Stocks Surge To 11-Month Highs (Then Drop) On Lowest Volume Day Of 2016
By Tyler Durden
To sum up today: “Investors” bought stocks, bonds, gold, oil, Yen, Loonies, Iron ore, high yield bonds… and VIX?
The S&P took out Nov 2015 highs and reached all the way back to July 2015..
On the lowest volume day of the year…
Trannies loved the surge in crude prices (we assume costs don't matter anymore) but Nasdaq was not so happy…
The Dow topped 18,000 a few times without any extension, then fell…
But today was different, VIX extended its decoupling from stocks…
The ubiquitous VIX-smash disappeared and instead of melting up as it has for the last 6 days, stocks faded…
Futures show the double-top today…
Post-payrolls, crude leads gold and bonds lead stocks…
Year-to-date, only Nasdaq (black) remains in the red with Trannies and Small Caps leading…
Bonds were bid with Bunds making new record lows…
The US Dollar Index continued to flatline since Friday's close with commodity currencies surging…
Copper was clubbed today on a surge in inventories, Crude surged (because it can and the algos wanted to top $50) and PMs trod water bouncing back from early small losses…
Crude tops $50 (and closes above it) for the highest close of the year ahead of tonight's API data…
Charts: Bloomberg
Bonus Chart: Who will be right?
Source: Stocks Surge To 11-Month Highs (Then Drop) On Lowest Volume Day Of 2016
