Stocks Up, VIX Up, Bonds Up, Bitcoin Down (& Out?)

For the second day in a row, VIX has gone nowhere as stocks pushed on to new highs. PC-related names were hammered on the dismal shipments data and Transports also suffered once again. The S&P made new all-time highs but with the JPY unable to break 100 (yet), ES lost its partner-in-crime and faded back to VWAP into the close. While the major indices closed green (once again) and in spite of less demand than expected at the 30Y auction today, Treasuries were absolutely not being rotated away from. 10Y was -1bps at around 1.79%. Stocks topped out at the European close (POMO end) which also coincided with the low of the day in the USD. Commodities mirrored the USD today with gold, silver, and copper all rolling back towards unch on the day as EUR and JPY weakened. WTI was the worst performer -1.25% testing down to $93 intraday. Bitcoin was falling early before MtGox decided a 12-hour halt was necessary (though other exchanges show prices under $40 at their worst) – we only hope this ‘temporary’ halt is not as temporary as Cyprus capital controls.

 

Today was all about the US open to EU Close (again)…

 

VIX Up (flat) as the S&P pushes to new highs…

 

Gold and Silver rolled over as the USD strengthened; oil was the biggest loser on the day

 

AUDJPY has been more highly correlated than EURJPY to stocks and the stall this afternoon is likely what stopped propelling the S&P above 1600…

 

In general equity risk was disconnected from other risk-assets and cross-asset-class correlation crumbled to negative as the US open to EU close move ignored everything and just melted up..

 

Stocks seemed destined to reach up to the lower-end of the trend-channel and got close before running out of steam…

 

Bitcoin dropped to $125 and was halted…

 

But Bitcoin-24.com stayed open and BTC prices fell below $40 at one point – now trading $85…

 

Charts: Bloomberg and Capital Context

    

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