Today was yet another one of those days where you just have to laugh… (warning NSFW)
As the Treasury yield curve collapses to its lowest since 2007 with the S&P within a couple of percent of record highs…
Simply put – Bernanke broke the 'market' in the summer of 2011.
Futures show the farce once again as whatever weakness was seen overnight – red arrows – (in this case a failed OPEC meeting and drop in crude) was suddenly panic bid as US equities opened (green shaded regions)…
On the day, an ugly open was manically bid until the European close and then again into the NYMEX close…before a late day panic buying spectacle
Another day, another VIX-driven surge in stocks to make sure S&P regains 2,100 (because it makes perfect sense to sell down protection ahead of tomorrow's "most important ever" payrolls print)
The last two days have been one non-stop short-squeeze in cash markets…
Bonds entirely decoupled from stocks today…
The US Dollar dipped and ripped today to end unch, but lower on the day…JPY strengthened for the 3rd day in a row…
Commodities once again were mixed… all ending the day relative unchanged despite some major swings (not how oil ramped twice to unch on the week and still fell back)
Crude was once again just crazy… dropping on OPEC's fail and then ripping to the API stops on the DOE 'draw' data then fading once stops were run…
Charts: Bloomberg
Bonus Chart: Small Caps ain't cheap
via http://ift.tt/286ACMb Tyler Durden