All is well…
First, this is what happened in Turkey – Lira and stocks held losses…
And this is what happened in US markets…
Nasdaq was the day's big winner thanks to ARM's Softbank-driven M&A contagion… (note that the rally stalled as Europe closed) – New Record High Closes For The Dow & S&P
BofA surged off technical support after earnings…
But today's buying panic was all thanks to Kuroda and The Bank of Japan deciding 106 was the level…
And VIX was driven back to a 12 handle… Notice the after-hours plunge in S&P Futs on the coupe headlines…
Treasury yields rose modestly on the day off post-coup lows…
But note 30Y is back at the point post-Brexit when it decoupled from stocks…
FX markets were relatively quiet today aside from the exuberant selling in JPY (and some cable strength on chatter of no rate cut soon), USD Index ended modestly lower…
Despite the weaker USD, only copper managed gains in comodity land with PMs giving up Coup-driven safe-haven gains and crude slumping…
As stocks remain entirely decoupled from oil also…
Finally, perhaps of note, if the S&P 500 fails to close this week's trading above last Friday's close, history-conscious investors might feel a sinking sense of deja vu. As Neil Azous of advisory firm Rareview Macro pointed out in a Monday morning note, the S&P made its closing weekly high for 2015 on July 17. And while stocks managed to climb higher in the following session, the index didn't have a higher weekly close until two Fridays ago.
Charts: Bloomberg
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