Productivity worse… Consumer confidence worse… Manufacturing PMI worse…Construction Spending worse… ISM Manufacturing worse… Auto Sales worse… ISM New Orders worse… JPMorgan World PMI worse… (Mexico PMI better)
The last two days have seen the biggest disappointment in US macro data in weeks…(now at its weakest in 2 months)…
S&P tumbled to the lows of the Twilight Zone, and bounced…
Notably pushing VIX above 14.5 briefly, before crushing VIX all the way to its Lows of the day…what a farce!
So Bad data was bad news for stocks… but then VIX was pressed and suddenly its great news (while bonds and gold were bid and oil dumped)…
S&P ended perfectly unch… everything else panic bid to green…
Once again the laste day ramp desperately tried to maintain the dream, pushing S&P, Dow, Nasdaq green on the week…
Chatter of a big buy program lifted the indices to VWAP around lunchtime (briefly tagging unch for some indices)…not the overnight ramp after China PMI proved everything was awesome (before China's other PMI said it was not)
Aside from Energy (which plunged on crude's collapse), Financials were today's biggest loser – worst day in 3 weeks…until the panic bid into the close – look at XLE (Energy!!)
WTF!!
Treasury yields were a wild ride today – bonds sold off overnight into the macro data this morning but once it was all a disaster, bonds ripped back – ending the day with yields down around 2bps…
The USD Index ripped into the data – exuberantly anticipating a Fed rate hike – then dumped after the shitty data hit… (worst day for USD in 2 weeks) Notice cable rallied hard after a big beat in UK PMI…(and Yen rallied afteer the US data disappointed)
While copper slipped lower (less stimulus hope from China), and crude crashed, PMs rallied as the USD sank (gold's best day in 2 weeks, Silver's best day in 3 weeks)
Crude was the biggest headline maker on the day… tumbling to 3-week lows… down 15% from recent highs…
After the last few days' hits, gold bounced hard off its 100-day moving average…
Charts: Bloomberg
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