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Silver Soars As The Dollar Dumps Most In A Year; Stocks Surrender Payrolls Gains

Following Friday's post-payrolls exuberance, the US Dollar crashed by the most in over a year today and stocks retraced most of their gains with only European data (weak) to base any momentum ignition on. Today's stock weakness turning point coincided with the bankruptcy headlines of GTAT but the divergence to USDJPY and bonds set the scene for stocks' demise. Trannies were today's laggard (after leading Friday) along with small-caps as The Dow clung to 17,000 and S&P closed marginally red. EUR strength led USD weaker and the plunge accelerated into the US close (eradicating all payrolls gains). USD weakness sparked commodity strength as gold (up most in 3 months), copper, and oil all rose and silver surged 3% (most in 4 months). VIX rose 0.8 to 15.3 as stocks closed ugly (not "off the lows" for Trannies and Russell) with a flush in financials.

 

Surprise!! Stocks catch down to bonds and JPY...

 

The mid-afternoon ramp was all about the machines lifting to VWAP for institutional-sellers...

 

Dow clung to 17,000... but lost in the end

 

But on the day, stocks rapidly folded off the highs... coinciding with the GTAT news.

 

Ugly close led by financials...

 

As they retraced most of the post-payrolls gains...

 

The USD retraced all the payrolls gains...

 

and was a one-way street today (lower) - following the best day in 15 months on Friday, today saw the worst drop in a year...

 

USD fell against all the majors... Sell The Rip day in USDs...

 

USD weakness lent support to commodities with silver surging on the day recovering all losses from Friday...

 

Treasury yields have retraced the entire jerk higher from payrolls...

 

When you wake up in the morning and your momo darling AAPL-derivative stock is worthless....

 

Charts: Bloomberg