A very volatile day in stocks ended with a violent high volume dump from post-FOMC highs on heavy MoC selling pressure that left the S&P and Dow with red closes. S&P futures still managed their best month since Oct 2011 – though unable yet again to capture the 1,700 flag. The size and scale of the ‘rotation’ into the close (and strength in bonds) leaves us wondering who is buying and who is selling. For some context, post-FOMC, S&P -4pts, 10Y -8bps, Gold +$10, USD -0.15%; so it seems bonds benefited the most and stocks seem to be crying out for moar. The Dow has now closed red for 3 days-in-a-row – the worst streak in seven weeks.
S&P 500 futures had their best month in 21 months…
but the Dow has closed red three days in a row now… the worst streak in 7 weeks…
