US equities converged down to VIX's warnings from the holiday period as for the 3rd day in a row equities dropped. This is the worst start to the year for the S&P 500 since 2005. Equities improved during the European session but top-ticked at the US open, tumbling to 10-day lows by the time Europe closed. A leak higher with a vertical ramp to VWAP in the afternoon gave way to selling in the last hour. Trannies are the worst year-to-date (-2.2% from 2013 close highs). Treasuries gained further today, with yields down 6-8bps on the year. The USD lost ground during the European session then flatlined for the rest of the day (-0.25% on the day). From Friday's close, commodities are ending almost unchanged but all had a very volatile ride today (most notably in gold and silver).
VWAP once again played a key role in S&P 500 futures trading today…(and volume was well above the average of the holiday period)…
Stocks caught down to VIX…
Performance off the 2013 Close highs has been ugly (despite the Bernanke bounce)…
Commodities all seemed to regroup back around unchanged after a majorly volatile day (most notably in the PMs)
The USD's weakness today (-0.25%) all occurred betwee the US open and EU close with it flat otherwise (as POMO started)…
But stocks tracked JPY very closely once again…
Treasuries are tending to trade one way since the start of the year… (but again – it has been a US open to EU close story there also…)
Charts: Bloomberg
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