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S&P Has First Weekly Loss Of Year As Dow Regains 14,000

Tyler Durden's picture




 

Today was the best day for the Dow in 3 weeks - of course. In a titanic effort to get back to unch for the week, the Dow managed to reclaim the 'retirement-maginot-line' of 14,000 amid a low volume, low average trade size ramp (which ended the day with some large blocks running through into the highs). The rest of the US equity complex did not recover as gloriously as the S&P saw a red week for the first time this year (Materials -2.8%, Staples +1.7%). Interestingly, from mid-week, gold and stocks recoupled but the USD (+1.2%) and bonds (-3bps) are much more cautious. On the week, despite all the clamor, Gold lost 1.8% with Copper the biggest loser -5.2%. Spot VIX and stocks have been perfectly synced post-FOMC and the vol compression today provided just the lift to disconnect from risk-assets in general. Equities unch, USD high of week, Treasury yields low of week, PMs down, Oil down - the magic will never cease. S&P futures closed testing the under-side of the up-trend channel - that is all.

 

The Dow managed to regain green on the week... hoorah...

 

with sectors very dispersed on the week...

 

Cross asset class in general recoupled from mid-week - though gold is outperforming post FOMC

 

At the end of today everything got a lift - but we note that in the commodity space Gold outperformed its peers - losing 1.8% on the week...

 

One of those totally dislocated equity ramp days in stocks as Capital Context's CONTEXT (proxy for broad risk assets) shows what the rest of the FX, credit, commodity, bonds, swaps world thought of the rally today...

 

and finally - this is where the S&P finished the day - on declining volume and trade size... you decide...

 

and a slightly longer-term look at S&P 500 futures - shows the close today ramping up to the low-end of the recent up-trend (orange dotted line) - but with major professional acivity (large blocks indicated by the blue bars h/t @eminiwatch)... click image for huge version.


and spot VIX and the S&P revert to trading tick for tick once again (even as the rest of the curve remains wide)...

 

Charts: Bloomberg and Capital Context

 

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Fri, 02/22/2013 - 17:25 | 3268176 Croesus
Croesus's picture

Dump Gold, Buy STOCKS!!!! BUY WITH BOTH HANDS </sarcasm>

Fri, 02/22/2013 - 17:27 | 3268187 whatsinaname
whatsinaname's picture

Gold showing slight recovery by end of day. Am pretty sure the Indians are loving these new prices as the previous month (Paush) was considered unlucky for gold purchases.

Fri, 02/22/2013 - 17:29 | 3268191 ekm
ekm's picture

A controlled decline is impossible and improbable.

 

Only CRATERING is left as an option.

 

Close your eyes, open your eyes and..........BOOOOOOOOOOOOOM

Fri, 02/22/2013 - 20:16 | 3268733 Cursive
Cursive's picture

@ekm

You are so right.  If a market oracles react this way to a 2% decline, one has to think that there is no way anyone could walk this bitch down easy.  Forget taking the elevator, it'll be more like falling down the elevator shaft.

Fri, 02/22/2013 - 17:36 | 3268196 JustObserving
JustObserving's picture

Loss?  That is so against American exceptionalism. God guaranteed a rising stock market for the shining city on the hill.

Bernanke, you are not printing enough.  How about $100 billion a month instead of $85 billion?

$100 billion is such a nice round number.

Besides, you can use the extra money to attack gold and silver more.  Moreover, we need more drones for Africa.

Fri, 02/22/2013 - 17:30 | 3268203 maskone909
maskone909's picture

OT epic santelli rant cnbc good stuff

Fri, 02/22/2013 - 17:33 | 3268214 thismarketisrigged
thismarketisrigged's picture

one of his better rants, and making great and valid points against that fucker douchebag guy

Fri, 02/22/2013 - 17:39 | 3268232 GrinandBearit
GrinandBearit's picture

I saw the end of it.  Whoever Mr Douchebag was, he said all the debt the US had was fine.  He also said all the debt the US was accumulating was no problem.   Where does CNBC find these buffoons?

Fri, 02/22/2013 - 17:55 | 3268311 maskone909
maskone909's picture

he was in the krugman camp. some econ phd. i love how bartiromo said thwy had to go to break when santelli was shouting "PONZI SCHEME!!!"

Fri, 02/22/2013 - 18:04 | 3268336 fuu
fuu's picture

CIBC.

Fri, 02/22/2013 - 20:03 | 3268690 Freddie
Freddie's picture

I cannot believe people still watch TV and Hollywood.  I guess they like being sheep supporting The Matrix.  nice job. 

Fri, 02/22/2013 - 17:31 | 3268204 Stoploss
Stoploss's picture

Retirement on!!  ?? Or is that today and today only, i forgot it was Friday, but just for a second.  Right, retirement is always on, on Friday's.

Fri, 02/22/2013 - 18:07 | 3268217 Racer
Racer's picture

And another new all time high about to be hit... petrol prices in the UK  :(((

 

But as long as the stock 'markets' are okay, that's all the 1% care about

Fri, 02/22/2013 - 17:35 | 3268218 thismarketisrigged
thismarketisrigged's picture

today was as predictable a day as it could have been.

 

anyone who didnt see a big day coming today has not watched the market lately. no way they were going to let the dow be negative for the week, and they were going to try and minimize the weekly losses on the other sectors.

 

no shock here with the fucker fed reserves. fuck bernanke and bullard

Fri, 02/22/2013 - 17:37 | 3268221 Joe moneybags
Joe moneybags's picture

Thursday was the first buyable dip of 2013. 

Fri, 02/22/2013 - 17:46 | 3268279 kornholio
kornholio's picture

remember occupy wall street and jump you fuckers? well just wanted to let them know they lost and wall street has won resoundingly, even with a marxist in the white house LOL

Fri, 02/22/2013 - 17:51 | 3268300 fonzannoon
fonzannoon's picture

anyone else see that disturbing and totalkly unnatural climb to 14k right on the nose at the end of the day?

Disturbing.

Fri, 02/22/2013 - 18:00 | 3268327 Threeggg
Threeggg's picture

There can be no deflation of the leveraged debt or it's over.

Fri, 02/22/2013 - 17:53 | 3268308 thismarketisrigged
thismarketisrigged's picture

its so funny how like in november, hpq was dying and every analysts was saying it was only going lower ( this was when it was at 11 dollars) and now its almost at 20 3 months later.

 

these analysts crack me up.

 

also amazing how the dow closed exactly at 14000

Fri, 02/22/2013 - 19:08 | 3268524 Glasnost
Glasnost's picture

I'm gonna go out tomorrow and pick up some physical silver.

El-Erian is right that this isn't a lehman moment....because lehman hasn't been revealed yet.

Fri, 02/22/2013 - 20:11 | 3268705 devo
devo's picture

I'm a self-taught economist, so maybe there's a gap in my knowledge. Tell me what I am missing in regard to preferring stocks to dollars. Sure, they might be worth zero in dollars one day, but shares will be worth something in gold or a new currency. Right?

Fri, 02/22/2013 - 20:24 | 3268749 EclecticParrot
EclecticParrot's picture

I'm a self-taught dentist.  (Not sure which of us is potentially more dangerous.)

Fri, 02/22/2013 - 20:25 | 3268759 devo
devo's picture

Dude! You are.

Fri, 02/22/2013 - 20:36 | 3268781 EclecticParrot
EclecticParrot's picture

I'm currently having a "Fed have stopped easing" sale on gold fillings.  Care to make an appointment?

(Nice to see you promoting one of the more famous bands from my hometown.)

Fri, 02/22/2013 - 20:44 | 3268799 devo
devo's picture

My lady and I were watching this all night. They should be in the R&R Hall of Fame. We can discuss it more over the tooth filings-- I'll need at least 5oz of 'work' done.

Fri, 02/22/2013 - 21:48 | 3268932 kornholio
kornholio's picture

im a self taught gynocologist

Sat, 02/23/2013 - 10:50 | 3269708 mkhs
mkhs's picture

I would have guessed proctologist.

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