Overheard at today's Intel Official hearing...
An extremely volatile day in FX markets highlights the sensitivities ahead of tomorrow...
But there was on driver for today's gains...
And as Intel Officials confirmed Trump did not pressure them and Comey's prepared remarks had no smoking gun, so investors bought the dip and bid stocks back into the green...All major indices closed green
Trannies managed to ramp back to unchanged on the week...
The big story of the day was a shocking build in crude and products (biggest since April 2015) which sent WTI and RBOB tumbling...back near cycle lows (dragged Energy stocks notably lower) - Biggest drop in Crude in 3 months
Financials got a lift today (very small move in TSYs so perhaps on Dodd-Frank chatter) but energy was worst...
FANG Stocks bounced back modestly from yesterday's late-day tumble but not convincingly...
Bond yields rose modestly, now higher on the week...it seems the excitement over China buying bonds was short-lived
As we noted above, today was a volatile day for the dollar with AUD strength overnight (GDP) and volatility in EUR, GBP, and CAD amid ECB, Poll, and energy headlines respectively...
Gold and Silver rolled over as Comey's prepared remarks hit...