Having decoupled entirely for almost 30 minutes after the Yellen testimony was released, USDJPY and the S&P 500 have now rejoined their delicate fun-durr-mentals-based dance. From the moment she started speaking, stocks began to rise. The S&P 500 cash index opened above 1,800 and has now surged back above the key 50-day moving average (thanks to USDJPY hitting 102.50). Bonds continued to leak higher in yield (5Y +5bps). Gold is surging off kneejerk lows (+$14 from post-Yellen lows). VIX is back under 14.5%. Nasdaq has now rallied back to unchanged for 2014.
Fun-durr-mentals…
Bonds holding losses but gold surging…
as Nasdaq rallies all the way back to unchanged in 2014…
via Zero Hedge http://ift.tt/1eRdpT4 Tyler Durden