January 18, 2013 - 4:17pm
The USD ends the week up over 0.6%, Treasury yields down 2-4bps, Silver up 4.6%, Oil 2%, and Gold 1.4%; but it is VIX that rules the waves of unreality this week as it collapsed from this morning's unchanged on the week, played catch down to stocks (from yesterday) and then led stocks on a vol steepening/compression extravaganza down to 12.31% - its lowest since June 2007 as the 'contingent' extension of the debt-limit appeared the initial trigger and nothing at all the secondary trigger. AAPL wavered below and tested up to $500 (amid very large average trade size) but was the distinct loser once again with size sellers as S&P 500 futures surged (yet agin inferring the unwind of the long-AAPL, short-ES trade continues). Once the fire was lit, there was no stopping the stop-chasing momo run in stocks as ES chased all the way up above the week's highs. VXX was crushed (as the curve als...
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