The S&P 500 ended the month with an odd shade of green (called red). This is the worst month in stocks for 8 months and makes only the 5th negative month in the 20 months since the global central bank co-ordinated save in Q4 2011. The week, however, saw the S&P gain around 1.25% on the back of endless repeated bullshit from various Fed heads about how we all got it so wrong... which also saw Treasury yields drop notably (30Y -8bps on the week and 10Y down 16bps from its Monday highs). Equities remain the big year-to-date winners and despite some of the biggest single-day gains in over a year today gold and silver remain at the lower end of the pile. The Nikkei and the S&P lead global DM equities (now what do they have in common?). Then with minutes to go, S&P futures collapsed on massive volume to the lows of the day...
Image may be NSFW.
Clik here to view.
Risk... Schmisk... Taper... Schmaper...
Image may be NSFW.
Clik here to view.
Only the 5th drop in the last 20 months... do not panic!!
Image may be NSFW.
Clik here to view.
leaving the S&P (and the Nikkei) as the big winner year-to-date in global stocks...
Image may be NSFW.
Clik here to view.
and relative to other asset-classes...
Image may be NSFW.
Clik here to view.
which must mean the US is the cleanest dirty short right? Well no! It's second worst year-to-date only to China for crappy macro data relative to expectations...
Image may be NSFW.
Clik here to view.
Since the FOMC, we have recovered somewhat but it seems the 61.8% retracement stalled index performance even with all the Fed jawboning...
Image may be NSFW.
Clik here to view.
and the sectors also dropped into the close en masse with Builders worst and Utilitie sbest post-FOMC...
Image may be NSFW.
Clik here to view.
and Bond and FX markets have had qquite a ride since the FOMC (with JPY down over 5%!!)...
Image may be NSFW.
Clik here to view.
Gold and Silver had quite a day with Silver almost back to unchanged on the week...
Image may be NSFW.
Clik here to view.
With a few minutes to go in the day, month, quarter, it was all going great and then 330RAMP Capital stepped away and...
Image may be NSFW.
Clik here to view.
as S&P 500 e-mini Commitment of Traders positions plunged (h/t @AndrewYorks)
Image may be NSFW.
Clik here to view.
Charts: Bloomberg