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Evacuate The Dancefloor: Coordinated Dump In Stocks, Bonds, Commodities And Crude
Equities slipped to their lowest close since Draghi's 'I-have-a-dream' speech and 4th red day out of the last 5. Things were choppy in a tight range before the FOMC and immediately after (aside from a little noise) but as the close approached S&P futures tested yesterday's lows, APPL slipped from its VWAP moorings (but ended green) and even FB eased lower (10% off its pre-open highs). The last hour saw selling pretty much everywhere as Treasury yields popped 2-3bps (even as stocks fell), Gold slid, Oil Slid more and the USD sold off into the close. Given the 'distance' between bonds and stocks, this compression might make some sense (thanks to a lack of anything new from Bernanke to keep the wolves from the depression door). Credit markets tracked stocks - though HYG tried to outperform, only to fade Baumgartner-like into the close. Stocks caught down to VIX's weakness from yesterday and then VIX decided to outperform flat into the close as stocks ended just 'off the lows' as CNBC would say. Only Citi remains green from post-QEtc. among the financials with Buffett's fave WFC -7.9% since 9/14.
Seemed like a broad-based sell-off in all USD-related 'thing's as Treasuries, Commodities, Gold, and Stocks all saw pressure this afternoon... Note the late-day surge was an effort to get back to VWAP at 1408.5 - which failed interestingly...
Only Citi remains green from the post-QEtc highs of 9/14...
Credit was slightly less sanguine after the day session close as stocks limped higher but the plunge in HYG after trying to levitate stocks post-FOMC was on heavy volume...
In general, stocks underperformed risk assets once again - and as the day wore on systemic correlation fell notably (especially as TSY weakness into close did not 'fit' with equity weakness in an algo-driven world)...
Charts: Bloomberg and Capital Context
Bonus Chart: Still plenty of room left for the TSY-Stock convergence... which might help explain the TSY weakness with stock weakness today
and the HYG strength with stock weakness earlier on...
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Lol.. so true.
http://youtu.be/nouuI63FSLQ
Half lifes a bitch(ez)
"Half lifes a bitch(ez)"
Half life displayed in chartporn bitch(ez).
Fixed
We live in an age when we no longer have to worry if investors simultaneously panic....we have to worry about whether trading algorithms have reached their parameters to simultaneously sell. People have little to do with it.
http://thespiritoftruth.blogspot.com/2010/10/wall-street-is-googled.html
I guess word is spreading quickly that the Bernake doesn't want a second term as FED chairman. Uncertainty isn't the markets friend.
http://schiffblog.blogspot.ca/
It's already his second term, he doesn't want a third.
'It's already his second term, he doesn't want a third.'
Wait, I thought this country's dictators had a 2 term limit? Or is he just getting out of dodge so the next fall guy can hold the bag?
"Watch me getting physical". She sure is stacking up.
Leeroy Jenkins
Oh shit he just ran in.
Lowrate Junkies.
If you don't know where the exit is you are in deep...
Coordinating dumps, bitchez?
Brother can you spare a fifty?
LOL, "Hey bro, can I just get a hunge to get a pair of new Nike kicks?"
Many bulls are ready to throw in the towel. 1400 seems to be the magic number below which they will not go. Admittedly, it must be nervewrecking to watch the performance of a long-only portfolio over the last four days.
Yes, almost as painful as it's been watching the performance of a reality-only portfolio over the past four years.
Really enjoy these market wraps. Here we at least get a trueperspective of what transpired during the day. Kudos to Zero Hedge.
Evidently, George Bush was right. This sucker is going down.
Bush is the only one that knows the facts because, as we are repeatedly told by our leaders....
It's ALL Bush...
Shorts have left the building, nobody is down there to cover.
Good luck to all the long bitchez if this selloff continues under SP 1375 this week!
The Fed will be FORCED to start buying futures, stocks, ETF's, and derivatives again in their "off balance sheet market operations department" ... closing in on $30 Trillion that account must be, it is!
$32T to TBTF Plus the market ops.
Whats $60T between friends.
Never mid its only fiat, I'd be worried if we were talking money .
Well dump all that crap and go long POPCORN!! You gonna need it !
http://www.washingtonpost.com/blogs/virginia-politics/post/romney-campai...
Romney campaign sign set ablaze in Loudoun
http://myfox8.com/2012/10/23/guilford-county-voters-say-they-voted-for-t...
Guilford Co. voters say ballot cast for Romney came up Obama on machine
http://www.dailymail.co.uk/news/article-2221749/State-senators-son-badly...
State senator's son badly beaten tackling men removing Romney sign from outside his home
yep, the Obamazombies are warming up.
Time to load more magazines.
Ya think team RobMe has a rogue in their midst?
http://www.salon.com/topic/hart_intercivic/
Whats wrong, markets? Ya got all the free money in the world like never before why the long boo-hoo face?
I guess its because the realization is setting in that the Bernank cant ever announce QEternity ever again.
Ok, all this was descriptive. Who can explain?? Treasuries? really? With gold, Euro falling?
"Evacuate The Dancefloor"
Hope that helps.
Bernanke is the worst dancer
music classic from the good old days:
http://www.youtube.com/watch?v=TDwutKpVyas
How it looked over here, forex, crude, gold, 10 year, s&p:
http://blog.quantsig.net/2012/10/24/summary-today/
HUI closes right at the ultra critical 480 support level, tomorrow is judgement day for pm miners.
So the end result is the FED buys everything to keep the market afloat?
Ath this rate the fed may end itself when that shit becomes worthless.
Double G, the "shit" is already worthless. They know it, we know it, and worse still they know we know it and they couldn't care less. Kind of like the highly rated bonds that stand behind all the derivatives. Fantasy, backed by illusion, rated by blind men with earplugs in.
Yes, they cast aside the mask and reveal that we really work for Them.
The end result is that the economy turns from Free Market Capitalism to State Capitalism. The State becomes the sole capitalist and we all become serfs in the 2012 fifedom.
DXY and S&P convergence.
tasty.
As the trend is a Rombo win, some money is scared he is going to neuter the FED which would mean the end of the pump so they are selling now. I don't think Rombo will cut the FED right away.
Yep cut that fed, raise those rates. Even better just hint at it. Watch what happens.
"some money is scared he is going to neuter the FED"
That must be the dumb money.
romney is as likely to turn off the banksters infinite credit line as I am likely to vote. this is not only funny, it's plainlyinsane.
'I don't think Rombo will cut the FED right away.'
HA! He won't cut anything. He just won't spend as much. Bernanke will just shuffle off from the Fed over to Goldman, or some other bank while Mittens replaces him with another money printer. Make no mistake, Mitt will keep up with deficit spending. He has no choice.
The faces on deck may change as the sailors run to and fro, but the ship will still sink.
Goldman is taking the markets down a few floors to make sure those swing voters vote their portfolios. Nothing like some red ink to get their attention - well maybe some cheap porn, but that won't get BO to Hawaii by Feb.
The Second American Revolution, unfolding now in a gerrymandered voting district near you!
Where's the AAPL bonus chart?