Scottish “No” Poll Sends Nasdaq Green On Week

Jon Alternative Media, Blogosphere, Economy, Gold, Market Commentary, Precious Metals, Silver

Today’s v-shaped recovery in US equities was brought to you by the number 107 (USDJPY target) and the words “Scottish poll” which showed a majority of “no”s this afternoon. Early weakness in stocks (but not in Treasuries) reversed almost perfectly as Europe closed and JPY started to ramp towards the next logical stop run at 107.00. Nasdaq led the way (as AAPLites swept back in) and pushed into the green for the week (while the rest are still red). Treasury yields rose on the day, led by the long-end (30Y 3bps) stalling some of yesterday’s flattening (5Y 9bps on the week). GBP rallied notably after the “no” poll which kept pressure on the USD (closing practically unch on the day). Gold, silver, and oil slipped lower as US woke up then stabilized. Credit spreads compressed on the day but not as exuberantly as stocks even as VIX dropped back under 13 again. For the 2nd day in a row, the S&P 500 closed below 2,000 – turmoil?

This post was published at Zero Hedge on 09/10/2014.