Overnight exuberance on China PMI (which was entirely opposite China's Beige Book results) sent stocks to record-er highs but Europe's dismal PMIs corrected that into the US open. Better-than-expected US data (which under the surface looked anything but) did absolutely nothing to spur exuberance in stocks and aside from a little weakness early, it appeared stocks and bonds forgot the weekend was over as they traded in extremely narrow ranges all day. Trannies were weak (biggest drop in 10 days). The USD ended down 0.15% (with modest JPY strength and AUD gains). Treasury yields closed +1-2bps (in a 3bps range). VIX rose for the 2nd day (back to 11). Gold and silver flatlined as copper popped and oil slipped. Of course, why waste a perfectly good Tuesday by closing green today...

Stocks were dead... (aside from Trannies which dropped the most in 10 days). From the moment Europe closed (and POMO ended) - stocks went nowhere...

With AUDJPY in charge...

Bonds were dead...

FX was quiet with overnight AUD strength post China PMI the big news...

Precious metals were dead (but oil slipped despite bnews of the Baiji refinery being overrun and copper popped on China PMI)...

VIX did decouple a little... but they tried to slam it to ramp stocks into the close once again!!

Charts: Bloomberg

Bonus Chart: Nasdaq Double-Top - Or different this time?