Better to play with yourself…
Another day another v-shaped recovery…
As VIX was smashed again and S&P rangebound…Just a total meltup again…
From the moment Europe closed, stocks decided to rally, helped by a spurious headline from Japan that said nothing new at all but managed to spook JPY lower… Once overnight stops were run we closed ugly…
Small Caps (up almost 30% from feb lows) are up on the week but Nasdaq (AAPL, FB) is best; Trannies worst…
FacePalm…
HY Credit is heading for its orst week in 3 months, decoupling from stocks…
Energy stocks are starting to catch down…
Treasury yields ended flat – after some rate-lock buying sent yields higher early but GDP expectations tumbling sent yields lower…
Notably it seems the brief recoupling of stocks and bonds today sparked some anti-correlation…
The USD ended the day modestly lower, supported in the afternoon by a headline drivenm yen dumping…
USDJPY was in charge today on another useless headline…
Commodities were mixed with copper up but PMs down modestly. Crude was a mess again…
Crude continued to collapse… down 22% from June highs…
Charts: Bloomberg
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