ADP weakest in 4 years, Factory Orders 22nd straight month of annual declines, Services PMI employment at 2010 lows,…ISM Services (survey) biggest jump in history… priceless
The Biggest jump in ISM Services ever (a 6 sigma beat)…
Buy it! Just buy it, stupid!
On no volume… (not that we dropped to VWAP into the close)
VIX and S&P traded in a very narrow range… with a false breakout
But a late-day sellofff back to VWAP spoiled the party…
Pushing Dow, Small Caps back into the red along withg S&P on the week…
Treasury yields rose once again… 2-3bps across the curve
The USD Index ended the day unch despite ongoing weakness in Yen and cable (and a brief bounce around the ISM data)…
As rate hikes rose…
Commodities were all higher on the day with gold and silver reebounsding and crude surging on DOE data…
Silver (and gold) rebounded after news of the precious metals manipulation lawsuit hit… (gold bounced off its 200DMA)
Oil prices tried twice to tag $50… and failed…
And while US HY Energy credit risk has collapsed to 2-year lows, Oil risk remains decoupled…
Charts: Bloomberg
Bonus Chart: Humpday Humor from The Fed: FED'S LACKER: FOLLOWING A POLICY RULE HELPS MAINTAIN CONFIDENCE (so wtf is this then?)
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