If a broken window is good for the Keynesian economy, then today's broken market (worse than the 2013 Nasdaq blackout) was certainly good for stocks as exchanges broke left and right, futures volume exploded and S&P almost hit 2,000 all on the back of a 2-week old headline from Japan. Today's market was volatile… everywhere. Silver and gold were smashed lower (-2.2% & -4.1% on week); US Dollar was pumped higher (+0.5% on the week) but weakened after GDP; Treasury yields unch today, notably flatter on week (30Y unch – almost broke 3.00% today, 5Y +9bps); HY Credit wider in whippy range (+10bps on week). VIX tested to 14 but closed near 15. Stocks end mixed: Trannies -1.2% (worst in a week), Nasdaq unch, Dow +1.1% (V +145 of Dow's 220pts). Post-FOMC – Energy is down 1%, Utes/Healthcare +1.6%.
Despite broken markets and old headlines, the ramp to 2,000 failed… and stocks roundtripped on the breakage before a late meltup
Post-FOMC, Trannies are red…
Post-FOMC, Healthcare and Utilities are th ebig winners, Energy the losers…
Trannies weak today, Dow strong on Visa…
VIX ended under 15…
Credit remains notably less impressed with things this week than stocks…
Now where have we seen this decoupling before?
Treasury yields closed the day unchanged to very marginally higher – but notably flatter on the week… notable vol intraday around GDP
The USD extended its post-FOMC gains led by JPY weakness… not that after GDP data hit, USD sold off
Commodities were sold today with gold and silver clubbed like baby seals…
With silver down 5% post-FOMC and gold and crude down 2% (WTI around $81)
Charts:Bloomberg
via Zero Hedge http://ift.tt/1tmVvhd Tyler Durden