It was a cliffhanger today… 8 straight up days for the Dow… or a DOWN DAY!!!
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The answer… simple – a VIX-crushing algo did the job…
Smashing VIX to its lowest close since Jul 30, 2015…down for the 6th straight day…
Only The Dow closed green today… DOW INDUSTRIALS RISE FOR EIGHTH STRAIGHT SESSION, LONGEST STREAK SINCE MARCH 2013
As Nasdaq ave back most of yesterday’s M&A exuberance….
Some context for what is happening… off the Brexit lows…
But gold and Bonds are still leading the way post-Brexit…
Treasury yields fell on the day with the long-end outperforming (more curve flattening)…
The USD index rose notably today (and JPY strengthened)… (biggest jump in DXY since Brexit)
Pushing DXY above 97.00 and its 200-day moving-average – back to 4-month highs…
Commodities were very mixed with Crude tumbling in USD strength, gold ignoring it and copper loving it…
Pushing crude to 2-month lows…
It’s probably nothing…
Definitely nothing… (thanks to ECB corporate bond buying)
Also, probably nothing…
Charts: Bloomberg
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