VIX-Crushing, Panic-Buying Bounce Saves Stocks From Worse Day In 3 Months
For Nasdaq traders today...
Small Caps (and briefly The Dow) sunk into the red for 2017... (NOTE: the moment Trannies and The Dow tagged unchanged for 2017 a miracle bid appeared)...
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Second day in a row if VIX-smashing, panic-V-shaped-recovery-stock-buying...
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Though we note it seems all about the European close once again...
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They were desperate to get Nasdaq green into the close...
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In fact everything jumped after Europe closed...
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Nasdaq broke it's winning streak...
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While everything bounced, financials were the day's laggards while Utes and Healthcare managed to get green by the close...
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Treasury yields rose and steepened notably after the 30Y auction...(same as yesterday) but remain lower on the week...
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Not helped by clear pressure for steeper curves from The Fed...
- HARKER: WHEN RATES AT 1%, NEED TO LOOK AT UNWINDING BAL SHEET
- BULLARD: BAL SHEET ROLLOFF MAY BE BETTER THAN AGGRESSIVE HIKING
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The USD Index plunged to its 50-day-moving-average...almost erasing all the post-FOMC gains...
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And bounced...
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The USD bounce back was led by GBP and JPY weakness...
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Gold is having a great week while crude remains red...
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But as the dollar, bond yields, and stocks ramped hard in the afternoon, gold limped back below $1200...
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