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Down, Up, Down, Up, Down, Up, Down, Up, Down, Up, Down, Up, Down… Up
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
zerohedge.com / By Tyler Durden on 04/08/2013 16:06 -0400
Thanks to yet another JPYgasm (which saw the currency lose 1.8% against the USD on the day), stocks were levitated off early weakness amid the lowest non-holiday volume day and lowest average trade size. The message we are supposed to garner is “we don’t need no stinkin’ jobs” as all the cash indices were lifted to fill the non-farm payroll gap. Treasury yields rose 2-3bps but the 30Y remains massively off pre-NFP levels (as opposed to stocks) suggestive of the JPY rotation bid. Homebuilders were the high-beta ramp of choice, gaining almost 2% (why not?) on absolutely no news whatsoever (and are 2.6% higher than pre-NFP! Copper and Oil rose around 0.9% on the day even with the USD gaining 0.25% broadly. Silver and Gold leaked 0.4% lower from Friday’s close. VIX dropped around 0.5 vols holding at 13.5% (below its pre-NFP level). So stocks back to pre-NFP levels (as is the USD) on dismal volume, VIX better than that, but safety is bid with Swiss rates, US Treasuries, and Gold in demand. JPY remains the story – now 7% weaker against the USD since the BoJ news – orderly?
The last 14 days… S&P 500 has gained 8 points, 30Y Treasury yields are 27bps lower since 3/18 close.
Thanks to BrotherJohnF
2013-04-08 15:02:01
Source: http://silveristhenew.com/2013/04/08/down-up-down-up-down-up-down-up-down-up-down-up-down-up/
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