Despite every effort to sell as much JPY as possible to lift stocks and create the best run for the S&P since 2004, the algos failed (by pennies) but with solid gains nevertheless just to disprove all the good news is bad news believers – for now. While the NASDAQ managed a green close on the week (though underperformed today), stocks couldn't quite make it all back today but broke the 5-day losing streak. Treasuries ended the day unchanged and 10-13bps higher on the week. The USD dollar lost considerable ground this week (-0.5%) but it was safe-haven Swissy that stood out as the last 4 days are the best run in 5 months. Gold and Silver ended the week -2% or so and despite the intraday swings relatively flat today. All-in-all, stocks and JPY carry were in charge today as bonds and commodities were not playing at all. VIX dropped the most in 2 months back under 14% as the front-end drop removed the inversion.
It was a good try but a fail in the end…
Good to see stocks trading on JPY-carry fundamentals…
The NASDAQ managed a green close on the week but despite the best efforts, the rest of the majors were unable to recover…
But off the debt-ceiling lows, the index dispersion is growing…
Treasuries were sold, bought, sold, and then bought again into the close for a small gain… but weak on the week…
FX markets were volatile but the trend is clear – USD weakness – though the surge into safe-haven Swissy is very notable…to near its highest vs USD in over 2 years
Charts: Bloomberg
     |
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/eix5L_AfLX4/story01.htm Tyler Durden