Spot The Odd One Out

Tyler Durden's picture


A funny thing happened today. For the first time, the equity and bond market closed red (and VIX green) on a Federal Reserve QE-announcement day. Gold outperformed stocks and Treasuries underperformed everything...


The S&P 500 futures contract has never closed red on the day of a QE announcement before...


VIX closed higher for the first time ever on a QE announcement day...


10Y Treasury Yields rose for the first ime ever on a QE announcement day...


From the FOMC announcement, Gold and Silver closed green but stocks, bonds, oil, financials, and apple all lost ground (as did the USD very modestly)...


Across Asset Classes - Treasury yields ended at highs, stocks at lows...


FX markets dominated by JPY weakness and EUR strength...


and across ETFs - there was an attempt to lever HYG (which has worked to grab stocks higher in the past) but it seems like rotation from TSYs to less-duration sensitive HY as stocks and vol tracked each other all afternoon...


Indices post-FOMC


Sectors post-FOMC


Financials post-FOMC - look at BofA's 'odd' move into the close...



Charts: Bloomberg and Capital Context

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Wed, 12/12/2012 - 17:08 | 3057270 TruthInSunshine
TruthInSunshine's picture

Not just any QE day, either.

The full Monty, bitches.

Wed, 12/12/2012 - 17:12 | 3057283 Mad Mohel
Mad Mohel's picture

Yeah Full Monty with a limpy. Way to work it Bernanke.

I bet he is in his crypt right now beating the dead organ with a stack of freshly printed fiat. Whimpering, "work damn you, work!"

Wed, 12/12/2012 - 17:39 | 3057400 pupton
pupton's picture

Does it look anything like the objects in your avatar picture?

Wed, 12/12/2012 - 17:46 | 3057417 The Shootist
The Shootist's picture

Ammo, the new gold, bitchez!

Wed, 12/12/2012 - 22:46 | 3058205 Boris Alatovkrap
Boris Alatovkrap's picture

Gold, Silver, Platinum, Bullets - the NEW PM Asset Group.

Wed, 12/12/2012 - 17:47 | 3057421 ThaBigPerm
ThaBigPerm's picture

One can dream, can't they?

Wed, 12/12/2012 - 17:14 | 3057295 camaro68ss
camaro68ss's picture

The bernake is a ass hat

Ill be watching TV when an image of the bernake pops up. by natural instinct i say fuck you bernake and flip my tv off.

My wife asks me every time. "why do you hate that guy" my awnser, "because hes an ass hat." she just shakes her head and we carry on with our night.

Wed, 12/12/2012 - 17:21 | 3057351 HoofHearted
HoofHearted's picture

ooh oooh ooh, I know. Pick me, Mr. Cotter. It's the last one. It's the one not like the others.

Yes it is. And it is saying, "Fuck you, Ben Bernanke."

Wed, 12/12/2012 - 17:29 | 3057374 Dr. Richard Head
Dr. Richard Head's picture

Every time Benny sings, a bankster gets his things.  Wait....wrong movie. 

Wed, 12/12/2012 - 17:26 | 3057381 ZeroAvatar
ZeroAvatar's picture

My wife, bless her heart, pretends to understand what I'm telling her.  After a few 'printing', 'billions', 'unsterilized', 'inflation', she's still standing there pretending to look interested (undoubtedly stifling a yawn). 


I end up by saying, "Our silver's up a bunch today, and will be a whole bunch more soon". That, she understands.

Wed, 12/12/2012 - 17:31 | 3057385 Mad Mohel
Mad Mohel's picture

Ah women, their ignorance is cute......till it isn't. You must be recently married. I'd keep half that stack on the side JIC  ;)

Wed, 12/12/2012 - 17:38 | 3057397 camaro68ss
camaro68ss's picture

I try not to tell my wife about whats going on. I want her to live the best normal sheeple life she can before the SHTF. All my gear is for "camping" food storage is for "earthquakes". luckly her grandfather been buying silver since it was $2 an ounce so she doesnt mind the PM stacks.

Its going to be hard to tell her game over when the SHTF. No more cell phones, fancy shoes, and shopping. time to go camping at the ranch for the rest of our lives.

Wed, 12/12/2012 - 17:40 | 3057405 Mad Mohel
Mad Mohel's picture

LOL "I want her to live the best normal sheeple life"  classic. I watch mine sometimes and wonder WTF is going on inside her head. Troubling but amusing nonetheless. LOL normal sheeple life.

Wed, 12/12/2012 - 17:47 | 3057423 camaro68ss
camaro68ss's picture

My thoughts are, as long as someone know WTF is going on, like me, then the rest of the family can be ignorant and live in bliss. Might as well let them have what little time left we have living "normal" lives. Me and my old man have our familys future covered in all aspects for the long term.

Wed, 12/12/2012 - 22:07 | 3058117 uncle_vito
uncle_vito's picture

You must have your home safe stocked with guns, ammo, gold and cash in small bills.   What is scary is what you cannot anticipate.

Wed, 12/12/2012 - 17:41 | 3057407 becky quick and...
becky quick and her beautiful mouth's picture

i do the EXACT same thing, my friend. 

Wed, 12/12/2012 - 17:50 | 3057433 centerline
centerline's picture

I provide some watered-down information from time to time so at least she is warmed up to the bigger concepts.  Too much information and she goes into rejection mode.  The hope is that when the SHTF conversation occurs, it will go more smoothly.

Realistically, the hardest part is the ongoing squeeze.  I warned several years ago that we were going to see our standard of living drop and progessively tougher choices will be needed... and this process will continue for what will likely be a long time.  I reinforce this notion every once and awhile.  It has made changes a little easier - but there is still stress.  She, like so many others, does not want to accept reality despite it being evident at our doorstep.  

Wed, 12/12/2012 - 18:04 | 3057472 camaro68ss
camaro68ss's picture

you put it in words better then i could. I do the some thing. everytime we go to the supermarket for food and she gasps at the food cost i always say "its only going to get worse."

She knows the out standing issues and what it will lead too but just doesnt want to talk about it nor does she want to see it.

our area we live in is starting to go down hill. As of last week she no longer feels safe to go out on her own. Shes now accepting the Taser gun I want to give her. ( cant have a gun because we live in california)


Wed, 12/12/2012 - 18:49 | 3057625 Strider52
Strider52's picture

Camaro: I'm beginning to notice it too. I used to have packages delivered to my front doorstep, and they'd be there when i got home. Three weeks ago, UPS delivered ("left at front door" tracking..) a package and it was gone, ripped off. Now I deliver to my work address.

BTW, I live in Cali and we're armed to the teeth.

Wed, 12/12/2012 - 19:41 | 3057755 Cunnial
Cunnial's picture

Wow, at least you lot can never be accused of stereotyping. Who ever said chivalry was dead? Your wives must be so proud (if they could think for themselves)...

Wed, 12/12/2012 - 17:47 | 3057425 MachoMan
MachoMan's picture

I try and do the opposite (try being the key word).  There needs to be as seemless of a transition as possible from unsustainable sheeple land to whatever may come.  The more skills and the more mentally prepared wifey is when going in, the better you'll fare...  further, should you not be around (which is what tends to happen to us idiot males vested with protecting things and what not), then she'll be completely lost (and your children with her) if she doesn't learn things for herself.  Of course, most of the types of lifestyle changes are not particularly difficult and even cavemen can do them...  but, I'd prefer to have redundancy in skill sets where possible (the division of labor still being necessary due to resource constraints/time/efficiency).

Wed, 12/12/2012 - 17:33 | 3057392 boogerbently
boogerbently's picture

Maybe they just needed to hear Blankfein say it.

Not only do Treasuries not keep up with inflation, but interest rates will rise, and they'll pay a fine for wanting out early.

(I,m paraphrasing, of course).

Gee......what's the NEXT safest investment????

Wed, 12/12/2012 - 17:17 | 3057322 Sudden Debt
Sudden Debt's picture

yep, it's time for the final preperations now.
Getting the food storage full, hide the PM's and cancel as many credit cards as you can.

Also, for the Ebay silver buyers: close down your accounts and ask for a deletion of your history records. it takes a few weeks to do so.
And start a new account where you buy some other small stuff to erase your silver and gold purchases.

Time is running out. maybe another 12 months at best before panick starts and prices explode.

Wed, 12/12/2012 - 17:28 | 3057376 camaro68ss
camaro68ss's picture

Silver? gold? guns? lol ooooo yeah i know what your talking about, yeah, I lost it all in this Tragic boating accident i had a few weeks ago. thats where i got this little scrape here. 

Wed, 12/12/2012 - 18:14 | 3057505 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

I am confident that when the Gubmint says jump, eBay will say 'how high'...Big Bro knows all, and he is not a very nice boy

Wed, 12/12/2012 - 18:45 | 3057610 atomiclown
atomiclown's picture

No, it's too late already.  You will be found in your little home with all the gold bars stuck in the basement. They will tear off your little arms and carry away all bars and coins before you can even breathe again ... You are doomed, there is now way you can escape the USSA

Wed, 12/12/2012 - 17:17 | 3057326 CPL
CPL's picture


Wed, 12/12/2012 - 17:24 | 3057367 spastic_colon
spastic_colon's picture

somebody totally screwed up the script today and allowed red stuff

Wed, 12/12/2012 - 17:36 | 3057395 CPL
CPL's picture

Damn that guy...math.  Always forecasting correctly.


Damn math to hell.

Wed, 12/12/2012 - 18:18 | 3057522 KCTrader
KCTrader's picture

Looks like a great place to get the short the S&P futures. Nice big reversal day, close on the lows on a Fed day and the VIX finally poking its head up. Even if we get a cliff deal its going to mean some combination of higer taxes and lower govt spending, neither of which is expansionairy. So short away against todys high.

Wed, 12/12/2012 - 17:08 | 3057273 centerline
centerline's picture

Point of diminishing returns has been met.

Wed, 12/12/2012 - 17:20 | 3057336 Squid Vicious
Squid Vicious's picture

Wait til they put that old twat Yellen in charge... you ain't seen nothin yet!

Wed, 12/12/2012 - 17:22 | 3057356 El Viejo
El Viejo's picture

Chaos theory says first comes dininishing returns then negative returns.

Wed, 12/12/2012 - 18:12 | 3057496 CPL
CPL's picture

"The first term, system, can be defined as the understanding of the relationship between things which interact. To better understand this idea, we will examine the example of a pile of stones. The pile is a system which interacts based upon how they were piled. If their initial piling is not in balance, the interaction results in their movement until they find a condition under which they are in balance. A group of stones which do not touch each other, however, are not a system because the interaction between is so minute, it can be considered non-existant."



Wed, 12/12/2012 - 17:09 | 3057277 muppet_master
muppet_master's picture


and his faithfull follower (bQE)....GNAMGANSTA-RAPING style "party" is OVER!!!

Wed, 12/12/2012 - 17:10 | 3057281 Lagging Indicator
Lagging Indicator's picture

All the kings horses and all the kings men

Could not get the Dow to close green again

Wed, 12/12/2012 - 17:10 | 3057285 ZippyBananaPants
ZippyBananaPants's picture

Has anyone ever finished a whole jar of Kirkland Signature Extra Fancy Mixed Nuts from COSTCO?  This thing has no bottom!!

Wed, 12/12/2012 - 17:26 | 3057375 El Viejo
El Viejo's picture

No but I'm close on that large can of Macadamia nuts. I swear that weird Hawaiin mono-unsaturated fat was doing strange things to my digestive track.

Wed, 12/12/2012 - 18:17 | 3057518 CPL
CPL's picture

Like catching all the downwind radiation from Japan that saturates Hawaii and the US West coast now.  Walnuts, SUn flower seed, peanuts and Almond anything is off the menu unless it's before Fukishima.  

Well so far so good, 2 years down.  Another 5400 years to go until the half life decay renders the radiation bleeding into the air and water from the plant is considered inert.


Good times, good times.

Wed, 12/12/2012 - 18:33 | 3057568 Osmium
Osmium's picture

Japan?  Fukishima?  What are you talking about?  There is nothing on the news about that.


Thu, 12/13/2012 - 00:40 | 3058426 CPL
CPL's picture

Yes, Fukishima hasn't been fixed, most off the west coast of Canada and the US has been recieving a steady dose for two years.  Rice, meat, water that rains in California and Colorado...these aren't closed systems.  The earth is the closed system.


Japan is a Doomed Metropolis.  Radiation goes through everything but lead and uranium's half life is 5400 years until it's non-lethal.  High school chemistry should have drilled that into everyone's head or are people now allowed to graduate high school without basic sciences.  Maybe just showing my age.

As human's we are amazing at shitting in our own sand box.

Wed, 12/12/2012 - 17:09 | 3057286 michiganmaven
michiganmaven's picture

I think this is the last desperate act of 12 people who have no idea what the hell they are doing... when in doubt... PRINT !

Wed, 12/12/2012 - 17:10 | 3057288 NEOSERF
NEOSERF's picture

Not so calming to spend a trillion here, there and everywhere anymore...I have to think most American's and almost all CEOs are shaking their heads wondering why a government can't seem to do any belt tightening...seems that even if they wanted to they can't anymore.  This end date probably supercedes Bernanke's get out of town date, I'll bet.  Basically this is a keep rates at 3-4% until construction hires 2M people back.

Wed, 12/12/2012 - 17:10 | 3057289 kliguy38
kliguy38's picture

Not a surprise unless you consider that the Fed was buying SnP contracts faster than they were shorting gold and they BOTH went against their paper masters

Wed, 12/12/2012 - 17:10 | 3057293 auric1234
auric1234's picture

But wait, didn't Bloomberg say inflation is no concern for bond buyers?

Something is amiss. Maybe they just got it backwards?


Wed, 12/12/2012 - 17:18 | 3057327 SheepDog-One
SheepDog-One's picture

Nothing is a concern, until it suddenly is...and then they never heard of you before.

FB IPO great example of this.

Wed, 12/12/2012 - 17:19 | 3057332 Everybodys All ...
Everybodys All American's picture

Dude ... you came over to ZH for a reason.

Wed, 12/12/2012 - 17:10 | 3057294 ekm
ekm's picture

What is funny about it? Simple explanation.


There's not much left to trade. Fed + Primary Dealers have basically bought everything up.

Wed, 12/12/2012 - 17:11 | 3057298 Renewable Life
Renewable Life's picture

Get those guns blazing boys, we need fear in the world to keep those treasuries flying at low rates!! Anything else and it's game over, almost overnight!! One 5 year treasury auction failure in the US and the panic would be unstoppable immediately!!!!

Wed, 12/12/2012 - 17:12 | 3057299 RobotTrader
RobotTrader's picture

The Cosmic Joke that will be played on the King World News boys:


If gold rebounds and takes off towards new highs,

That means a global economic boom is underway and the Dow will push to 15,000 and beyond in 2013.

I liked the action in gold today, it will be very supportive of stock prices in the future.

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