{"id":23536,"date":"2013-01-25T22:08:56","date_gmt":"2013-01-25T21:08:56","guid":{"rendered":"http:\/\/feedproxy.google.com\/~r\/zerohedge\/feed\/~3\/VfKjsVRDgg4\/story01.htm"},"modified":"2013-01-25T22:08:56","modified_gmt":"2013-01-25T21:08:56","slug":"geithners-farewell-present-gold-slammed-sp-over-1500-on-best-january-in-stocks-since-1994","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/breaking-news\/geithners-farewell-present-gold-slammed-sp-over-1500-on-best-january-in-stocks-since-1994\/","title":{"rendered":"Geithner’s Farewell Present: Gold Slammed, S&P Over 1,500 On Best January In Stocks Since 1994"},"content":{"rendered":"
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A close above 1500, and the last time the S&P 500 managed 8 close-to-close gains in a row was November 2004 (with the 9th higher close marking the end of the run that time). The rise of the Dow Industrials is the best January since 1994 – which saw a rather painful 10% decline in Febuary<\/strong>. Today saw bonds monkey-hammered to catch up (yields) to equity’s strength on the week. FX markets saw more JPY weakness (-1% on the week) as EUR strength from this morning’s LTRO news followed on – dragging the USD down 0.3% on the week. Commodities were mixed with Oil unch on the week, Copper down (but global growth?), and Gold and Silver slammed<\/strong> on what looks like AAPL collateral calls. AAPL spent the day wiggling up to VWAP and getting dumped to new 52-week lows unable to get any bid and once again we saw VIX totally ignoring the equity exuberance<\/strong>. Builders outperformed (+3.2%), Tech underperformed (-0.4%), as trade-size and volume were relatively low. The close with AAPL smashing lower on huge volume and ES ripping to new highs confirms the pairs-trade unwind we have been banging on about.<\/em><\/p>\n

Best January for the Dow in 19 years…but the follow-through was not so fun…<\/p>\n

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Leaving US equities the winner across broad asset-classes from the 12\/28 pre-fiscal-cliff decision… USD and Gold practically unch and Silver just losing its winning spot…<\/p>\n

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AAPL was smashed into the close…<\/p>\n

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AAPL’s last three minutes saw 2.2mm shares (and 133k contracts in ES) as the bulk of the trade was done at $439.90…<\/p>\n

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S&P 500 futures waivered around VWAP once again – as once again we see the trend from the US open to European close revert as POMO finished… and the late-day smash higher in ES is simply the antithesis of the AAPL sell-off as the dominance of the long-AAPL, short-ES pair is unwound en masse…<\/strong><\/p>\n

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Perhaps a little clearer here…<\/p>\n

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VIX remains notably disconnected<\/strong> from stocks since before the AAPL earnings news…<\/p>\n

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Today’s move in Treasuries was a total collapse catch-up (in yields) to equity strength<\/strong> on the week…<\/p>\n

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The JPY has lost 3.4% in 2 days against the USD – quite an impressive swing relatively. EUR rallied on bigger LTRO repayment this morning which given its weight dragged the USD lower and provided some early juice for risk assets…<\/p>\n

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Even though the USD only lost 0.3% on the week, Copper doubled that loss (as opposed to relatively strengthening) and Gold and Silver were slammed…<\/strong><\/p>\n

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As a reminder – things are diverging!!!! US Macro just turned negative – its worst level in five months…<\/strong><\/p>\n

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Charts: Bloomberg and Capital Context<\/a><\/em><\/a><\/p>\n