Despite Short-Squeeze-Driven Buying-Frenzy, Window-Dressed Stocks Remain Red For March
Because, well it must be right...
If markets are open, you panic-buy... especially if China hints at RRR cuts or QE... Following Yellen's speech which Goldman explained to everyone was dovish... The S&P 500 rose 27 points from Friday's close BUT 32 S&P points were achieved within 15 mins of the opens of each trading session today
And then markets dumped after hours back to VWAP...
From Friday's close, the Dow was today's best performer as Nasdaq and Trannies lagged... This was the best day for the Dow in almost 2 months - snapping it back above the 50 and 100DMA...
Which is not a total surprise, as today was the biggest shortest squeeze in almost 2 months...
A Double Whammy of shorts squeezed today...
Dow 18,000 appeared to be an important level to prove everything is awesome...but they lost it and the Dow closed at its initial ramp highs
The Dow & S&P are now comfortably green for the year; but remain red for March along with Nasdaq as hard as they tried today
For March, Financials and Discretionary just could not make it... still there's always tomorrow...
Because fun-durr-mentals...
Energy stocks soared today ... which is odd given the drop in WTI to a $47 handle (ignoring the idiotic algo rip into the NYMEX close)...
Meanwhile, Treasury yields traded in an extremely narrow range ending +/-1bps... (long end under performing)
The Dollar surged... (foreign buying US assets?) but what is really odd is the plunge in the AUD - given hopes for a China rate cut should be Aussie positive?
Given dollar strength it's not entirely surprising that commodities limped lower... Copper rose on China hopes...
With crude doing this at the NYMEX close... come on!!!
Charts: Bloomberg
Bonus Chart: How we know everything is awesome...
Where do I throw up? pic.twitter.com/22aRVqEq1C
— Not Jim Cramer (@Not_Jim_Cramer) March 28, 2015
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