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Friday, March 29, 2024

Muted May-Day Volume Sparks Hey-Day For Stocks

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

We are up today because we were down yesterday… and every data item today was completely abysmal! Only one way to play…

With most of the rest of the world enjoying “May-Day”, volumes were dismal as it seemed the machines had no one to play with… S&P e-mini volume 30% below recent (weak) average! And half yesterday’s

Which can only mean one thing!!! From Wednesday’s FOMC, the S&P shows that The Fed knows what it is doing and closes green just

All surging today, led by Trannies but notice Small Caps went nowehere from the opening ramp…

On the week – eveything was red but Small Caps stood out – worst week in over 6 months

What Really Matter Though!! Dow 18,000; S&P 2,100; and Nasdaq 5,000 – Mission Accomplished into a sports-frenzied weekend

There was some ugliness… Flash Crashes this afternoon…

Social Media Carnage…

But today everyone loved Biotechs…

Credit markets were considerably less excited than stocks today

Treasury yields were extremely ugly this week – 3rd worst week of the year…

The dollar’s early weakness today rebounded as the buying frenzy ensued in stocks… still a notably weak week for the USDollar. (4th worst week in 2 years)…

Commodities were mixed today with gold and silver smacked early on (and crude) but copper just kept soaring as China reflation is back in vogue (gold ended lower for the 3rd week in a row) – it’s pretty clear what time of day to be trading…

Copper’s biggest week since 2011…

Some context for all of this…

Charts: Bloomberg

Bonus Chart: WTF! A new 6 year low in US Macro and Fwd EPS stagnant

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