Despite AAPLooza, Stocks Rally For 7th Day In A Row

Despite AAPLooza, Stocks Rally For 7th Day In A Row

AAPL’s demise was shrugged off by a broader market as VIX was slammed lower once again to 14.00% stirring the S&P to its 7th green day in a row and best run in 2 months. The Dow outperformed on the day (absent the AAPL drag) but stocks tyraded amid very low volumes once again and weakened into the close. Treasuries were well bid (along with stocks) as a very healthy 10Y auction and some negative chatter over Syria saw a modest safety bid. The USD was monkey-hammered against all the majors – EUR most notably but JPY strength was entirely ignored by stocks (as we point out once again – it was VIX that drove us). So bonds bid, stocks bid, USD offered, oil and gold modestly bid, and VIX offered – smells a lot like a market that is absolutely not pricing in a Taper.

7 days in a row and counting…

but the NASDARK got the sniffles today thanks to AAPL (though tried its best to get green into the close)…

So Bonds bid, USD offered, stocks bid…

and gold and oil also bid…

USDJPY broke back below 100.00

and the ammo for the ramp is clear – unwind of war-hedges…

Though the shorts keep getting squeezed…

Charts: Bloomberg

Bonus Chart: The correlation remains…

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