zerohedge.com / by Tyler Durden on 08/25/2014 16:05
As we noted early on, by the time the cash
markets opened this morning, the narrative of compliant Kuroda and
drug-peddling Draghi had been painted as worth more than a yellowing
Yellen’s hawkish comments. And so it was that stocks, despite weak macro
data this morning in the US - bad news is great news – surged as cash markets opened and tagged S&P 2,000 for the first time ever. However, once Europe closed, that exuberance faded in stocks. Treasuries rallied (30Y closed -2bps) with
the front-end weakening very modestly. USD strength (on notable EUR
weakness) sent oil and precious metals modestly lower on the day but
Copper had a good day (+0.6%). Today was the lowest S&P futures (non-holiday) trading of the year as the Nasdaq rose for the 9th day in a row.
So to summarize – Bonds Up, Stocks Up, USD Up… But VIX Up, Oil Down
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