Bonds & Stocks Ignore FX, Commodity, And Credit Volatility

With a 180 point high to low plunge during the day, the Dow underperformed the rest of the major US equity indices which ended practically unchanged on the day. The market appears to be replaying the same opening POMO/EU pump to afternoon dump mode - with today's late-day ramp attempt to scramble back to VWAP. Treasury yields also oscillated but closed +/-1bps. But elsewhere, markets were turmoiling. The USD is up 0.5% on the week with 1.5% drop in JPY today which entirely disconnected from US equities after Europe closed. Credit markets were the voice of reason and equities (once again) ripped and dipped back to their sanity. WTI crude surged up near $100 (+3% on the week) as the USD weighed on gold and silver which are -0.6% and 1.6% on the week. Another day, another failure for the S&P's 50DMA.

Quite a roller-coaster of a day in the S&P... with the mandatory 330 ramp scramble back to VWAP... (and a try for green at the cash close)...

as stocks once again ripped and dipped back to credit's reality...

The nasdaq is outperforming its peers post-FOMC (for now)...

and oddly - Discretionary once again tagged perfectly unchanged from FOMC and then sold off... also notice the pattern of day trading in homebuilders...

Once oil started moving this morning (and the USD was bid on safety concerns from Egyot headlines) then gold and silver slid almost linearly lower...

Charts: Bloomberg and Capital Context

Bonus Chart: Brazil's BOVESPA had its worst day in 2 years... to 4 year lows