge http://ift.tt/1fHHHtl Tyler Durden