Just imagine how strong the rally would have been if US GDP had contracted by 5%? The early weakness in US equities was instantly dismissed the moment US stock markets opened for trading to the general algo public (and POMO began to be disseminated). The S&P retraced a perfect Fib 61.8% of its losses of yesterday's highs and absolutely decoupled from the reality of FX (USDJPY for example) and bond (Treasury) markets suggesting today's low-volume levitation (after big volume pre-open plunge) is nothing but a dead cat bounce. Of course, the ammo for the magical ramp was a short-squeeze and a "VIX-Smash" but even that could not keep pace with the idiocy in stocks. Gold, silver, copper, and oil all rose along with stocks. Late-day VIX-slam lifted the S&P to unch on the week (same as "most shorted" stocks) but was unable to extend.

This is the worst non-recessionary quarter of growth in 60 years!!!(oh and May Durable Goods tumbled!!!)

So BFTATH you idiot!!

Who could have seen this coming at 845ET?

Supported by VIX (but even stocks got ahead of that)...

And yet another short squeeze... (clearkly 'smart' money was lining up shorts into today's ugliness expecting a major miss  - and had their nuts squeezed all day long...) Don't think; Buy!

Dead-Cat Bounce?

Reality check?

Commodities all rose notably along with stocks (after oil and copper tumbled on the GDP print)...

and across the asset classes today...

Charts: Bloomberg