Stocks Green Despite Big Blue; Greenback & Black Gold Red

By Tyler Durden of Zero Hedge

Monday, October 20, 2014 5:38 PM EDT

If only stock indices only included stocks that were green... IBM's 80-point weight on the Dow disappointed some but that was no problem for the index-pushers who needed the S&P 500 to tap its 200DMA. The only thing that mattered to stocks today was EURJPY... and that managed to get the S&P 500 'almost' to its 200DMA (but noit quite) and ensure a green close for the Dow.

The USDollar slipped lower all day (-0.4%) led by EUR and GBP strength. Gold ($1245) and silver gained on the day but even with a weak USD, oil and copper dropped (with oil very volatile).

US Treasury yields drifted lower by 1-2bps (thin trading) decoupling from the post-European close exuberance in stocks. HY credit decoupled from stocks initially (post-Europe) but as stocks ramped so did spreads and VIX continues to run ahead of stocks (under 19 today) as it appears hedges are being lifted. Of course, AAPL was a big help, up over 2% pushing back towards its magical $100 ahead of this evening's results. S&P futures volume was dismally low.

First - spot the rally days in the S&P 500 (based on the lower pane only)...