Two words tell you all you need to know about today's equity trading... no volume (lowest since Aug 27th). The main theme of today - away from stock markets - was to unwind some or all of Friday's moves on the dismal Italy/Greece data: Treasury yields jerked almost 10bps off their lows with 30Y almost retracing the entire Friday rally; The USD rallied, recovering some of its losses from Friday (led by CAD and JPY weakness - which were both stronger Friday); gold and silver were slammed today - almost retracing Friday's gains; and oil prices gave up all their intraday gains to close notably lower. USDJPY and bonds decoupled from stocks which appeared led by a VIX-smashing day, sending the fear index below 12.5. The Dow and S&P closed at all-time highs.

Spot the volume trend...

On the day, Trannies won...

But note the reactions in futures... The selloff into the Asian close, the dump-and-pump on the Greece/Italy data (bad news - sell!, wait that's great news - it forces the ECB to act - buy!)... then the US Open was exciting. This is performance from Friday's payroll print... Note - The Nasdaq is red post-Payrolls!

VIX dropped below 12.5 and was in charge of stocks today... some tomfoolery at the bell though

Quite a roundtrip from Payrolls.

Treasuries look normal today.. off the Greece/Italy data lows...

And The USD surged... off the Greece/Italy data lows

And commodities all turned notably lower after the Greece/Italy data...

Copper is marginally lower than its pre-payrolls level but WTI is notably lower having tumbled hard today. Gold and Silver sold off but held on to some gains from Friday...

Charts: Bloomberg

Bonus Chart: The Decoupling of exuberance...