Who could have seen that coming?
closing above 2,100 > worst jobs report since 2010
— zerohedge (@zerohedge) June 3, 2016
Worst jobs print in 6 years and tumbling PMI, ISM, and Factory Orders - Did The Fed just lose it completely?
As if by magic, a boring Beige Book was all the algos needed to slam VIX and lift stocks to the magical unicorn level of 2,100 for the S&P 500... Because why not dump protection ahead of OPEC, ECB, and Payrolls - makes perfect sense really...Sadly, the machines just couldn;' hold it there for the close
Simply put, today's ubiquitous V-shape recovery in stocks is yet another example of the only way to win...
By EconMatters
I have made some changes to my Trading Rig Configuration to account for more Natural Gas Trading, the US Dollar Index, the VIX and Bonds.
https://www.youtube.com/watch?v=8cVxmgFypmI
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In what has been another quiet overnight session, which unlike the past two days has not seen steep, illiquid gaps higher in US equity futures (the E-mini was up 3 points and accelerating to the upside as of this writing so there is still ample time for the momentum algos to go berserk), the main event was the price of Brent rising above $50 for the first time since November with WTI rising as high as $49.97.
As shown in the chart below, Brent crude surpassed $50 a barrel for the first time since November, lifting commodity companies and buoying currencies where oil is produced.
Following yesterday's Yen surge in the aftermath of the disappointing BOJ announcement, the pain for USDJPY long continued, with the key carry pair tumbling as low as 106, the lowest level since October 2014 before stabilizing around 107, and is now headed for its biggest weekly gain since 2008, which in turn has pushed the US dollar to to its lowest close in almost a year as signs of slowing growth in the U.S. dimmed prospects for a Federal Reserve interest-rate increase. As a result, global stocks fell and commodities extended gains in their best month since 2010.