Since Janet Yellen started speaking yesterday, the USD has jumped most in 10 weeks to 1-month highs, Treasury yields have risen 5bps at the short-end but are unchanged at the long-end, Gold and silver are down 1%, oil up 1%, and copper -1.4%. In stock land, The Dow and Trannies are leading, S&P is unch, and Russell 2000 is not happy (-1.3%). VIX tested down to a 10-handle once again (but closed at 11.1). Credit markets remained far less excited than stocks today. Biotechs are down over 4.5% since Yellen started speaking and Social Media -1.2%. The Russell 2000 closes -0.8% for 2014.
US Equity markets are mixed post-Yellen – no bid for Russell 2000 stocks (despite every talking head dismissing Yellen’s warnings)… Of course the big caps are surging to record highs as she gave them an all-clear…
The S&P has made it back into the green post-payrolls…
The momo names are still getting sold…
“Most Shorted” stocks remain lower post Yellen…
Credit markets do not seem to be buying the bounce…
VIX was slammed at the open to ramp stocks to record highs…
Treasuries are just as unsure of what to do since Yellen spoke – short-end is up 5bps as 10Y is flat to lower in yield…
FX markets were a one-way street of USD buying today (which helped JPY selling carry traders hold Trannies up).
Gold and silver were flat to slightly higher as copper tumbled and oil jumped on the day…
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Charts: Bloomberg
