{"id":27417,"date":"2013-02-11T22:23:20","date_gmt":"2013-02-11T21:23:20","guid":{"rendered":"http:\/\/feedproxy.google.com\/~r\/zerohedge\/feed\/~3\/I04_oeypT4w\/story01.htm"},"modified":"2013-02-11T22:23:20","modified_gmt":"2013-02-11T21:23:20","slug":"lowest-volume-and-range-day-in-months-as-stocks-shrug-despite-jpy-dump-and-oil-pump","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/breaking-news\/lowest-volume-and-range-day-in-months-as-stocks-shrug-despite-jpy-dump-and-oil-pump\/","title":{"rendered":"Lowest Volume And Range Day In Months As Stocks Shrug Despite JPY Dump And Oil Pump"},"content":{"rendered":"
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Today was simply dreadful. S&P 500 futures saw their narrowest day-session range in six months and lowest day-session volume of the year.<\/strong> No matter what was tried today – vol compression, EURJPY (carry) ramps, Oil stop-run – equities did not respond with any algo-driven exuberance. Stocks ended the day practically unchanged even as AAPL did its best to hold them up – filling its post-earnings gap and fading. Five things dominated the day<\/strong>: Gold and Silver were slammed lower early on; ECB’s Weidmann slammed EUR higher early on; Oil prices surged above $97 (WTI); and then France’s Moscivici spoke and retraced all the EUR’s gains; and then a 3pmET rampathon in JPY.<\/em> For the bulls, this is healthy stabilization; For the bears, this is a day where normal risk drivers had no impact and stocks never followed through on new highs. Credit remains pensive<\/strong> as renewed rises in oil prices will crimp margins (and the consumer’s pocket) but none of that matters as JPY crosses remain in play.<\/p>\n

Today’s day-session range (middle pane) was the lowest in six months… Today’s day-session volume (lower pane) was the lowest of the year…<\/p>\n

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But what was different today – aside from the total lack of participation – was the fact that risk-assets (as proxied by Capital Context’s CONTEXT model<\/a><\/strong>) were not tracked higher by stocks… this is something we have not seen for weeks. Typically since this rally began, we have seen any risk-asset fade bought up to equities; today something shifted…<\/p>\n

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It appears the final result today is Germany 1 : 1 France as Weidmann’s impact was negated by Moscovicis’s response… but what is very evident is the 3pmET inverse rampathon on JPY as it dumped…(and no response from stocks)…<\/p>\n

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It remains unclear what the catalyst for precious metals to plunge about 830ET – though Gold clung to $1650 by the close. WTI surged over $97 by the close – but stocks did not ghet excited as they normally do…<\/p>\n

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And all of this happens to have started on November 14th – when Noda dissolved Japan’s parliament…<\/p>\n

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Lots of noise today – but stocks and bonds tended to stay close together (in a narrow range) with Oil surging and Gold down and the USD unamused…<\/p>\n

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Very odd day – stocks (for once) really not playing along… even as VIX closed below 13%.<\/p>\n

Today had the sense of some epic towels being thrown in – between the precious metals dump pre-market, Oil surge, and then late-day JPY implosion – these are not natural moves!!<\/strong><\/p>\n

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

Bonus Chart: AAPL filled its gap from earnings<\/strong> but saw a very large average trade size (and low volume) – this suggest strongly to us that this was bigger blocks exiting as opposed to reloading longs…<\/em><\/p>\n

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