Despite the Dow's price-weighted index of just 30 stocks pushing comfortably into the green for the 7th Tuesday in a row (on dismal volume), things were not as exuberant anywhere else in stock-land. Amid a very narrow range day, completely divergent from the rest of the risk-asset complex, sustained only by the life-giving blood of Fed-sponsored VIX-selling into the FOMC event risk, performance today was internally weak with Russell 2000 closing red for the week (as the S&P and Dow managed to regain green for April but the Dow still could not make it green for 2014). Away from stocks, Credit markets were weak, Treasuries rallied (with yields lcosing 1-2bps lower on the day despite equity strength), Gold closed marginally higher and oil up 0.5% on the week. The USD closed up for the day but unch on the week as JPY strength dislocated from stocks.
On the week, the Dow is shiny but the Russell is whiney…
But The Nasdaq and Russell head for an ugly month…
As VIX held stocks in check…
Because Treasuries did not…
and nor did JPY carry…
Or credit…
Away from stocks, Oil rallied, gold bounced off earlier lows…
And Treasuris end the day in the green!
Charts: Bloomberg
via Zero Hedge http://ift.tt/1fux0eI Tyler Durden