Since Friday’s holiday-shortened session, US equities have tried and failed to sustain the exuberance of the month, quarter, year. Volume is heavy but postive breadth is becoming narrower with fewer and fewer names leading the rise and the break in EURJPY is weighing heavily on the overall markets as stocks catch down to recent indications from bonds, the USD, precious metals, VIX, and credit that the Fed taper may be coming sooner than many hoped. And it’s a double-POMO Day… get to work Mr. Henry.
The carry unwind continues to drag stocks down…
as the Pre- and Post-Thanksgiving pop has folded quickly…
Can you tell from the lower pane (relative volume) which days were sell-offs?
Charts: Bloomberg
Bonus Chart: Did the S&P hitting its Fibonacci extension level mark a technical turning point?
(h/t Brad Wishak)
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/Nq5xy_n6zl4/story01.htm Tyler Durden