Seriously!!!! That Close!!!
Your day in the "market"…
The "stable" oil market…
Following yesterday's noisy drop, today was the echo with a noisy choppy low volume rally as Oil sparked the momentum in the pre-open, but stocks decoupled lower from both JPY and Oil (smashed lower on weak wholesale trade data and a realization that US crude production rose)…
Trannies outperformed as The Dow couldn't get too far away from unch… and then everyone panicced to buy at the close..
On the week, The Dow clung to unchanged thanks to the panic close, but Trannies lag…
No bounce at all in financials – even as Treasury yields rose – but energy obviously bounced (even though energy credit risk rose 6bps to 1262bps)
Today saw two legs down – the first from a delayed reaction to the fact that crude production rose in the US and the second as Carson Block commented on the "dead cat bounce" – all that mattered today was defending the short-squeeeze trendline at 1980… What a total f##king joke that close was…
And the ramp was all about getting The Dow above 17000!!!
But VIX remains totally decoupled once again from global financial stress…
Treasury yields rose all day pushing all but 30Y higher for the week…with Fischer's inflation sightings the catalyst
Notably the USD Index tumbled as US Inventories data hit – pointing clearly at recessionary pressures building. But JPY plunged…
Crude was the day's big winner for absolutely no good reason, PMs were modestly lower and copper gained back half of yesterday'slosses…
Gold was triple-slammed overnight… but bounced back…
Charts: Bloomberg
via Zero Hedge http://ift.tt/223L4jj Tyler Durden