Russell 2000

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Tumbling Tuesday: Stocks Slide As "Fundamental" Pattern Buying Fails To Materialize





But "they" said it was all ok yesterday? That is was all "priced in"... and it's a Tuesday!!!! US equity markets - most notably the Russell 2000 and Nasdaq - are back at yesterday's lows. We did see the ubiquitous JPY ramp, stock pump around POMO but it would appear we have reached Peak Tuesday Effect as every self-fulfilling prophecy inevitably comes to an end (though there is will a couple of hours left to save "investors")... Treasury yields are notably lower (unch on the week) with gold and silver modestly higher (up small on the week). Credit markets warning signal from yesterday seems to have bee spot on ...oh and TWTR's lock-up was "NOT" priced in... 1114 is the most important number of the day (the 200DMA for the Russell 2000)

 
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Stocks Avoid Sinko De Mayo With Ye Olde JPY Dump-And-Pump





Thanks to the miracle of VIX slamming, USDJPY-stop-running, CBOE breaking, US equity market opening, "we're not worried about no stinking Ukraine civil war or Chinese economic collapse", low volume levitation, stocks knee-jerked off early dumping lows to recover comfortably into the green today. Not everything was exuberant though (as Trannies and the Russell 2000 ended red - bouncing once again off its 200DMA). Gold gained almost 1% today (back over $1310) for its best 2-days since January. The USD closed unch (with notable weakness in SEK). USDJPY ranged down below 102 and rammed stops to lead the charge higher in stocks (even with Japan closed for 2 days). Stocks tracked JPY but benefitted from a dead-cat-bounce in Treasury yields. VIX closed higher on the day (unable to regain the late-slam from Friday). AAPL regains $600 and Biotechs bounced 4.5% - so everything's fixed.

 
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"Watch The Russell" & Don't Fade The Bond Rally, BofA Warns





After 3 months of range trading, Treeasury yields have resumed their year-to-date downtrend. The Friday Bearish Outside Bar (a bearish chart pattern indicating further downside) and closing break of the 2.591% range lows says lower 10yr yields are coming (targeting 2.40%)for 10Y Simply put, BofA's Macneil Curry warns - Don't Fade This Breakdown... Watch US equities.

 
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Bonds & Gold Rip, But Stocks Dip Despite Furious Late-Day VIX-Slip





Stocks just could not figure it out - good jobs data, bad jobs data, WWWIII? But Treasuries and gold did. 30Y yields tumbled to fresh 11 month lows (lot of desk chatter of GPIF buy orders ahead of their holiday), 10Y to 2014 lows, but the short-end sold off as 5s30s flattened to 5 year lows (under 170bps). Despite some smackdowns this week, precious metals bounced back notably today with gold's best day in a month, back over $1300 and unch on the week. Despite yields tumbling, Utility stocks were the week's losers (-1.2%) while homebuilders were best (oh yeah because lower mortgage rates is all that is holding back pent-up demand for homes!!). On the week, Trannies outperformed but Russell 2000 was worst of the major indices (the opposite of today's action). The USD pumped and dumped around the jobs data, but ended the day unch (down 0.25% on the week). Credit markets closed at their wides of the day, notably divergent from stocks on the week. A massive VIX-selling effort began late in the day (because with 38 dead in Odessa who would need to hedge?) - but stocks ignored it.

 

 
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Treasury Yields Tumble To 11-Month Lows; Stocks Hold Near Record Highs





It was not a Tuesday, and it was not a Fed day - so stocks closed red. Volume was dismal. The Russell 2000 tested its 200DMA once again (and bounced) but was unable to sustain that strength. Once again the biggest news was the continued collapse in Treasury yields as a combination of massive spec positioning short "because rates have to go up" and the ugly reality of macro weakness combined to send rates to 2014 lows (and 11-month lows for 30Y yields). This is the biggest year-to-date drop in 30Y yields since 2000. The Dow's weakness meant it lost its gains for 2014. Despite ongoing USD weakness (driven by GBP and EUR strength), commodities traded lower with silver worst today (red for 2014), copper weak, and gold and oil flat to modestly lower. VIX was pummeled down to almost 13 midday (which makes perfect sense ahead of NFP - why would anyone hedge that?) but leaked higher as bond market reality set in during the afternoon. The ubiquitous very-late-day VIX slam pulled stocks higher in a buying panic but failed to get the S&P, Dow, or Russell green on the day.

 
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Dow Jones Closes At Record High As Economy Grinds To A Halt





The Russell 2000 tumbled to its worst month since May 2012. 30 Year bond yield had the 2nd best month in a year (with the entire bond complex lower and curve flatter for 5th month in a row). Gold rallied for the month as high-yield credit spreads widened for the 2nd month in a row. US economic growth collapsed. But what really matters... what is key for the headline-makers, story-tellers, and asset-gatherers... is that the Dow Jones Industrial touched new record highs. On the day, early equity weakness gave way to exuberant buying as the Fed admitted its forecast for Q1 was shit but everything it says about the future is spot on - stocks urged, the Dow hit new all-time-highs (and green for the year) but once that level was hit, stocks began to fade but were rescued by the always-happy-to-help 330 Ramp which closed us at record highs and green year-to-date. By the close, the day saw Stocks Up, Bonds Up, Gold Unch, USD Down

 

 
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Dow Closes Green For 7th Tuesday In A Row





Despite the Dow's price-weighted index of just 30 stocks pushing comfortably into the green for the 7th Tuesday in a row (on dismal volume), things were not as exuberant anywhere else in stock-land. Amid a very narrow range day, completely divergent from the rest of the risk-asset complex, sustained only by the life-giving blood of Fed-sponsored VIX-selling into the FOMC event risk, performance today was internally weak with Russell 2000 closing red for the week (as the S&P and Dow managed to regain green for April but the Dow still could not make it green for 2014). Away from stocks, Credit markets were weak, Treasuries rallied (with yields lcosing 1-2bps lower on the day despite equity strength), Gold closed marginally higher and oil up 0.5% on the week. The USD closed up for the day but unch on the week as JPY strength dislocated from stocks.

 
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Selling Scramble Becomes Buying Panic But The S&P/Dow Fail To Hold April Gains





Owners of high-growth, high-beta stocks could not find a buyer for any of their crap today some mid-afternoon shenanigans between AUDJPY, VIX, and more utterly useless Russian headlines meant those same owners of high-growth, high-beta stocks were beating buyers away with a shitty stick. Pandora is a great example of the chaos (today's swings down 2%, up 4%, down 11%, then up 6%) as today's action in the so-called "market" was anything but human. The buying panic lifted the S&P, Dow, and Trannies briefly into the green for April but very late-day weakness left only the Trannies green for April.  We just hope the desperate BTFWWIII'ers didn't use up all their BTFTuesday ammo...

 
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Russell 2000 Loses Critical Support As MoMo Massacre Accelerates





Momentum, or high-growth hope, stocks are making fresh lows of the February Tarullo Top as this morning's mysterious buying panic sparked by housing data has relapsed into aggressive selling pressure. The Russell 2000 has broken below its 200DMA once again - a critical support level - and Nasdaq and Trannies ar emaking new lows from Friday. Momentum, or high-growth hope, stocks are making fresh lows of the February Tarullo Top as this morning's mysterious buying panic sparked by housing data has relapsed into aggressive selling pressure. The Pharma frenzy is fading fast also. The Russell 2000 has broken below its 200DMA once again - a critical support level - and Nasdaq and Trannies are making new lows from Friday. All US equity indices are now in the red for April.

 
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Stocks Slammed Lower For The Week (Or Why Can't It Be Tuesday Every Day?)





After a few days of exuberant dead-cat-bounce, that credit and treasury markets largely chose to ignore, Russian headlines sent USDJPY (and therefore US equities) dumping hard into the red for the week (and the month). Tuesday was the week's big short-squeeze winning day (as one would expect) and then it was all downhill. Away from stocks, the USD ended the week modestly lower (-0.15%); treasury yields were mixed with some more notable flattening (5Y ~unch, 30Y -8bps); and commodities were very volatile. Copper had its 2nd best week in 7 months, oil its 2nd worst week of the year as gold and silver beat stocks and the latter remains the year's winner. A late-day buying panic (because why wouldn't you ahead of potential WWIII!) was led by a VIX ramming which managed to get the S&P briefly green for the week but it faded quickly into the close.

 
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A Summary Of What Hedge Funds Are Buying And Selling





Large speculators reduced ther S&P 500 positioning to net short this week and their NASDAQ longs to a one-year low as BofAML reports on CFTC data. Macros funds decreased their long exposure to S&P500 and NASDAQ to now hold short exposure. They also decreased their long exposure to US Dollar (raising their AUD longs to a record high) and maintained their long exposure to 10-year Treasuries. They decreased their long exposure to commodities and increased their long exposure to EM. Across all asset classes, positioning is at extremes.

 
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"Fed Policies Have Made The Rich Much Richer", Fed President Admits





Despite Janet Yellen's meet-and-greet with the unemployed and criminal classes, the absence of Ben Bernanke has seemingly empowered several Fed heads to be just a little too frank and honest about their views. The uncomfortable truthsayer this time is none other than Dallas Fed's Fisher:

*FISHER SAYS FED POLICIES HAVE MADE THE RICH 'MUCH RICHER' (but...)
*FISHER: UNCLEAR IF FED POLICIES WILL BENEFIT THE MIDDLE-CLASS

We wonder how President Obama, that crusader for fairness, equality and all time Russell 2000 highs, will feel about that? In the meantime, just like the Herp, QE is the gift that keeps on giving.. and giving... and giving... to the 0.001%.

 
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Over 40% Of The S&P 500 Is In Correction Mode





The S&P 500 is down around 4% from its highs (outperforming the high-beta hangovers of Nasdaq and Russell 2000 that were down almost 10% from their highs at today's lows). But under the surface, the S&P is ugly with the 500 index members down 10.5% on average. 213 members of the S&P 500 are down over 10% (in correction mode). Only 72 member of the 500-stock index are 'beating' the index... this is not just a small-cap growth-hype selloff... it's spreading...

 
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Ukraine Reality Ignored As Stocks Close At Highs On Hopes of More Japan Easing





Another day, another epic ramp. Any "investor" watching the last two days of totally manic market behavior must be open-mouthed at the total lack of fundamental sanity behind any of the moves. Even the mainstream media is stunned by the moves embarrased into mere commentary and afraid to opine on any reason. The reason for today's rip - an economic assessment downgrade for Japan which smahed USDJPY higher and through magic of carry, lifted US equities. There was no let-up in Ukraine, no data to confirm growth hype, no US news... but the Russell and Nasdaq managed a 2.5% bounce in a stright line after the Japan headline. Away from the idiocy in stocks, precious metals were rammed lower early on but leaked back higher all day. The USD pushed higher but FX was relatively quiet aside from the idiotic moves in JPY. Treasuries rallied at the long-end on the day (despite the surge in stocks). "unrigged"

 
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"Growth" Stocks Tumble To 7-Month Lows To "Value" As Bond Yields Collapse





It is perhaps worth reflecting on the smorgasbord of free advice given out by the talking-heads after last night's closing ramp proclaiming the dip to be bought and that everything was fixed once again. It was not. Stocks are making fresh cycle lows and the Nasdaq and Russell 2000 are both now below the 200-day moving-average and appraoching the 10% (correction) from their highs. 10Y is back under 2.6% and the 30Y yield is back at 10-month lows... which perhaps explains why "growth" stocks are back at 7-month lows versus "value" stocks...

 
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