Courtesy of Doug Short.
With the FOMC meeting now ancient history and the UK surviving potential dismemberment, the focus today was on Alibaba (BABA) and Quadruple Witching volatility. BABA rose 38.07% in its first day of trading, and the expirations trading volume was huge (the fourth largest of 2014). But market volatility was mild. The S&P 500 had an intraday range of 0.63% from its post-open high to its early afternoon trough, which is at the 41st percentile of the 181 trading days of 2014. The index closed with a fractional loss of 0.05%, but it was up 1.25% for the week.
The yield on the 10-year Note closed at 2.59%, down 4 bp from yesterday’s close. It is down 3 bps for the week.
Here is a 15 minute chart of the week.
And here is a weekly chart, the fourth with the benchmark 2000 level in play.
For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.
