Bullion Pops & Trannies Drop As S&P Signals “Golden Cross”
By Tyler Durden
And your post-Doha gains are… gone…
Chinese intervention at the end of their day turned an overnight losing session into a BTFD winner, but it did not take long for selling to begin again in futures, erasing all the post-Doha gains…BUT that was not allowed to stand…
Despite a 50 Dow point vertical spike at 1pmET (2Y auction), US (cash) equities drifted lower all day with each bounce met with fresh selling pressure near VWAP… UNTIL The late-day panic buying instigated by a VIX slam left Nasdaq perfectly 0.0000% for the day!
Dow Transports worst day since March 8th.
With The S&P 500 signaling a “Golden Cross”…
What day would be copmplete without a panic slam of VIX into the close- in this case a desperate attempt to push Dow back to 18k…
The US open once again sparked selling in bonds but Treasury yields only rose 1-2bps on the day (though notably were sold on the day even as stocks were sold)…
The USD Index slipped lower on the day on the heels of EUR and JPY strength…
Friday's huge surge in USDJPY gave way to some profit-taking as Yen strengthened the most in April against the dollar…
And as a reminder – Levered Specs are the shortest USD in 22 months…
Modest USD weakness helped Gold but Crude plummeted on Saudi headlines (and fears over Cushing builds)
Crude slipped back toward pre-Doha levels…
Time for oil to catch down to Oil VIX…
This was gold's best day against silver in 3 weeks…
Charts: Bloomberg
Source: Bullion Pops & Trannies Drop As S&P Signals “Golden Cross”
