Summarizing Today’s Epic Moves

13th ‘up’ day of last 15 for the S&P… Quite a day (considering Bernanke said they “were avoiding sharp shocks”):

• Gold’s best day since January 2009
• 5Y Treasury’s biggest yield drop since March 2009
• USD’s 3rd worst day in a year
• Homebuilders biggest rise since June 2012
• New all-time highs for Dow and S&P

Two things of note aside from this chaos – shorts were being pressed into the meeting (and were smashed higher on the news); and VIX, which had been bid going in, is diverging after the press conference from equity exuberance.

Things stabilized a little when Ben stopped speaking… apart from in gold which surge to its highs…

Homebuilders won…

but the broad indices were pretty much all in line systemically…

Gold’s biggest day since Jan 09…

and Yields collapsed…

Shorts were hammered going in to the statement but by the close were in line so the squeeze was painful but not terrible…

and we note that VIX was well bid into the close… (apart form that spike lower right at the close)

The last hour of the day saw some give-back (in all but gold)…

Charts: Bloomberg

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