One of these things is not like the others… US equities have marched inexorably off their lows to get back to unchanged this morning but every other asset class is continuing its post-FOMC Taper-is-actually-closer-than-we-thought trends.
So, it’s clear (as evidence by FB) that “it’s a dip idiot! buy it!” remains the mantra (for equity greater fools).
Seeing VIX drop in this context though suggests equities are bid on this vol move which is actually hedgers lifting their protection and covering underlying exposure into the options-market-maker-algo-driven rally in stocks as breadth remains weak.
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/UZ9625-XFtQ/story01.htm Tyler Durden