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Friday, March 29, 2024

3% Market Ramp… On No Deal, And On Debt Ceiling Breach

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

S&P 500 futures staged a 3% rally off their overnight lows – taking them back to 3-day highs as  headline after headline triggered another round of stop-runs. VIX compression led the way as hedges were pushed off to March and higher levels enabled better exits above Friday’s plunge VWAP levels. The year ends with the Dow beating Gold for the first time in nine years (just). The USD fell 0.5% on the year. European stocks beat US stocks (EuroStoxx50 almost doubling the Dow’s performance). US Treasuries and US stocks both rallied. Financials gained 26% on the year. The Treasury curve flattened with the front-end selling off modestly and the belly rallying 10-15bps. VIX was unchanged from the start of the year at the open today – but thanks to the epic compression and steepening we have fallen back (VIX lower on the year). Of course, today’s epic ramp really dislocated from risk-asset reality as soon as Bonds closed…

Epic rampathon – to 3-day highs…

Treasury Curve from 12/30/11 to 12/31/12…

VIX on the year…

Sectors YTD…

Asset Classes YTD – Dow beats Gold by 0.3% for first time in nine years…

Charts: Bloomberg and Capital Context

Bonus Chart: AAPL’s epic stop-run-athon today…



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