Heavy volume and volatile price action early in stocks and high-yield credit markets subsided later in the day as despite several big stocks in the red, the indices jammed higher in the last hour desparate to get positive (on terrible volume) but failed. Treasury yields fell 3-4bps early on and stuck near the lows of the day (ignoring equity's exuberance). High-yield credit rallied back off early spike wides at 380bps (with desks noting heavy demand for protection) but remains worse than stocks. VIX tested above 17 and crashed back below 15.5. The USD ended the day unchanged (AUD weakness notable) but gold and silver slipped lower with oil (back over $93) and copper up on the day. Camera-on-a-stick smashed over 11% higher to $91.50 as the 41% float short continues to get squeezed out.
Credit and stocks diverged early once again as selling was heavy and protection well bid…
And despite equity exuberance, Treasuries rallied then ignored stocks…
Even USDJPY decoupled from the exuberance…
As VIX ran the market once again…
As stocks scrambled lat eon to try and get green (with only Trannies successful)
All that matters for tomorrow is keeping the quarter green… (aint gonna happen for the Russell 2000)
Financials stocks continue to decouple from credit…
Investors continued to find safe harbor in camera-on-a-stick-or-dog…
Ford was monkey-hammred after "a disastrous commentary during analyst presentations"
Charts: Bloomberg
via Zero Hedge http://ift.tt/1or93Uz Tyler Durden