Good news was bad news for stocks (and gresat news for bonds) today as GDP's best sent stocks reeling early on, only to ramp back magically into the European close. For the next 4 hours, the S&P 500 traded in a 1.5 point range. While stocks dumped and pumped, Treasury yields went only on direction, lower (30Y -3bps today and -8bps on the week). FX markets were less chaotic than yesterday with early EUR weakness leaking back as the US day rolled on (USD -0.15% on the week). Silver, gold, and oil rose on the day (though well off spike highs during the EU session as Russia 'invasion' headlines hit). Copper tumbled the most in over 4 months. While equity markets closed modestly lower (Trannies red on the week), VIX and Credit markets weakened somewhat further.
UPDATE: Once cash markets closed, futures surged with S&P pushing up to unchanged to yesterday's cash close…
Cash equity indices on the day – once again dump and pump into EU close.. then tread water in a very narrow range for the rest of the day…
Trannies remain red on the week but Russell back off its exuberance…
As Futures managed to get back to pre-"Invasion" headline levels… before losing theminto the close…
But "most shorted" stocks did not get squeezed…yet…
Bonds and stocks are both bid still…
Treasuries were not buying the low volume lift off in stocks…
FX markets were less crazy than yesterday… but USD remains lower on the week…
Gold, silver, and oil recoupled at around a 1% gain on the week…
As Copper tumbled the most in 4 months…
And Silver ripped and dipped but held some 'invasion' gains…
Charts: Bloomberg
via Zero Hedge http://ift.tt/1zMJemU Tyler Durden