Fra Zerohedge:
This is the first 3 consecutive 1% gains for S&P since Oct 2011 – most notably S&P remains well below its 50dma…
The Dow is up 1000 Points from Thursday’s lows…
This is the biggest 3-day short-squeeze since Dec 2008…
While yesterday was the biggest cover day since Oct 2014 (according to Morgan Stanley), today’s squeeze was even bigger…with “most shorted” up almost 5% (all squeezed before EU closed)..
As it appears equity market-neutral funds were liqudiating en masse…
Before The FOMC Minutes hit the tape, today’s (post-midnight) rally was the biggest since at least 2012…
Quite a move in the last 3 days…
And today soared… with Nasdaq leading the way…
Financials and Energy are leading the charge off the lows…
VIX is starting to decouple from equity exuberance…
Stocks stuck to crude today but decoupled from JPY carry….
Credit markets did not seem to be so excited…
Treasury Yields soared today until Europe closed, then leaked lower…
The Dollar Index ended the day unch but strength in commodity currencies (and JPY) weighed down early gains… the Buy USD in Europe, Sell ’em in New York regime continues…
USDJPY leaked after Abe headlines of no more stimulus…
Commodities drifted higher today with crude and copper leading PMs…
But crude was the crazy one today – rallying notably on complete confusion about Iran’s pumping (as WTI’s OPEX dominated action, pinning its between $30 and $31)…
Charts: Nanex and Bloomberg
