With the FOMC meeting now ancient history and the UK surviving potential dismemberment, the focus today was on Alibaba (BABA) and Quadruple Witching volatility. BABA rose 38.07% in its first day of trading, and the expirations trading volume was huge (the fourth largest of 2014). But market volatility was mild. The S&P 500 had an intraday range of 0.63% from its post-open high to its early afternoon trough, which is at the 41st percentile of the 181 trading days of 2014. The index closed with a fractional loss of 0.05%, but it was up 1.25% for the week.
The yield on the 10-year Note closed at 2.59%, down 4 bp from yesterday's close. It is down 3 bps for the week.
Here is a 15 minute chart of the week.
And here is a weekly chart, the fourth with the benchmark 2000 level in play.
For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.
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