A middle of the day co-ordinated VWAP ramp (thanks to VIX) lifted stocks briefly – aftewr the Russell neared unchanged for 2014 – but the last 2 days – the worst in 3 months – pushed small caps into negative territory post-Yellen's June Fed "all-clear". All major equity indices in the US remain notably red post-payrolls. Trannies (miraculously) recovered to unch on the day. Momo names and growth-sensitive stocks have been slammed since the exuberant payroll highs of last week. Treasury yields continues to slide. with the 10Y now 7bps lower in yield post-payrolls (and stocks caught down to that reality) FX markets saw early USD weakness then stability but AUDJPY was in charge of stocks today. Despite early USD weakness, commodities were all rammed lower around the US open – only to recover 'efficiently' back to unch on the day. VIX closes at 12.15 – 3 week highs.
Since this week began, high-beta small cap, growthy stocks have been clubbed…
Post-payrolls, even today's bounce could not get them positive…
Post-Yellen "all-clear" growth-sensitive small-caps are now in the red…
Momo and growth-sensitive names are getting slammed…
AUDJPY was the carry trade du jour (as USDJPY got a bit jiggy after losing 102.00)
reality dawns on stocks…
Treaasury yields are now down 7bps from June's "All clear" FOMC…
Commodities were all rammed lower into the US open but recovered to a remarkably similar UNCH by the close…
Charts: Bloomberg
via Zero Hedge http://ift.tt/VGiR5l Tyler Durden