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The QEternity 6 Week Scorecard: C Minus

Tyler Durden's picture




 

Equities ended the day modestly green - with S&P futures pushing to VWAP to close the day-session right at Draghi's Dike. Once again we saw early strength fade in US stocks followed by a low volume push up to VWAP which then menadered into the close. This leaves US equities rather notably weak after QEternity and VWAP-fading weakness suggesting the over-crowded net-longs that we recently noted looking for the exits in a STFR style. Among the major asset classes, only Treasuries are green since 9/13 with the USD also up over 1% (helped by this week's 0.5% gain). Nasdaq and Russell are worst followed by the rest of the broad equity indices clustered around -3.25% but Oil's 13% drop is the most significant (even accounting for the historical precedents). Gold and Silver are topping stocks for the year but gold and stocks have hugged one another up and down since Ben hinted at infinity.

Post-QEternity performance for major US equity indices - look at the cluster of Dow, TRAN, and SPX...

 

and across asset classes - the USD is up 1%, Treasuries just in the money, Oil down hard and Gold just inching out equities...

 

S&P sectors are mixed but the year's big winner (Tech) is now the big loser (down 7%) as Healthcare - which has been highly correlated to Obama's odds of an election win over the last 6 weeks - remains the winner post-QEtc...

 

The S&P is holding at Draghi's Dike here once again...

 

Treasuries continued to leak higher in yield - compressing that spread with stocks.

 

Gold and Silver moved higher on the day...

 

...despite a roller coaster day in the USD - which went higher all afternoon...

 

In general, capital structure ETFs (VXX, SPY, HYG, and SPY) all traded perfectly in sync today (left) and so did CONTEXT (our risk asset proxy) during the day-session... but CONTEXT rallied late last night on Treasury weakness into the European open...

 

Some big moves in stocks today - AAPL was weak -1.6% today, NYT -23%, P -18%, and recent IPOs ugly with WDAY -15% in 2 days, RLGY -10% in last week, and FB -10% from pre-open highs yesterday

Charts: Bloomberg and Capital Context

 

Bonus Chart: New York Times - needs a bailout? Down 23%!!! on huge volume

and Pandora -18%!! all-time lows...

 

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Thu, 10/25/2012 - 16:05 | 2919503 lolmao500
lolmao500's picture

PRINT MOAR!!!!!!!!

Thu, 10/25/2012 - 16:09 | 2919514 oh_bama
oh_bama's picture

TOO BAD! WE NEED BIGGER QE!!

Bernanke should certainly print more, otherwise we would be in deflation!! San Francisco Bay area housing price is only up about 15% this year. TOO WEAK!

 

Thu, 10/25/2012 - 16:26 | 2919582 williambanzai7
williambanzai7's picture

CALLING BEN

Thu, 10/25/2012 - 16:06 | 2919505 The Wizard of Oz
The Wizard of Oz's picture

ALL THE NEWS THAT'S FIT TO PRINT BITCHEZ!!!!

Thu, 10/25/2012 - 16:09 | 2919523 Conman
Conman's picture

OH my god, listen to these morons on CNBC, when asked about AMZN they talk about housing recovering and Q1 2013 GDP growth ? Holy shit. Someone shoot these idiots.

Thu, 10/25/2012 - 16:10 | 2919528 oh_bama
oh_bama's picture

ZH is not even talking about AMZN!! ARE THEY REALLY FOLLOWING NEWS??

Thu, 10/25/2012 - 16:22 | 2919564 Dr. Richard Head
Dr. Richard Head's picture

Those clowns-fucks should just go TMZ financial style and cover the whores and coke these blokes stuff in their face.  Would be much more entertaining and education as well. 

Thu, 10/25/2012 - 16:13 | 2919530 Dr. Engali
Dr. Engali's picture

Amazon just reported a larger than expected loss on smaller revenues than expected. Looks like they deserve that 300 PE

Thu, 10/25/2012 - 16:11 | 2919531 lolmao500
lolmao500's picture

AMZN FINALLY getting what they deserve!

Thu, 10/25/2012 - 16:14 | 2919540 FuzzyDunlop21
FuzzyDunlop21's picture

Dont get too excited yet, still needs to drop a further $190

Thu, 10/25/2012 - 16:12 | 2919534 vix is for kids
vix is for kids's picture

New York Times having financial trouble?  Just get their Nobel Economic Prize-winning columnist in the front office to right the ship.

Thu, 10/25/2012 - 16:14 | 2919538 Rainman
Rainman's picture

New York Times, every liberal's favorite fag rag, got itself Newsweeked...!!  Overvalued Krugman musta been crying in his Cheerios this morning.

Thu, 10/25/2012 - 16:23 | 2919573 Dr. Richard Head
Dr. Richard Head's picture

"Krugman Cries over Cheerios" - now there is an op-ed I'd pay to read.  Quick, someone get on it.

Thu, 10/25/2012 - 16:52 | 2919708 waviator
waviator's picture

This just in: Paul Krugman was spotted at a resturaunt outside of the Eccles Building, crying over Cheerios! It seems that while waiting for his marching orders from the the Goldman/Geithner/Bernanke/XLF coalition, the waiter, who was fully invested in NYT, mistakenly brought him Cheerios, instead of his usual lox bagel. The Fed Chairman kicked and screamed as maturely as he could.

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