Two words tell you all you need to know about today's equity trading… no volume (lowest since Aug27th). The main theme of today – away from stock markets – was to unwind some or all of Friday's moves on the dismal Italy/Greece data: Treasury yields jerked almost 10bps off their lows with 30Y almost retracing the entire Friday rally; The USD rallied, recovering some of its losses from Friday (led by CAD and JPY weakness – which were both stronger Friday); gold and silver were slammed today – almost retracing Friday's gains; and oil prices gave up all their intraday gains to close notably lower. USDJPY and bonds decoupled from stocks which appeared led by a VIX-smashing day, sending the fear index below 12.5. The Dow and S&P closed at all-time highs.
Quietest day in EMini futures since August 27th $ES_F $SPY
— Eric Scott Hunsader (@nanexllc) November 10, 2014
Spot the volume trend…
On the day, Trannies won…
But note the reactions in futures… The selloff into the Asian close, the dump-and-pump on the Greece/Italy data (bad news – sell!, wait that's great news – it forces the ECB to act – buy!)… then the US Open was exciting. This is performance from Friday's payroll print… Note – The Nasdaq is red post-Payrolls!
VIX dropped below 12.5 and was in charge of stocks today… some tomfoolery at the bell though
Quite a roundtrip from Payrolls.
Treasuries look normal today.. off the Greece/Italy data lows…
And The USD surged… off the Greece/Italy data lows
And commodities all turned notably lower after the Greece/Italy data…
Copper is marginally lower than its pre-payrolls level but WTI is notably lower having tumbled hard today. Gold and Silver sold off but held on to some gains from Friday…
Charts: Bloomberg
Bonus Chart: The Decoupling of exuberance…
via Zero Hedge http://ift.tt/1swKgAl Tyler Durden