One supremely smart CNBC talking head summed it all up, "today's negative GDP number was excellent news," and sure enough, thanks to someone's multi-billion-dollar bid at the all-time-highs mid-afternoon, we went to the moon, Alice. Trannies are on target for their best month since October (+5.7%). The dash-for-trash has a new life as "most shorted" have now risen 6 days in a row – the biggest squeeze in over 3 months. This all happened as bonds rallied (though yields rose modestly on the day), VIX rose, USDJPY would not play along and aside from the spike in volume, on a total lack of liquidity. Gold and silver were monkey-hammered early on but limped back off their lows as WTI crude rallied from the GDP print on. The S&P 500 is now only 30 points short of Goldman Sachs June 2015 target.
Here's the day in S&P futures land… GDP hits and volume bumps, US opens and volume bumps… and 1436ET hits and volume explodes on an entirely newsless, dataless, co-ordinated asset-class move-less shift…
Artist's rendering of anyone who was short into today's manufactured stop-run at 1436ET…
Another day, another short-squeeze…as the dash for trash continues… 6-days in a row up and the best run in 3.5 months…
As a reminder, things are a little decoupled in bonds…short-term
And medium-term…
and VIX…
and USDJPY…
But here is the week in the cash equity indices…
And a birght green month of May – Trannies are set for their best month in 7 months!
Commodities saw early weakness (with gold and silver slammed once again) but all rallied post-GDP…
FX markets went nowehere fast…
Bond yields dipped and ripped around the GDP print…
Charts: Bloomberg
Bonus Chart: Recovery…
Recovery http://ift.tt/1trFG6t
— Not Jim Cramer (@Not_Jim_Cramer) May 28, 2014
via Zero Hedge http://ift.tt/1mM52uV Tyler Durden