Following Friday's exuberance, US equity markets traded in an extraordinarily narrow range today (Dow's 41 points is lowest in 16 months) as S&P futures had the lowest non-holiday volume day of the year – despite plethora of Fed talking heads. Treasuries were no less un-vibrant with a 2bp range ending with the short-end very modestly higher in yield and long-end -1bps. The USD closed lower with its only sizable move driven by Bullard's dovish comments on inflation credibility; most notably US equities ignored JPY crosses efforts to ignite momentum. VIX closed down modestly (and back to inverted). The big movers on the day were in commodity-land. WTI dipped but Brent was slammed as the spread dropped notably to 6-week lows. Gold (and even more so Silver) were the big winners (relatively speaking) ending the day +1 and +2.2% respectively.
The Dow saw its smallest intraday range in 16 months…
Silver jumped over 2% on the day and gold lifted over $1240…
The crude complex was busy with WTI trading down but Brent hammered – narrowing the spread to $11.70
no matter how hard they tried – EURJPY coul dnot bring stocks higher this afternoon…
as FX markets were dominated by German macro data and the Bullard comments this afternoon…
And again – for clarity from the NFP print… some context
Charts: Bloomberg
     |
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/nicuwRGB5lM/story01.htm Tyler Durden