Bonds & Gold Rip, But Stocks Dip Despite Furious Late-Day VIX-Slip

Stocks just could not figure it out – good jobs data, bad jobs data, WWWIII? But Treasuries and gold did. 30Y yields tumbled to fresh 11 month lows (lot of desk chatter of GPIF buy orders ahead of their holiday), 10Y to 2014 lows, but the short-end sold off as 5s30s flattened to 5 year lows (under 170bps). Despite some smackdowns this week, precious metals bounced back notably today with gold's best day in a month, back over $1300 and unch on the week. Despite yields tumbling, Utility stocks were the week's losers (-1.2%) while homebuilders were best (oh yeah because lower mortgage rates is all that is holding back pent-up demand for homes!!). On the week, Trannies outperformed but Russell 2000 was worst of the major indices (the opposite of today's action). The USD pumped and dumped around the jobs data, but ended the day unch (down 0.25% on the week). Credit markets closed at their wides of the day, notably divergent from stocks on the week. A massive VIX-selling effort began late in the day (because with 38 dead in Odessa who would need to hedge?) – but stocks ignored it.

 

VIX slam down did not work (and who the fuck is selling protection so aggressively when we are seeing the worst civilian casualties in Ukraine since Kiev and Putin with his finger on the button!!)

 

Stocks tracked AUDJPY closely all day but note the ramp to 103 in USDJPY that ran stops and then collapsed…

 

Stocks did not follow bonds…

 

The Russell 2000 underperformed on the week and Trannies were best

 

On the week, despite bond strength (and yields tumbling) Utilities underperformed…

 

Treasuries rallied all week on weak data (and yes today's jobs data was weak) with the long-end outperforming (and short-end selling off in a tapery way today)…lot of desk chatter of resting buy orders from Japan's GPIF for the long bond

 

Which smacked the yield curve to fresh 5 year lows…

 

FX markets pumped and dumped with USDJPY stops run over 103 and then dumped back down again (JPY unch on the week)… The USD ended the day unch and week -0.25%

 

Gold had its best day in a month and snapped up to unchanged on the week but commodities were broadly lower on the week…

 

Credit markets are not happy…

 

And here's your unrigged markets today…

 

 

Charts: Bloomberg

Bonus Chart: "Costs"




via Zero Hedge http://ift.tt/Sil5GI Tyler Durden

Leave a Reply

Your email address will not be published.