Another day, another Hindenburg Omen sighting as Fed speeches did little to provide moar exuberance as better-than-expected data keeps hinting at an early Taper and removal of the punchbowl. Stocks have seen two days in a row of ‘redness’ with a mind-numbing loss of around 0.7% for the S&P 500 (and more for the Trannies) that sparked a litany of ‘off-the-lows’ and ‘moral victory for the bulls’ comments as volume remained lack-luster at best (all compressed into the sell-off phase into the European close). The Taper picture remains a little unclear across asset-classes though; as gold, silver, and oil dropped (Taper on), Bonds unch (Taper hhmm), stocks down led by builders (Taper on), USD weakness (Taper not on) but JPY strength was the driver (carry unwind on Taper on). VIX pressed up towards 13% (its biggest rise in 7 weeks) and credit is underperforming.
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