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S&P 500 Futures Suffer Biggest Down Swing Of 2013

Tyler Durden's picture


From the highs this morning as European markets closed, S&P 500 futures have plunged 11.5 points. Doesn't sound like much - but this is in fact the largest intraday swing of 2013...Keep calm and BTFD.

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Thu, 01/24/2013 - 15:03 | 3183247 Say What Again
Say What Again's picture

I wonder if there is a keystroke sniffer on my computer.
Everytime I place a bid on VXX, someone improves the bid by 0.0001 - and it happenes a split second before my order.

Thu, 01/24/2013 - 15:03 | 3183255 flacon
flacon's picture

Di-Fi is still an asshole.

Diane Feinstein rubber masks for sale.

Thu, 01/24/2013 - 15:39 | 3183383 Dr. Engali
Dr. Engali's picture

Fuck that Mao looking shemale.

Thu, 01/24/2013 - 15:52 | 3183430 Overfed
Overfed's picture

NO! Yuck! :-)

Thu, 01/24/2013 - 15:53 | 3183431 Say What Again
Say What Again's picture

Looks like the algo are pushing ES up to its VWAP.

What happens after that should reveal their bias.

Thu, 01/24/2013 - 15:04 | 3183258 Lohn Jocke
Lohn Jocke's picture

You can  imagine the fun we have trading in illiquid markets. Anyone want some rice futures?

Thu, 01/24/2013 - 15:31 | 3183356 Say What Again
Say What Again's picture

It's late in the day.

Should I cover my shorts and go long?

Thu, 01/24/2013 - 15:44 | 3183398 DeadFred
DeadFred's picture

S&P popped just enough above the multiyear trend line to sucker even more long positioins into play. It's time for the banks to shear the sheep. Stay short. we'll see 1460 soon enough but it will likely catch fore it drops though the monster gap-up from earlier this month. Just my opinion, it's your money.

Thu, 01/24/2013 - 15:45 | 3183404 Orly
Orly's picture

Technical analysis is voodoo, yo!


Thu, 01/24/2013 - 15:55 | 3183439 DCFusor
DCFusor's picture

TA works to the extent that other's beliefs in it cause it to be self fulfilling.  If all the TA's in the world see a sell signal, they all sell - and down we go.  Simple in its stupidity, but still true.

Thu, 01/24/2013 - 16:01 | 3183460 DeadFred
DeadFred's picture

Sadly they havn't given me access to the code but with the way the algos work I would be drop dead surprised if the majority of their decision making is not based on TA. Their world is a mass of lines and trends, the nanosecond over the microsecond all the way to the level someone like me can see using a screen and a wooden ruler.

Thu, 01/24/2013 - 16:32 | 3183597 Orly
Orly's picture

Mainly oscillator crossovers.  And reading other charts, too.

Like If VIX, then...

Thu, 01/24/2013 - 16:29 | 3183588 Orly
Orly's picture

That's absolutely false.  I know people don't like to admit it but they're really just not that clever.

Technical analysis works because people do the same thing over and over and over again.  We are creatures of habit and if you charted the habits, there would emerge a pattern.

Simple as that.


Thu, 01/24/2013 - 15:03 | 3183250 Lohn Jocke
Lohn Jocke's picture

I need a badass mothafucka to call this bullish for me.

Thu, 01/24/2013 - 15:04 | 3183254 Say What Again
Say What Again's picture

Hey Bro.


Thu, 01/24/2013 - 15:05 | 3183261 Lohn Jocke
Lohn Jocke's picture

Are you GetZeeGold in disguise?

Thu, 01/24/2013 - 15:06 | 3183268 Say What Again
Say What Again's picture

Who dat?

Thu, 01/24/2013 - 15:09 | 3183278 IndicaTive
IndicaTive's picture

Just some crazy cat who posts early in the day.

Thu, 01/24/2013 - 15:17 | 3183296 derek_vineyard
derek_vineyard's picture

since 666 this rally has rolled on and on-- unbelieved, refuted and denied.  even a 30% correction would leave the dooms-dayers well underwater as equity players.  luckily zirp also pushes up pm's, because the rationale of a stock crash to the benefit of pm's has not materialized.  companies are doing well.....the average joe is struggling......the new normal.

Thu, 01/24/2013 - 15:25 | 3183335 Orly
Orly's picture

Derek, the soon-to-be-way-underwater "stacker" took a nice bath today, to the tune of minus one-percent.

Keep stacking!  It's still shiny!

"the rationale of a stock crash to the benefit of pm's has not materialized"

You don't say...


Thu, 01/24/2013 - 15:28 | 3183342 Lewshine
Lewshine's picture

Derek, I know you've been conditioned by your environment - But, could you please read what you wrote, again.

See, Companies CAN'T do "really well" while the "average joe" isn't! For the record, unless you agree don't bother responding.

Everything that is doing really well, is either being subsidized by the Govt. or the Fed...Period! You are the ponzi stool living in the matrix.

Thu, 01/24/2013 - 16:43 | 3183328 Randall Cabot
Randall Cabot's picture

"S&P 500 Futures Suffer Biggest Down Swing Of 2013"

Soon to be followed by the close today by the biggest up swing of 2013?

Thu, 01/24/2013 - 15:04 | 3183256 LongSoupLine
LongSoupLine's picture

Algotards are shitting liquid.


Fuck you Getco.

Thu, 01/24/2013 - 15:06 | 3183262 Cognitive Dissonance
Cognitive Dissonance's picture

Not to worry. Bernanke has gone all out and is sitting on the print button.

<Faster damn you, faster.>

Thu, 01/24/2013 - 15:07 | 3183270 flacon
flacon's picture

So that's why silver is down. 

Thu, 01/24/2013 - 15:23 | 3183329 Dr. Engali
Dr. Engali's picture

Ask Blythe.,,I'm sure she has an answer for you.

Thu, 01/24/2013 - 15:07 | 3183272 eclectic syncretist
eclectic syncretist's picture

Well as far as I'm concerned he can shove all those Federal reserve notes right up his fat ass.

Thu, 01/24/2013 - 15:29 | 3183348 Cognitive Dissonance
Cognitive Dissonance's picture

Ouch! Those are NOT where you want paper cuts. :)

Thu, 01/24/2013 - 19:26 | 3184108 Mesquite
Mesquite's picture

Or it's stuck...( the control p button..)

Thu, 01/24/2013 - 15:05 | 3183263 StoleYourMoney
StoleYourMoney's picture

No sweat, they have algos

Thu, 01/24/2013 - 15:06 | 3183265 q99x2
q99x2's picture

Last chance. All aboard.

Thu, 01/24/2013 - 15:07 | 3183267 Headbanger
Headbanger's picture

Do the algos work as well in reverse?

Thu, 01/24/2013 - 15:27 | 3183338 Orly
Orly's picture

Of course.  You just instruct it that 2=1 and 1=2.


Thu, 01/24/2013 - 15:08 | 3183271 TonyCoitus
TonyCoitus's picture

The Dip has been purchased.


S & P 2,500 here we come, bitchez

Thu, 01/24/2013 - 15:08 | 3183282 eclectic syncretist
eclectic syncretist's picture

Higher volume without follow through suggests we're going down now.  JMHO though.

Thu, 01/24/2013 - 15:25 | 3183336 TonyCoitus
TonyCoitus's picture

Technical analysis is so yesterday.


The only thing you need to know is BTFD!

Thu, 01/24/2013 - 15:09 | 3183279 cbxer55
cbxer55's picture

Must have bounced back, it's only down 2.59 currently. Dow over 13,800.

Thu, 01/24/2013 - 15:14 | 3183298 rubearish10
rubearish10's picture

So, contrary to BTFD theeorists, what if AAPL actually "did" crash today, since 12% is not enough.

Thu, 01/24/2013 - 16:10 | 3183494 earleflorida
earleflorida's picture

'the mercedes rotates about pollinating but another genus in the land of amazon-- where evolution parlays extinction with progress?'

Thu, 01/24/2013 - 15:15 | 3183301 walküre
walküre's picture

Everyone remembered all of a sudden that VIX is cheap. Too cheap to pass up. AAPL is expensive and there's a glut of it on the market. Sell high and buy low. Market 101 explained in 2 sentences. Who is Ben and why does it matter what he does or if we know of him?

Thu, 01/24/2013 - 15:14 | 3183302 morning_glory
morning_glory's picture

I'm gonna call a couple of hard, pipe-hitting niggas to go to work on the homes here with a pair of pliers and a blow torch. [to Zed] You hear me talking, hillbilly boy? I ain't through with you by a damn sight. I'm gonna get medieval on your ass.

Thu, 01/24/2013 - 15:16 | 3183308 RSBriggs
RSBriggs's picture

Must keep the market going up - market downturns are reserved for forcing Republicans to pass legislation they don't want to.  Market MUST move up until the debt ceiling crisis in March, THEN it can be allowed to "mini-crash" lower to force a debt ceiling increase....  This stuff is EASY to see through.

Thu, 01/24/2013 - 15:33 | 3183362 Getting Old Sucks
Getting Old Sucks's picture

They decided to kick the can till May 19th.  We're gonna sound like the EU on this topic.  Check back in 2015 for an update.

Thu, 01/24/2013 - 15:50 | 3183424 RSBriggs
RSBriggs's picture

OK - that must give the Dow sufficient time to hit the magic 18,000 between now and then....

Thu, 01/24/2013 - 15:18 | 3183309 lasvegaspersona
lasvegaspersona's picture

we are now living a fairytale life that traders of old (pre 2007) would not recognize....they would think they were trippin'

Thu, 01/24/2013 - 15:19 | 3183318 Dr. Engali
Dr. Engali's picture

Ivan Pavlov didn't have shit on Ben and his printing press.

Thu, 01/24/2013 - 15:23 | 3183320 SheepDog-One
SheepDog-One's picture

Wow ALL of 2013 so far?? The whole 24 days? Looks like all is well, every past such drop only resulted in a further new high.

Anyway, DOW is charging ahead now only a few hundred points from all time record bubble-top highs!

Thu, 01/24/2013 - 15:21 | 3183323 q99x2
q99x2's picture

North Korea said it would carry out further rocket launches and a nuclear test that would target the United States, dramatically stepping up its threats against a country it called its "sworn enemy."

They might try Davos.

Thu, 01/24/2013 - 15:23 | 3183324 SheepDog-One
SheepDog-One's picture

Right, what's N Korea mad at us for? Aren't we the ones sending them free food all the time?

Thu, 01/24/2013 - 15:25 | 3183334 Dr. Engali
Dr. Engali's picture

They want moar...

Thu, 01/24/2013 - 15:23 | 3183327 Joe moneybags
Joe moneybags's picture

We bears know we're in trouble when we celebrate a quarter percent drop in the S&P, and the VIX soaring to 13.

Thu, 01/24/2013 - 15:24 | 3183333 Dr. Engali
Dr. Engali's picture

+ .25

Thu, 01/24/2013 - 15:50 | 3183418 flyingpigg
flyingpigg's picture

"We bears"?

I thought all the bears were killed by now...

Thu, 01/24/2013 - 17:25 | 3183770 Venerability
Venerability's picture

It really is about time - after 17 years! - that you Ninnies just TRIED to position the PM sector MY way, so it became something other than a not-very-lucrative Playpen for silly little children.

Postion it as a Growth sector, forget the "Austrian" arguments that nobody much can tolerate any longer, and finally have a way to attract SOME new blood.

There's NONE at this point. Trying to squeeze a few extra pennies from grizzled sector veterans who think you are all Idiots is somehow better than attracting New Players who could cause a real revival?

If they can attract an audience - however misguided and ignorant an audience - for the likes of Facebook and its ilk, Starbucks and its ilk, and Lululemon and its ilk, why do you persist in thinking we can't, through a little bit of extra effort attract a Long-oriented audience for the Gold and Silver stocks based on explosive Growth for the next century! in all those parts of the world which love and esteem Gold and Silver?

The DOGs have effectively BANNED Gold as Safe Haven.

And they are afraid to talk it up as a tool of Currency Diversity, although at least some brave currency commentators are doing so.

So what's left is at least TRYING out MY script, after scorning it - and ME! - through sheer nastiness and silliness for so many years.

I've been correct all along. You know I've been correct all along. And at this point, it is purely perverse not to embrace a Gold is Growth Script as the way to revive the sector, the stocks, and the "uber-Bears's" fortunes.

I don't really know why you still won't accept me. I've worked very hard. And I've been much more right than wrong about everything.

It's By Rote at this point. Childish. Malicious. And totally By Rote.



Thu, 01/24/2013 - 15:24 | 3183332 The worst trader
The worst trader's picture

Will it be different this time?

Thu, 01/24/2013 - 15:31 | 3183357 Joe moneybags
Joe moneybags's picture

No. Trannies, Retail, and the cyclicals and holding up, as usual.

Thu, 01/24/2013 - 15:46 | 3183410 Squid Vicious
Squid Vicious's picture

Just bought some Dominos, only 27x earnings... and the new pan pizza is buttery and delish ...

Thu, 01/24/2013 - 16:02 | 3183451 Orly
Orly's picture

Their sauce is way too sweet, if you asked me.  The ultra-thin, cracker crust is very nice, though.  (I wish I could do that...)

I have the recipe for Pizza Hut's sauce, which is the bomb, if anyone's interested.


Thu, 01/24/2013 - 16:08 | 3183490 falak pema
falak pema's picture

how bomb is bomb? 

Thu, 01/24/2013 - 16:23 | 3183557 Orly
Orly's picture

It is the best of the best, falak.  I bet it even works well with calzones or Italian-style pierogies.

It is borrowed (okay, stolen...) from Todd Wilbur's book Top Secret Restaurant Recipes 3, which has tons of fattening recipes from America's best eateries in it.  Really good stuff.

Anyways, here it is:

1 six-ounce can tomato paste

1 1/3 cups water

1/2 teaspoon dried crushed rosemary

1/2 teaspoon dried minced onion

1/4 teaspoon dried oregano

1/4 teaspoon salt

1/4 teaspoon dried thyme

1/4 teaspoon garlic powder

1/8 teaspoon black pepper

1/8 teaspoon dried basil

1/8 teaspoon citric acid (I just use a small drop of lemon extract...)

Put it in a saucepan and bring to a low boil.  Simmer on low for ten minutes et vous y voila!

Use it on anything that needs a tomato sauce.


Thu, 01/24/2013 - 17:09 | 3183721 falak pema
falak pema's picture

I am planning to make breaded veal scallops this w/e; thanks. à la marsala! 

I'll try it with the pasta another time...

Veal Scallopini with Marsala Wine, Mushrooms, and Gorgonzola - YouTube

Thu, 01/24/2013 - 15:29 | 3183353 icanhasbailout
icanhasbailout's picture

it's only Jan 24 and with the VIX-suppression of free Fed money, 'biggest swing' doesn't really mean a hell of a lot

Thu, 01/24/2013 - 15:29 | 3183354 Hubbs
Hubbs's picture

But the S&P has been going higher in the past year, defying the critics and doomsayers like Faber et al. Looks like the FED has doubled down to ensure that the fearmongers do not prevail. I have been out of the market since October 2007, missed the 2009 lows and sat on the sidelines since. Pissed? Yes. "Not so much that I have missed the get back home ride" but that the whole finacial system is so rigged and phoney that you feel like you are forever walking into an ambush. Talk about the Iraqi soldiers getting stressed out over patrol duty and not knowing whether the next step was going to be their last from an IED.



Fri, 01/25/2013 - 01:08 | 3184901 Bernankenstein
Bernankenstein's picture

Yes, yes, yes, I strongly agree.

Thu, 01/24/2013 - 15:34 | 3183363 Squid Vicious
Squid Vicious's picture

maybe now they can fire greazy Joe T, his generational buy is now $75 under water...  also loved Facefuck when it was breaking out over 31.50 if you asked him at 18 he would have said don't touch it, lol...

Thu, 01/24/2013 - 15:36 | 3183374 orangegeek
orangegeek's picture

The 2p-4p "algo shuffle is back on.  SP500 will close up 5 by 4p.

Thu, 01/24/2013 - 16:41 | 3183616 mdtrader
mdtrader's picture

The market always closes up. It's the new normal. Even with Apple down 12%.

Thu, 01/24/2013 - 15:37 | 3183376 Irelevant
Irelevant's picture

Where is that dow 30000 hat again. I remember it from 2010. Some stocks are also a hedge when printing to oblivion.

Thu, 01/24/2013 - 15:49 | 3183417 Venerability
Venerability's picture

That's what you get when you Bird Game so furiously.

You can't have it both ways, PPTs!

It's a Market for Everybody, or it's a Market for Nobody.

How many more layoffs will the Financial Services sector worldwide have to suffer, before you learn that simple truth?

You lost a very large percentage of your customers post-2008 because of the Gaming. You are not gaining new customers because of continued Gaming.

So the solution is MORE Gaming? Totally anger and totally alienate the few customers you have left?

I dunno. Not the way I would run an industry.


Thu, 01/24/2013 - 16:08 | 3183478 Tombstone
Tombstone's picture

Institutions just need to insert more BennyBucks into the slot on the side of their computers and then press the buy button.  The markets can not go down as that would upset the socialists and the scammers. 

Thu, 01/24/2013 - 16:08 | 3183479 falak pema
falak pema's picture

swing n roundabouts; this oligarchy market has legs.

Thu, 01/24/2013 - 16:43 | 3183634 orangegeek
orangegeek's picture

SP500 up 2.5 with 20 minutes to go.  GO ALGOS!!!  PUMP IT BABY!!!

Thu, 01/24/2013 - 16:44 | 3183636 DR
DR's picture

Ok, now I understand today's clamor of bulls calling for a rise.


Hedgefund oracle Dalio at Davos states the following:

"Dalio laid out his framework as essentially a scenario where US investors pile into stocks driving markets higher which will then give the Fed confidence to start to tighten, which will then cause a pullback across risk assets."

Hedgie lemmings are following in suite...


Ray Dalio: Cash Will Move Into 'Stuff' in 2013

Thu, 01/24/2013 - 17:22 | 3183765 Jake88
Jake88's picture

BTFD... yeah right... LMFAO

Thu, 01/24/2013 - 17:35 | 3183806 helping_friendl...
helping_friendly_book's picture

Look at that close!!!!!! Up on frickin' penny! Nice work PPT. 

You know there were orders triggered when it topped 1500 and I am wondering if the Davos crowd are all deciding to short the market now or wait until Bernanke retires.

I have a feeling they might just decide to shank Bernanke and let him retire a dismal failure.

I can't imagine they can resist riding the SnP down to 888 after riding it up to 1500.

Will they throw Bernanke under the bus???????

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