Before we start, this tweet summed up most of the desk chatter todasy...
#WallStreet traders at their desks today :D @ForexStopHunter @livesquawk @ForexLive @zerohedge @Schuldensuehner pic.twitter.com/yrfmQTwTkW
— Jakub Stasik (@kubachybas) January 20, 2016
Services economy dismal, ADP data weak, crude fundamentals horrible... rip snorting ramp in crude and stocks...
To be clear, today's idiotic ramp in Crude oil was nothing but an algo-induced short-squeeze just like we saw last week. Chatter of OPEC emergency meetings desparately tried to jerk headline-scanning algps higher while everything fundamentally was a disaster with inventories surging across the complex, production unchanged for the lower 48, demand plunging 16% YoY, and energy credit continuing to weaken... But then this happened...
We noted early that Yuan caught a sudden unexpected bid early...
But the following chart suggests The PBOC CNH-JPY intervention spike was the momentum ignition for today's tomfoolery...
Dudley did a job on the dollar...
And his dovishness turned bank stocks around - but credit continued to weaken notably...
Here's The Dow... if you needed a laugh... Pisani "well we were stupidly oversold"
The Dow's realized (intraday inclusive) volatility is the highest since Black Monday chaos...
On the day, Nasdaq just would not join the party... Don't ask for a catalyst for the ramp starting at 2pmET...
Double Squeeze Day...
Treasury yields plunged and ripped back to modest rise on the day...
10Y broke below 1.80% - the first time in a year...
5Y broke down to its low end of the channel - what happens next?
The Dollar was dumped against every major...as Dudley's dovish jawboning 'helped"
And Kuroda will not be happy...
Commodities all gained on the USD weakness but obviously Crude had the highest beta...
Gold broke notably above its 200-day moving average... and silver broke above its 100-day moving-average///
Finally - in case you wondered just how crazy the intrday swings are in crude oil... they are the highest since Lehman...
Charts: Bloomberg
Bonus Chart: Once again The Fed exposed its data-dependence...
Data Dependene Update pic.twitter.com/iuvRhzi3gq
— Not Jim Cramer (@Not_Jim_Cramer) February 3, 2016