A day of manic swings in stocks “contained”…
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Good news was bad news, or just algos lost control? Each plunge ramped back to VWAP before another selling attack…
Dow Futures swung around 450 points from the open… to end just 30pts lower…
VIX also had a crazy gappy ‘normal’ day with a final VIX sm,ash back to a 12 handle…Mission Accomplished (S&P green into close 2168.48)
The S&P eked out a tiny gain, Trannies loved it, Dow underperformed…
HY Credit – unsuaully for recent times – decoupled notably wider today given equity’s nonchalance…
Since Brexit gold still leads (and oil is a disaster)…
But since The June FOMC, Stocks lead bullion and bonds…
Treasury yields ended the day unchanged (with a 6bps swing intraday)… (long-end barely outperforming) – notably, bonds rallied after another ugly (this time 5Y) auction…
The USD Index ended the day very modestly lower with JPY strength offset by an unusual drop in Swissy…
Gold and silver drifted very modestly higher on the day, copper unch and crude ended lower but not much after it bounced into NYMEX close…
WTI Crude dropped intraday to a $42 handle at 3-month lows but it seems the oil-S&P correlation-mongers were in full high beta mode this afternoon…
Charts: Bloomberg
Bonus Chart: Rate-Hike Odds rising…
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