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Equity Futures At Friday's Lows

Tyler Durden's picture





 

It seems a few humans have read a little this weekend and sold into the algo-induced euphoria from Friday's close. S&P 500 futures are down around 9 points - at the lows from Friday's day-session. EUR is bleeding modestly and JPY is weakening as equities appear to be recoupling with FX as a risk-driver (following EUR's dislocation two weeks ago). Cash Treasuries are yet to open but futures infer 2-3bps compression in yields. Much was made of VIX's 'strength' on Friday as some kind of tell; unfortunately misunderstanding is rife and it is evident that hedges were in fact rolled out into January (rather than lifted in any bullish manner). So far stocks are pushing back down to recouple with VIX's view of the world. Silver is flat at $30, Gold and Oil down a little. 6 more hours til Europe opens.

S&P 500 futures (ES) have dropped back to the lows of the Friday day-session...

Equities and FX markets appear to have recoupled for now (blue oval) after EURUSD's decoupling two weeks ago and AUDJPY's decoupling last week...

 

and close-up shows the idiocy of the last hour on Friday - now recoupled with reality...

 

And it is clear when looking at the price action that spot option protection was rolled out to January (and still remains notably priced away from equity's pollyanna world for now)...

 

Gold has caught down to Silver...

 

Charts: Bloomberg

 


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Sun, 12/23/2012 - 21:02 | Link to Comment IMA5U
IMA5U's picture

scrooge!

Sun, 12/23/2012 - 21:29 | Link to Comment Zer0head
Zer0head's picture

Friday's lows but still close to multi year highs

I heard Wells Cap Mgmt ;James Paulsen  (the dude who doesn't shave from Minnesota) being interviewed by the only credible business broadcaster out there - Pim Foxx of BBG

 

Listening to that Paulson dude is like passing a furball but to his credit he has been correct on the equity markets for the last 3 years. But I still think he is full of shit.

Mon, 12/24/2012 - 00:19 | Link to Comment Schmuck Raker
Schmuck Raker's picture

"...he has been correct on the equity markets for the last 3 years. But I still think he is full of shit."

Is that sarcasm, or is your definition of"shit" a bit different from it's usual, everyday usage?

I'd just like to know before Googling his ass...

Mon, 12/24/2012 - 00:16 | Link to Comment Bindar Dundat
Bindar Dundat's picture

May as well be now!   Bad news does not age well.

Mon, 12/24/2012 - 07:18 | Link to Comment negative rates
negative rates's picture

So tell us something we don't know!

Sun, 12/23/2012 - 21:26 | Link to Comment SloSquez
SloSquez's picture

Hey, I for one want to thank Tyler for his stick-to-itness.  You have followed thru and I for one am thankful for you.  The daily dose of truthiness is inspirational and awe-inspiring.  Thank you for what you do and have a Merry Christmas...although I do miss Marla occasionaly.  Win some, lose some. 

Sun, 12/23/2012 - 21:11 | Link to Comment fonzannoon
fonzannoon's picture

Obama negotiating? No! He's damending a foot job and a free foursome at Hawaii golf course!

 

http://fonzannoonwatchblog.com/holyshitihavetopimpablog......

Sun, 12/23/2012 - 21:14 | Link to Comment BlueStreet
BlueStreet's picture

Cliff Kringle gonna bring the shorts some little green gifts tomorrow.  

Sun, 12/23/2012 - 21:16 | Link to Comment rsnoble
rsnoble's picture

Kinda a grey area here.  Gona be a lot of all-in shorts betting on THE END and then get ass fucked royal with a 2 day snap back rally after some bullshit cliff announcement.

Just something to think about if that's what you were thinking about doing. May or may not happen.  Taking chart positions is one thing, guessing what the fucking clowns in the FED and DC are going to do and basing your move on that is nuts.

Sun, 12/23/2012 - 21:22 | Link to Comment q99x2
q99x2's picture

If you are one of GS clients that bought into the market you can believe Loyd Blankfein is happier than a pig in shit thanks to your money. Happy Holidays from the Grinch.

Sun, 12/23/2012 - 21:22 | Link to Comment Randall Cabot
Randall Cabot's picture

I'm dreaming of a Black Cliffmas

Just like the one in  '29

with the market crashing

and traders gnashing

their teeth to powder oh so fine 

Sun, 12/23/2012 - 21:32 | Link to Comment Hohum
Hohum's picture

Tax selling.  The end of the year approaches.

Sun, 12/23/2012 - 21:33 | Link to Comment Angus McHugepenis
Angus McHugepenis's picture

OT: Okay all you ZH'ers... I've got a Newfie joke for ya. It's time to laugh a little.

A Newfie is drinking in a bar when he spots a good looking girl.

He walks up to her and says, "Bye da lard tunderin jeezus, ya reminds me of my baby toe".

She laughs and says, "Why... is it because I'm cute and small"?

"No, it's because I'll be bangin ya on my coffee table later tonight while I'm drunk".

Sun, 12/23/2012 - 22:25 | Link to Comment chump666
chump666's picture

HFT bear trap till 2013.

The liquidity providers to this broken market are still the humans, and the recent flash crash on futures is a very juicy indication for 2013 machine induced chaos.

IMO this market is barely scrapping out a significant higher close for 2013 after Obama's election win and HFT sell off (after his win), but the machines were able to suppress volatility end year - which is an incredible feat of nerd programming.   So it looks good on paper, but on closer look -  It's f*cked.

 

Sun, 12/23/2012 - 23:11 | Link to Comment orangegeek
orangegeek's picture

SP500 Weekly shows weakly.

 

http://bullandbearmash.com/chart/sp500-weekly-117-macd-shows-bearish/

 

It's remarkable that markets have held up this long.

Mon, 12/24/2012 - 00:42 | Link to Comment ball-and-chain
ball-and-chain's picture

Everybody keeps predicting inflation.

Has it occured to anyone that deflation may prevail.

If you print trillions of dollars and throw your money into a black hole of debt, where's the velocity?

There is no velocity.

http://www.angrysinner.blogspot.kr/2012/12/try-to-find-church-you-like.html

Mon, 12/24/2012 - 07:20 | Link to Comment negative rates
negative rates's picture

Coo, coo.

Mon, 12/24/2012 - 19:00 | Link to Comment FatAmerican
FatAmerican's picture

Of course we are having hyperinflation the price of a fully renovated house in houston is back up to the price of 1980!!!!!

OMG BUY GOLD!!!!!!

And just yesterday I bought a pound a organic broccoli for 1.50$  OMG GET SILVER BULLION!!!!

Tue, 12/25/2012 - 02:51 | Link to Comment nastaking
nastaking's picture

Oppo says it spent plenty of time crafting the 7100 5's design, so it's not all about the display.

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