Courtesy of ZeroHedge. View original post here.
Submitted by Tyler Durden.
The Dow completes its 19th week in a row with a green close on a Tuesday – there are no superlatives left. As a gentle reminder, since February 1st, the Dow has gained 9.85%; absent Tuesdays it is up a mere 0.5%. Despite equity strength, bonds rallied, VIX rallied, the USD ranged violently (Fed's Bullard and Dudley) to end unchanged, and commodities drifted lower on another dismally low volume day. Correlations between stocks and the rest of risk-assets have completely broken down today.
19-in-a-row…
It's been a hell of a six months on Tuesdays…
Treasuries did not buy into the rotation…again…
VIX futures roll tomorrow and likely had some effect (and we saw notable volume in higher up calls – though more like rolls than outrights) but VIX remains absolutely agnostic of the last 40 SPX points…
FX markets ended the day oddly unchanged – despite some very notable swings on the back of Fed's Bullard and Dudley's comments…
Commodities in general drifted lower today…
Stocks (once again) were in a world of their own for much of the post-EU close… cross-asset-class correlations completely disappeared this afternoon as stocks wee notably bid beyond every other risk asset
Charts: Bloomberg and Capital Context
Bonus Chart: A Gentle reminder… SPY is 6 sigma rich to HYG (arb delta is around 3xHYG vs 1xSPY)
