Newsflow is weak to non-existent. S&P futures volume is 40% below average for this time of day; and ranges across all asset classes are low. Is this the calm before tomorrow’s jobs report storm or the calm before storming even higher… The S&P 500 tested new all-time highs earlier (just after the US open) but is fading back. The Nasdaq and Trannies are outperforming with a notable drift lower in the almighty Russell (as momo names stutter – ahead of NFLX earnings maybe?). Treasury yields are modestly higher; the USD in unchanged (back from higher earlier); and Oil is down 1.4% from Friday’s close. Silver is up 1.5% while gold and copper are unchanged. Thera er two things of note: VIX remains divergent from stocks… and credit markets are not happy.
Stocks behaving quietly…
As VIX is well bid ahead of tomorrow’ potential angst…
and commodities are diverging…
and credit markets are rather notably not buying what stocks are drinking..
Charts: Bloomberg
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/FyS8pHJXXRA/story01.htm Tyler Durden