With bond traders back in the fray, US equity volumes were...(around 35% below recent averages). Futures drifted lower overnight as Japanese election headlines wer dashed and USDJPY dragged stocks lower... then the US cash session opened and we were off to the levitation races (nope, no other catalyst at all). The Dow and S&P were mucvh less exuberant that Trannies and Small Caps and AAPL dragged Nasdaq higher. Treasury yields dropped earlier but bonds sold off in the US session to end the day unch.

The USD rallied (+0.4% on the week) led by EUR weakness. Commodities were weaker across the board but WTI and Brent were cracked again to new multi-year lows (Brent under $80 - lowest since Sept 2010) as Brent-WTI crossed under $3. For the 2nd day in a row, VIX closed higher in the face of mixed equities. After 14 days in a row, the S&P ramped in the last 30 minutes.. but failed to close positive - Dow, S&P red.

For the first time since the Bullard lows ramp began, the last 30 minutes of the day saw a failed ramp attempt...

Off the Bullard lows... Trannies are up a stunning 18%

On the day, the S&P and Dow closed red!!!

It appears not everyone is so excited about these record highs... as VIX was bid once again as hedgers bought protection

Stocks and HY Credit were largeyly in sync though its clear stocks kept ripping and dipping...

HYG (the High Yield Bond ETF) had a notably weak day (after that late-day melt-up yesterday...

The USD rose today led by EUR weakness..

Treasury yields slid as stocks sold off overnight but rose during the US session to close unchanged...

Commodities were weak across the board but oil hurt most...

As once again oil futures got jiggy between 11-12 (European close) and 2-3 (pit close)

Brent-WTI dropped below $3...

Charts: Bloomberg