Trannies Soar, Rest Hit Floor With USD Down 1%

Tyler Durden's picture

The last time the USD closed down (DXY -1%) on the week, and so did stocks (Dow/S&P/Nasdaq -0.25%), was the week heading into QE3 which marked the top of the US equity market for the year. With contracts rolling, the futures were roiling into the close as they were ping-ponged between new week lows and VWAP. The Dow Transports stood alone in their outperformance +1.1% (but were sliding rapidly into the close) and while most sectors were weak (Discretionary worst -1.2%), Materials outperformed (+1.66%) in a world of their own today. Silver slumped 2.4% on the week while Oil added 1% with gold flatlining since yesterday morning down around 0.5% on the week. AAPL, obviously, was the story today -7.75% in last 3 days to 10 month lows on huge volume today. EUR strength (+1.75%) dragged USD lower but was stymied by JPY weakness (-1.25%) as Treasury yields came off the week's highs to end 7-9bps higher on the week. VIX at two-week highs closed above Europe for the first time this year. Some peculiar volume and behavior in bond ETFs to note also (HYG saw biggest 2-day drop in a month) - markets feel very brittle up here.


The last 28 hours in S&P 500 futures land...bwuahahaha


Dow Transports seemed all excited today as the rest of the major indices plunged off mid week highs to end down around 0.25%...


Materials outperformed, Discretionary underperformed...


AAPL is still +25% YTD (as compared to 15% YTD for NDX) but AAPL and Nasdaq are now both up only 2.5% from 02/09/12 - so basically unless the manager bought in January, AAPL is weighing on his performance (still).


Away from the equity markets, credit saw some extremes today. A massive spike in LQD (investment grade credit) volume followed shortly by HYG (high yield credit) volume suggested (by the market action) that there was duration-weighted rotation from risky-credit into 'less' risky credit...


Decent USD weakness (via EUR strength) was stymied a little by the weakness in JPY this week


Commodities diverged quite notably in the face of USD weakness...


and long-dated Treasuries have almost retraced the losses from post-FOMC...


Charts: Bloomberg and Capital Context


Guest Post: SWHC plunged on the dreadful news of the CT shooting then dumped again on major volume as Obama spoke...

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VonManstein's picture

ok ive been expecting Risk to start trading with USD but that did not include PMs.. not to this extent anyway.  Something strange

Not sure what to make of it all John

Winston Churchill's picture

Deflation is what to make of it.

Ben is going to have to get overdrive installed on that printer.else he's

pissing money away  into the wind.

Eireann go Brach's picture

Why does Peter Schiff never get a mention on this blog? Maybe he is Tyler?

otto skorzeny's picture

the amount of complacency in market/lack of shorts takes me back to those summer of 2008 days-fun times ahead?

magpie's picture

Why TBT ? Should there be a cliff jump, yields will be forced into a falling channel imho (crashing everything else for a short time)

Vlad Tepid's picture

Trannies don't soar...they mince.  Oh, those trannies...

Bollixed's picture

Sore Trannies? I thought this was Business Insider for a moment there...

kliguy38's picture

Silver??? Oh yeh that OTHER white metal.......hehehhehe.....lets be honest here........If they wanna keep givin' me these prices for physical.....I'm gonna keep stackin. There's no cryin' here....just buyin'

koaj's picture

i was once at a party with  tranny dominatrix...crazy shit

oh wait wrong forum....

dcb's picture

except if you look at sso, the highest volume of the day was buying in the last 10 minutes, so someone was banging the drum

DavosSherman's picture

With humble respect: By my caclulation the dollar is down not 1% but 580%.  Best.

Mr Lennon Hendrix's picture

Bernanke was likely the buyer of LQD. 

Makes for a great investment on the PWG's book (off balance sheet).

Essential Nexus's picture

Something tells me this is good for SWHC in the short run.  People will once again run out and buy guns in expectations that they will never again have the opportunity.

otto skorzeny's picture

too soon-wait for a few weeks when O makes an end run on the 2nd(with his favorite midget NWO hebes-Bloomberg and Rahm and Hillary at his side)

Solon the Destroyer's picture

The 40 point ramp in the TSX 5 minutes from close sure was fucking impressive. 

rsnoble's picture

This market is fucking finished. End of story.

jonjon831983's picture

God damn, I saw trannies and automatically thought Thailand.


Fuck that guy who killed all those kids in Conn..

dadichris's picture

Patpong has come the ZH

asteroids's picture

What was impressive was the ramp in TD and BMO on the closing tick. They went from very red to just green. Shades of 2009 where the bears had their faces ripped of in the closing seconds of the trading day.