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Obama's Re-Election Party Cut Short By Biggest Market Plunge In 1 Year

Tyler Durden's picture




 

As the Romney bounce was removed last night, German (and European) growth is lowered, AAPL's dominance is questioned, and the 'fiscal cliff' (oh yeah that) comes into focus, is it any wonder equity markets dumped today. Depending on which index you looked at, equities fell the most in a year (or a month) with the Dow and Nasdaq closing below their 200DMA.

 

The day's plunge was stalled at the European close with S&P futures down 48 points from their overnight highs. Much was made of the 'off the lows' nature of the post-Europe move - but all of that bullshit was dashed as we crumbled (inverse eBay-like) on considerable volume into the close after touching VWAP.

 

leaving S&P 500 futures on edge...

 

Gold and Silver held up well on the day (+3 and 2.5% on the week) - though the latter well off its highs - as oil plunged back catching down to copper on the week.

 

USD strength into the European close dribbled away all afternoon - leaving it +0.25% on the week. Treasury yields leaked back a little wider into the close but remain down 5-8bps on the week.In general risk assets led the way lower overnight and into the US day session; its clear from the chart below that the European close saw a flush of selling relative to risk - which likely spurred the rebound we saw but the close seemed like hedgers fearsome of news (Greece?)

 

 

Our call yesterday that the strength did not feel like risk-on seems prescient now and the plunge into the close today suggests more than a few others used that VWAP ramp (and Boehner's speech) to reduce size more.

VIX closed at 19% - its highest in 3 months...

Charts: Bloomberg and Capital Context

 

Bonus Chart: Everyone's favorite AAPL... Log-scale chart - so a linear-regression means that trend was exponential... Current price action just broke below 200DMA and -2 Sigma trend line... lasttime this happened we fell 43% and 53% in the next 40 days...

 


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Wed, 11/07/2012 - 17:19 | 2958035 12ToothAssassin
12ToothAssassin's picture

Burn Baby!

Wed, 11/07/2012 - 17:22 | 2958058 Buckaroo Banzai
Buckaroo Banzai's picture

Turd, meet Punchbowl!

Wed, 11/07/2012 - 17:28 | 2958094 Kitler
Kitler's picture

Big white porcelain punchbowl.

Wed, 11/07/2012 - 17:34 | 2958117 Michaelwiseguy
Michaelwiseguy's picture

If I don't get a decent liberty candidate from the Republican party in 2016, I'm going to vote for Joe Biden in Revenge again, and make the R's losers again.

I think we should drive over the Fiscal Cliff at ramming speed, and let the Bernank pick up the slack to make peoples debt payments on time.

Wed, 11/07/2012 - 17:49 | 2958207 economics9698
economics9698's picture

For most of you ZH'ers this blog of mine is just stating what has already been said but here are my thoughts on the re-election of Obummer.

 

http://usa-wethepeople.com/2012/11/what-will-happen-with-the-obama-victory/

Wed, 11/07/2012 - 17:53 | 2958223 flacon
flacon's picture

Six Sigma day today. 

Wed, 11/07/2012 - 18:16 | 2958338 Spirit Of Truth
Spirit Of Truth's picture

Rather remarkable that Wall Street is currently suffering the impact of winter storm "Athena" (read: Athens) as this break in mass psychology takes hold:

http://thespiritoftruth.blogspot.com/2012/11/a-break-in-mass-psychology....

Wed, 11/07/2012 - 19:20 | 2958590 ACP
ACP's picture

FUCKING NO CONFIDENCE VOTE IS WHAT IT IS!!!

Wed, 11/07/2012 - 18:08 | 2958289 Michaelwiseguy
Michaelwiseguy's picture

Just think of the poor Liberal Democrat Progressers who are in need of a free mathematics lesson they will never forget.  Have a heart.

Wed, 11/07/2012 - 18:17 | 2958341 ElvisDog
ElvisDog's picture

That blog post is ridiculous, comparing Obama to Lenin. Vladimir Lenin was a genius, a true evil mastermind. Obama is really good at reading speeches off of teleprompters. That skill gives some people the illusion that he is smart, but in my opinion there is not much behind the suit and the voice. Obama isn't even a Bill Clinton, let alone a Vladimir Lenin.

Wed, 11/07/2012 - 18:06 | 2958274 ElvisDog
ElvisDog's picture

I didn't realize your vote would decide the 2016 election, mwg....

Wed, 11/07/2012 - 17:28 | 2958102 stocktivity
stocktivity's picture

Supply the missing word for a hedge fund manager who was out of the office all day and just walked in to see the price of his beloved iApple shares......"OH _______!!!!!!!!!!!

Wed, 11/07/2012 - 17:35 | 2958140 The Gooch
The Gooch's picture

Kevin

Wed, 11/07/2012 - 23:18 | 2958512 Albertarocks
Albertarocks's picture

Edited by author because it was just such a dumb comment.  :-)

Wed, 11/07/2012 - 17:48 | 2958199 stocktivity
stocktivity's picture

I'm just being curious...but now that Obama has been reelected, can he still blame Bush???

Wed, 11/07/2012 - 17:51 | 2958218 akak
akak's picture

"Make no mistake --- we must move forward from the failed policies of the past (unless it suits my political agenda)."

Wed, 11/07/2012 - 18:08 | 2958285 Bay of Pigs
Bay of Pigs's picture

LEAN FORWARD and March...

 

Wed, 11/07/2012 - 17:54 | 2958232 FreedomGuy
FreedomGuy's picture

I just posted a similar comment on Yahoo. Actually, they are blaming Europe and saying it's just a coincidence that Obama was reelected.

I actually believe that Europe watched the USA and when they saw the Commie in Chief reelected they knew there is no way out for them. Traditionally America crashes last and recovers first pulling the world along with us. However, we are going to go the same route as Europe and we won't be pulling their economic butts out of the fire. Wait till it works it's way through the whole economy, especially now that the worst parts of Obamacare begin kicking in.

Wed, 11/07/2012 - 18:14 | 2958331 midtowng
midtowng's picture

If Obama is a commie then the Soviet Union wasn't communist.

Wed, 11/07/2012 - 18:05 | 2958269 Offthebeach
Offthebeach's picture

The local rag( Cape Cod Times) had exit interviews. One Obama voter said because of the mess Reagan and Bush
I don't know if he meant HW,GW or both

However in the guys defense, I hate LBJ, FDR,Nixon, Hoover, Wilson....and so forth

Wed, 11/07/2012 - 19:10 | 2958554 Karlus
Karlus's picture

He wont need to blame Bush now. Maybe blame The House, but with executive orders and Eric Holder, he wont eevn need to bother with a budget or anything....

Wed, 11/07/2012 - 19:18 | 2958584 hairball48
hairball48's picture

Of course he and the Dems can still blame Bush. Since when did the truth matter to those people??? You know, tell the "Big Lie" loud enough and long enough and the sheeples will believe it.

Wed, 11/07/2012 - 17:23 | 2958070 TruthInSunshine
TruthInSunshine's picture

More political Kabuki Theater, just like in 2008.

Oh no!!! The government may not bury the defense contractors and banks in taxpayer fiat!! Oh no, bitchez!! Tanks in the streets & martial law are coming!!

Where's Hank Paulson to amp this shit up & present a blank check for rubber stamping along with a cocktail napkin (outlining the plan) when we need him?

Wed, 11/07/2012 - 18:04 | 2958265 Praetorian Guard
Praetorian Guard's picture

The masses are not awake, they are sleep walking, like the undead... people (masses) will NEVER wake up to reality. The reality they seek is a witch hunt against the "haves", while they have their ears tickled by the PTB that the poor should rise up, not against the power establishment, but the rich, and evil money grubbers who, in normal times would be a measure by which to compare ones self (as in, I can obtain that too, with hardwork and ingenuity)... instead it will turn into redirected aggression against the wrong groups...

Wed, 11/07/2012 - 17:19 | 2958037 no taste
no taste's picture

Party is over for Karl Rove, too.

 

http://dearmreastwood.weebly.com/

Wed, 11/07/2012 - 17:23 | 2958066 Bastiat
Bastiat's picture

That's him in the punchbowl.

Wed, 11/07/2012 - 17:54 | 2958230 no taste
no taste's picture

Dear Clint Eastwood, A letter from an Angry Republican.

 

 

Does Karl Rove call all his funders while he is 

a) drunk

b) hung over

c) sober

d) doesn't matter, they won't take his calls.

 

Wed, 11/07/2012 - 17:36 | 2958152 Rathmullan
Rathmullan's picture

Not that it would, but the BLS could start unwinding some of the "seasonal adjustment" manipulation that it engaged in in getting the obig banks, I mean, obama, re-elected. Kev might be busy again tomorrow.

Wed, 11/07/2012 - 17:19 | 2958039 marathonman
marathonman's picture

The economy held together with bailing wire and bubble gum until November 6th can be allowed to collapse now that Barry has been re-elected.  Goldman Sachs is ripping muppets faces off again for old times sake.

Wed, 11/07/2012 - 17:32 | 2958125 Yellowhoard
Yellowhoard's picture

When a Goldman rookie rips the face off of his first muppet, does an older Sachsman pour some of the muppets blood into a tin can and insist that the rook drink some?

Wed, 11/07/2012 - 18:15 | 2958335 Offthebeach
Offthebeach's picture

New recruits are required to pick up a 20 yard dumpster worth of heated red hot pennies off a large commercial griddle range, one at a time, and fill back the dumpster.
This builds immense, calluses on the fingers which can be thrust though the vest of a living Muppet and pull out the beating heart. And the take a bite, blood running down the chin on to the pinstripes.

Wed, 11/07/2012 - 19:13 | 2958570 Karlus
Karlus's picture

"Grasshopper, when you can snatch the penny from the Client's hand, you are ready"

Wed, 11/07/2012 - 21:21 | 2958912 brak
brak's picture

it's true, the guy from Temple of Doom was director of the GS New Dehli office

Wed, 11/07/2012 - 17:40 | 2958168 LMAOLORI
LMAOLORI's picture

 

 

Baloney they just want more spending and QEternity

For Investors, More Fed Easing, Cliff ‘Heart Attack’

snip

An election that was supposed to be about change actually could end up being an intensified dose of more of the same for investors.

In the aftermath of President Barack Obama's successful re-election bid Tuesday, market experts prepared for an accelerated push of easy Federal Reserve monetary policy.

http://www.cnbc.com/id/49723418

 

Obama's best friend at Goldman Sachs

http://finance.fortune.cnn.com/2012/11/06/jan-hatzius-goldman/?iid=HP_LN

Wed, 11/07/2012 - 17:20 | 2958043 FROZENOJFUTURES
FROZENOJFUTURES's picture

Sup vix. Also RGR up pver 6.8% Guns, bitchez. Also short financials, long gold miners. 

Wed, 11/07/2012 - 17:21 | 2958045 New England Patriot
New England Patriot's picture

DBMIVFRP

Wed, 11/07/2012 - 17:21 | 2958049 TeamDepends
TeamDepends's picture

Bumps in the road

Wed, 11/07/2012 - 17:21 | 2958050 buzzsaw99
buzzsaw99's picture

poor little hedge fund maggots don't get their romney welfare checks. boo hoo

Wed, 11/07/2012 - 17:26 | 2958091 RSloane
RSloane's picture

Why would they need Romney's welfare checks, they've gotten plenty from Obama and will get even more.

Wed, 11/07/2012 - 17:28 | 2958104 buzzsaw99
buzzsaw99's picture

Yeah, the coming wars will be good for the eCONoME.

Wed, 11/07/2012 - 17:36 | 2958147 earnyermoney
earnyermoney's picture

Wars that HillBarry will start. Two cold blooded killers.

Wed, 11/07/2012 - 17:30 | 2958112 earnyermoney
earnyermoney's picture

no need. They've been receiving wellfare checks from Barry every month for the past 4 years and will get a cost of lubing adjustment in December for the next 4 years.

Wed, 11/07/2012 - 17:44 | 2958189 RSloane
RSloane's picture

Yup.

Wed, 11/07/2012 - 17:49 | 2958205 buzzsaw99
buzzsaw99's picture

that brings up another point. they are some ungrateful backstabbing bastards. O gave them so much freaking money and they shit all over him as soon as mittens came onto the scene. i hope hope o cuts them off at the knees but i know he doesn't have the ballz for it.

Wed, 11/07/2012 - 17:21 | 2958054 BeaverFever
BeaverFever's picture

Someone appears to have an Apple fetish...

Wed, 11/07/2012 - 18:31 | 2958415 Panafrican Funk...
Panafrican Funktron Robot's picture

Probably has something to do with being the one stock ticker that will either cause or "save us" from the next "crisis".  You do realize it's weighting on the NASDAQ?  Or are you just another fucking dipshit that's infected this site recently?

Wed, 11/07/2012 - 17:21 | 2958056 slaughterer
slaughterer's picture

I call bear trap.  Wait until the first QE4 rumor drops.  

Wed, 11/07/2012 - 17:24 | 2958068 fonzannoon
fonzannoon's picture

Look how long QEinfinity lasted. There is no doubt QE4 is coming. But it will get sold away like a fart in the wind. Buy real assets.

Wed, 11/07/2012 - 17:34 | 2958134 Joe Davola
Joe Davola's picture

You reminded me of an interesting question I need answered:  recently replaced my 7+ year old 110k+ vehicle and the new one came with heated seats, should I be worried if I bust a move when the electrics are on - you know, like when you dutch oven and have the flannel sheets on the bed?

Wed, 11/07/2012 - 17:44 | 2958186 IridiumRebel
IridiumRebel's picture

It will redistribute the smell just like American wealth. We are all in this together. Just make sure that the person riding shotgun doesn't have a smoke lit.

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