Holiday Hangover Remains As Light Volume Lifts Equities To Exuberant Unch Close

Tyler Durden's picture


Broadly speaking, risk markets seemed stuck in tryptophan-mode today but as always it was stocks that used a mediocre volume day to squeeze the odd name here or there. Facebook and Apple were the wunder-kind once again (with the latter now up almost 17% from its swing lows at its 30DMA and a 38.2% retrace of the high-to-low move). The Apple gain moved the Nasdaq into the green (for the sixth day in a row) but the S&P 500 (despite its best efforts into the close) was unable to reach green after overnight weakness. S&P 500 futures did managed to cross into the green (fill the gap) as the day-session closed but Treasury yields were lower all day and signaled considerably less exuberance. FX markets oscillated in ever-decreasing ranges as everyone waits for the next eurogroup bullgasm. Commodities wondered aimlessly with Oil down and Copper up and gold/silver either here nor there. VIX rose modestly to 15.5% by the close as credit markets overall underperformed stocks.


Bonds and stocks decoupled again (though post-EU close, Treasuries sold back - up in yield - a little)...


which is evident in not just Treasuries but broad risk-assets in general which did lift in the afternoon but were far less excited than stocks...


but the S&P 500 futures saw no volume in Friday's rally (lower pane), heavy volume in today's weakness into the European close (which troughed at Friday's day-session open level), and then volume disappear again in the afternoon lift-fest session (which peaked at Friday's close)...


FX markets remain quiet with GBP the most volatile (on Carney news) while EURUSD coiled and coiled...


Charts: Bloomberg


Bonus Chart: AAPL retraced 38.2% of its drop and closed at around the 30DMA on significant volume once again...

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Mon, 11/26/2012 - 17:23 | 3012437 kliguy38
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And the backwall of the eye of the hurricane inches a little closer to the peeps

Mon, 11/26/2012 - 17:36 | 3012469 SmoothCoolSmoke
SmoothCoolSmoke's picture

Alls I can say is......dats one damn slow moving hurricane.

Mon, 11/26/2012 - 17:42 | 3012488 Mr Lennon Hendrix
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Don't tell that to people who have been uneployed for the last 5 years and have lost their homes, wives, kids, and sanity.

Mon, 11/26/2012 - 17:23 | 3012438 slaughterer
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Dead apple bounce.

Mon, 11/26/2012 - 17:28 | 3012452 Mr Lennon Hendrix
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DXY clinging to 80 on much of the same logic used to short stocks.

Mon, 11/26/2012 - 17:48 | 3012502 JPM Hater001
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I'm writing an app for that...

Mon, 11/26/2012 - 17:54 | 3012516 HaroldWang
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Apple oversold bounce on fundamentals and technicals. They will chase this up again to challenge the 700 high. Just the way it works. Got too cheap and way oversold.

Mon, 11/26/2012 - 18:20 | 3012579 Everybodys All ...
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I would bet a small fortune you will not see 700 any time soon.

Mon, 11/26/2012 - 17:34 | 3012465 Boilermaker
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Is this where everyone ooooh's and ahhhh's at the charts and just can't believe that the FED would AGAIN ramp the shit out of the market?


Mon, 11/26/2012 - 17:37 | 3012473 Mr Lennon Hendrix
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No, this is where everyone ooooh's and ahhhh's at the charts and just can't believe that the Fed would AGAIN ramp the shit out of the stock market while ignoring the fact that they are once again ramping the shit out of the bond market.

Mon, 11/26/2012 - 17:39 | 3012479 Boilermaker
Boilermaker's picture

People own stawks.  Institutions own bonds.

People be shoppin' right 'bout now.  Institutions aren't.

Mon, 11/26/2012 - 18:18 | 3012571 Mr Lennon Hendrix
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People, mostly boomers, own more bond funds than stock funds right now.

Mon, 11/26/2012 - 17:37 | 3012474 SmoothCoolSmoke
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Mon, 11/26/2012 - 17:38 | 3012476 slaughterer
slaughterer's picture

Russell outperformed ES today.  Looks like the small-cap short squeeze ain't over.  

Mon, 11/26/2012 - 17:39 | 3012477 Seafarer57
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Isn't Dancing With The Stars on tonite?

Mon, 11/26/2012 - 17:49 | 3012507 JPM Hater001
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I only watch for the articles.

Mon, 11/26/2012 - 17:43 | 3012489 Rathmullan
Rathmullan's picture

Does anyone other than a bunch of old jitterbug using portfolio managers (think munger) and some gangnam-style sell side analysts whose firms'  do (or would like to do) ib business with aapl think the iphone is still cool!? Apple's lap top and desk top business is dead. The Scandanavians and Koreans are coming up with better product and Steve Jobs is gone.

Remember when the geeks used to line up for the latest iteration of Windows? I think that ended at Windows 5 too.

Mon, 11/26/2012 - 17:50 | 3012510 DowTheorist
DowTheorist's picture

Again today, and for a fifth day in a row, volume has been bearish. Given that stocks are caught in a primary bear market, it seems that the rally should fizzle.


Here are the details:



Mon, 11/26/2012 - 17:53 | 3012514 Boilermaker
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That's vomit pooling in the back of my throat.

Mon, 11/26/2012 - 18:49 | 3012687 PeteJE
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You just strung a bunch of words together that convey nothing.  Spend more time on investopedia.

Mon, 11/26/2012 - 18:50 | 3012693 asteroids
asteroids's picture

No humans today. Just HFT algo's fighting each other. Pathetic really.

Mon, 11/26/2012 - 20:46 | 3013002 disabledvet
disabledvet's picture

The Baku probably isn't even active. I'm showing my age even bringing it up...

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