Not many left in this crap game, Just da algos,,,,,,,,,,,
Submitted by Tyler Durden on 07/02/2012 - 16:27 Copper Implied Correlation New York Stock Exchange SPY
The NYSE volume today was abysmal. According to BBG data, this was the lowest volume day in over a decade and even compared to other July 1st (or holiday weeks) this was the lowest volume print. Average trade size for the S&P 500 e-mini futures was also very small - almost the lowest of the year as low volumes and the narrowest high-to-low range for ES in over two months still managed to hold on to small gains for the day. In the face of this relative exuberance, Treasury yields dumped down 5 to 6 bps across the board remaining the most cognitively dissonant of risk assets on the day. HYG underperformed (as HY and IG credit indices were very quiet and reracked along with ES for most of the day). HYG did end Friday notably rich to intrinsics so this makes some sense but is unusual for a positive close in ES (as we note that 16 of the 24 times in the last year that HYG has closed red and SPY closed green, SPY has gone on to lose more in the next few days). EURUSD lost quite a bit of ground (again seemingly ignored by US equities) as USD rise 0.35% from Friday's close (albeit with AUD rallying modestly along with JPY). Oil retraced almst 50% of its spike gains from Friday but then pushed back up over $83.50 into the close and while Silver and Gold flatlined ending practically unchanged, Copper also lost a little ground (2x beta of USD) on growth slowing from China's data we assume.As with pretty much any rally, financials, energy and tech were the higher-beta winners all gathered perfectly correlated around 0.6% gains on the day (but we note that JPM and Citi remain negative from Friday's opening print). VIX ended the day below 17% (down a measly 0.25 vols) - its lowest close in two months - and while implied correlation managed to make modest gains (to around 65%) risk assets in general were only moderately correlated as equities outshone CONTEXT on the day.
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http://www.zerohedge.com/news/worst-volume-decade-stocks-eke-out-small-gain
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