Cliff-Off; Volcker-Off; Hilsenrath-On; Equities-On But Risk-Unch
November 28, 2012 - 4:19pm
Equity indices bounced off re-coupled gold performance after Boehner's 'nothing' led into European close pump which was supported by Obama's 'nothing' then pumped for one last stop-run over recent highs thanks to another 'nothing' from WSJ's Hilsenrath. Remarkable! A 2% rise off the day's lows moved us well above the recent Reid-top. Risk assets in general were far less exuberant as stocks really stepped up the decoupling after around 1300ET. AAPL ended red, bumped up against its closing VWAP and sold off every time; VIX traded from 17% highs to 15.5% at the close; and HYG plunged into the close to end the day unchanged (on huge volume). Today appeared very much a catch-up day for stocks to a number of asset-classes that were not sold hard yesterday - the recoupling is complete now. S&P 500 futures hovered at the highs and volume was heavy with no movement - smell...
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