Early Dip Becomes Manic Rip After FT's "Greek Non-Haircut Haircut" Article
Anyone trying to trade today's equity, bond, or crude markets likely feels like this now...
An epic day of intraday volatility in almost every asset class (except precious metals) as shitty macro data in the US was trumped by 'hope' that an FT article on a Greece solution would save the world (but is in fact a non-starter).
To translate - this afternoon's manic buying panic was because Greece requests a debt reduction under a more palatable name...
Wild swings today...
Managed to scramble S&P 500 cash index back above the crucial 100DMA...
S&P tops 2,000 and the 100DMA
Were stocks trying to catch up to oil's meltup?
Bonds were not buying the exuberance at all...
Energy stocks led the day... from the NYMEX close yesterday stocks are mostly flat...
All thanks to the USDJPY ramp
But Energy credit was not falling for it again
On the day, Treasury yields ended modestly higher...
And thanks to the late-day exuberance, the USDollar rallied back to almost unchanged... thanks to USDJPY's surge
and commodities were relatively well behaved apart from crude...
which was total craziness...
Charts: Bloomberg
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Agreed. The final bull run was also ridiculous and somewhat artificial at best. I would not want to use today as any gage of future activity this week. Without a doubt, it shows the lack of conviction or direction and a bunch of trend chasers at the end of the day. I doubt if many even had a good reason why the market moved up as some said it was the Saudi's saying they wanted higher oil, some saying Greece was willing to negotiate a deal, and many who had no clue besides trying to be on the right side of whatever was happening.
The only correct thing to determine from today is, expect a lot more volatility.