The S&P swung 44 points from low-to-high today as panic-buying lifted stocks vertically on the back of an utter VIXtermination (from over 18 to under 15). Nasdaq surged over 2.5% from its lows before FOMC Minutes – the biggest swing since May 2012 (and biggest daily gains in a year). 10Y Yields closed at 2.33% (2.3249% lows) – the lowest since June 2013. The TSY curve steepened dramatically post-FOMC with 5Y now -18bps on the week and 30Y -7bps. The Dollar fell for the 3rd day in a row (-1.6%) – its biggest such drop in 15 months. Initial weakness in commodities was wiped away post-FOMC leaving Silver +3.3% on the week (Gold +2.3%). Oil saw no bounce closing at April 2013 lows (WTI below $87.50). The S&P and Dow managed to get to green on the week in the last few minutes (only the S&P held it into close). So in summary: FOMC Minutes sent Stocks Up, Bonds Up, and Gold & Silver Up; VIX down, USD down, and Oil down.
Today's epic ramp brought to you by AUDJPY…
And VIX…
The Russell 2000 rose almost 3% off its EU-close lows today…
This was Nasdaq's biggest day in a year and biggest intraday low to close swing since May 2012…
But since the last FOMC statement, stocks remain red…
Post September FOMC: Treasuries are still the best performer, S&P is down (as is gold) and the USD is up 1.5%
On the week, it seems today's mega ramp was all about getting the S&P green…
Bonds and stocks entirely decoupled (30Y is 10bps lower in yield than the last time stocks were here) – as The Fed (seemingly) said Buy it all…
Tresasury yields collapsed post-FOMC (and bull-steepened)
The Dollar was punched down for the 3rd day in a row… most sellinmg pressure coming in the US session…
USD weakness helped commodities (except oil)…
Charts: Bloomberg
via Zero Hedge http://ift.tt/1rhAkJa Tyler Durden