Despite the early volumeless lift, helped by USDJPY, it appears stock investors began to get the hint that the US economy (Stan Fischer), Iraq (coup), Ukraine (Russian will do it anyway), and Israel are not all fixed. Bonds rallied modestly early on ignoring the equity bounce and then as Europe closed (and a few Ukraine and Iraq headlines of reality hit), stocks leaked back off their highs. Treasuries end the day unchanged (5Y -1bps), Silver popped 0.75% back above $20, copper and oil modestly higher and gold down small to $1310. FX markets appeared quiet (USD ended practically unchanged) but EUR weakness was offset by CAD and SEK strength. S&P futures volume was 40% below average.
Europe’s close was the pivot…
For bonds too…
As the ramp off Friday’s slowed…
USDJPY stopped working when Europe closed…
Oil ended the day modestly higher, silver was the winner as it gained some back against gold…
FX ended with the USD unch but EUR weakness was notable (as was CAD and SEK strength)
Charts: Bloomberg
via Zero Hedge http://ift.tt/1uHz0Dx Tyler Durden