Despite a significant tumble into the close ($3.25bn notional sold in last 4 seconds of S&P futures); for the first time since January 2004, the S&P 500 has risen for eight straight weeks. Trannies are still leading off the debt-ceiling-debacle lows up 13.3% but this week saw the NASDAQ accelerating to 11.3% gains off those lows. Despite being pounded by GBP buyers, the USD (rescued by JPY weakness) ended the week unchanged and Treasury yields are +/-2bps on the week (30Y -1.5bps, 5Y +2bps). Despite some early week weakness, today saw commodities rising (with WTI crude jumping higher – modestly narrowing the 8-month wides in the Brent-WTI spread at $17.60). Gold and silver recovered to gains on the week keeping pace with the S&P and Dow. VIX (once again) entirely disengaged from stocks' exuberance and so did credit markets.
Ugly end to the week…
and month-end volume was huge in S&P futures…
8 green weeks in a row for the S&P…
NASDAQ is catching up to Trannies off the lows…
Commodites rose on the day with gold and silver closing the week up around 1%…and WTI recovering some early losses…
But the Brent-WTI spread has pushed to 8-month highs, but the last 2 days saw WTI outperforming to modestly close the gap…
Credit markets didnt buy it…
And nor is VIX for now (as it seems while selling is frowned upon – hedging is not)…
Charts: Bloomberg
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/Tr78XJpPbwE/story01.htm Tyler Durden