Japanese data (double) miss, check! Chinese data miss, check! US data miss, check! Investor trust in US equity at record lows, check! All-time record highs for US equities – you betcha! Stocks broadly pumped and dumped once again today but the start-of-the-month exuberance over April's seasonality was enough to leave gains that accelerated into the close as the long-bond sold off and short-end rallied. USDJPY was in charge for much of the day but when it went limp in the last hour, it was VIX-clubbing time (to 10-week lows ahead of the ECB and NFP?) Oil prices slumped intraday (back below $100) as gold slipped but copper and silver flatlined. Wondering what fueled today's panic buying spree? "Most shorted" stocks tripled the market's performance on the day…
As we noted in the last hour of trading:
Stocks will close at new all time high as programmed (on economic data misses) to restore confidence in a rigged market
— zerohedge (@zerohedge) April 1, 2014
Off last Thursday's open last week, it's all about high beta again bitches…
Biotechs pumped and dumped (and then rallied into the close)
USDJPY and stocks tracked well most of the day but the last couple of hours it went dead and so VIX was put in charge…
VIX was slammed (again) as the mad buying scramble fo stocks and selling panic for vol went on (which makes total sense ahead of ECB and NFP friday)…
Oil prices tumbled hard; gold slipped as copper and silver remained around unch…
Treasuries saw more flattener unwinds with the long-end underperforming notably…
Charts: Bloomberg
Bonus Chart: As @Not_Jim_Cramer warns… tick, tick, tick…
via Zero Hedge http://ift.tt/1omTBO7 Tyler Durden