Yesterday we saw that JPY crosses lost their momentum-igniting effect on stocks as US equities suffered. This morning has seen the machines fall back to their old standard – the VIX slammer. However, while VIX is being slammed, stocks are not rising as much as expected. Trannies are back into the green year-to-date but we note more importantly that this most recent wrench higher has lifted S&P 500 futures to yesterday’s closing VWAP – a crucial levels for market-making algos to make money. Silver is spiking once again; bonds are selling off very modestly (+2bps) and the USD is fading slightly.
S&P back at yesterday’s VWAP on this ramp… (let’s see if it holds or the big boys sell at VWAP)
helped by VIX…
Which has lifted Trannies green YTD…
And silver is lifting too once again…
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/6bP94KQyaJ8/story01.htm Tyler Durden