S&P 500 futures saw the lowest non-holiday trading day volume of the year and the lowest average trade size of the year also but capped a four-day win streak (biggest in four months) with small gain. The overnight plunge in futures (on EUR weakness following the Greek #Fail) was entirely retraced – slowly but surely but once Europe closed, the US was dead. Treasury weakness and EUR strength (JPY weakness) were the correlated drivers of equity exuberance today, oil flip-flopped in its non-believing ‘cease-fire’ way (recoupling with gold on the week); Silver surged; and credit tended to track stocks but HY modestly outperformed (though HYG closed red). VIX traded with a 14 handle briefly but ended +0.3 vols at 15.4%. Stocks (especially the big bellwethers) tracked VWAP all afternoon as all but Johnny-5 had left the building. HP Bonds cracked, AAPL green, SPY green, HYG red, VXX green, volume negligible – that is all.
S&P 500 had its biggest four-day gain in four months
