S&P Futures Plunge To 1-Week Lows; Gold Jumps To 3-Week Highs

Tyler Durden's picture

Given FX markets are double-dipping now, it is little surprise that S&P 500 futures open down 16 points from the 1553.5 close on Friday - a one-week low. This is the biggest close-to-open gap down since May 2012. Treasury Futures just opened implying a 1.94% 10Y (-5bps) and 3.16% 30Y (-5bps). And despite the USD strength, spot gold just opened also up from $1591.95 to $1607. The arb against JPY carry is holding stocks for now... only another 8 hours until Europe opens... Over 38,000 contracts have traded in S&P 500 futures in the first 5 minutes ($2.9bn notional) - 30 times the average for a Sunday night... The initial dump was caught by a VWAP reverter but that is fading now... Japan's NKY looks set to open down around 500 points or so given JPY's strength.



The biggest Close to Open gap in 10 months...


Initial massive volume dump for a Sunday night, VWAP algos revert and now fading again...


Stocks open down to EURJPY, bounce a little on the catch up from carry...


Gold holding above $1605...




and for now it looks like Japan's Nikkei 225 will open -500 points or so at around 12,000...



Charts: Bloomberg

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transaccountin's picture

should be down 30 on the /es, such bs

machineh's picture

Ben can close that 16 point gap in the first hour of trading tomorrow.

flacon's picture

Gold should be up 10%, to $1,750 at least. 

fockewulf190's picture

1 oz. gold bar was selling a few hours ago at €1240. It's at €1267 now. Maples went up by over 40 cents. Going to be an interesting day.

Say What Again's picture

I've made a copy of the CLOSE to OPEN Gap chart shown above.  What is really interesting is that if you go back to 7/25/11, that was the first time in LONG time that you had such negative gap, and look what happened after that... 

ES went from 1299.25 down to a low of 1035.25.

That's a 20% decline in about 12 days.

This is going to be interesting.

kaiserhoff's picture

Off the lows!

   Lardassicus Muchacha

Deo vindice's picture

I like the analysis on ZH. But whenever gold or silver spike over a period of minutes, it's not always news. Many is the time we have seen the spike flatten out and a reversal an hour later.

No one should ever buy or sell PMs on a 30 minute graph.

James_Cole's picture

Safe to file this under "non-event" atm.

YBNguy's picture

Whats the spot price for Ammo?

TruthInSunshine's picture

Would anyone be legitimately surprised if there were to be incident with Iran or North Korea right about now?

I'm not saying that there will necessarily will be such an event in the near term, but just highlighting what scummy f*cks the banksters that own the "elected representatives" and "appointed regulators" are and to what horrific degree I'd put nothing past them, and highlighting the extent by which they drive geopolitical "events."

Tinky's picture

Couldn't agree more. And it is the aspect of the impending collapse that concerns me the most.

Water Is Wet's picture

LOL, the Dow is at all time highs and you wankers are circle-jerking to the "impending collapse."  Fucking lulz.

James_Cole's picture

Nominal only, dow is nowhere near all time highs.

I actually like that pr though, would've worked wonders for Germany in the 20s. "Great economic news; the amount of $ in people's wheelbarrows is at all time highs!"

ArrestBobRubin's picture

Based on that comment we can say that water ain't the only thing here that's all wet

A Nanny Moose's picture

At least water knows how to flow to the ocean.

Water Is Wet's picture

Oh dear.  I've offended the Zerohedge groupthink.  What ever will become of me?

Room 101's picture

Offended?  Meh.  You'll need to do better than that to offend us. Actually, your post wasn't that bad...reminder that not all is as it seems and to be careful of orthodoxies.  Here or elsewhere. 

Jena's picture

No, you are just representative of the greater population at large.   Baaaa.

TruthInSunshine's picture

Now that the Dow is at an all time [nominal] high (but off its real highs by roughly 45%), and have reached what looks to be a permanently high plateau, with a rock solid Bernanke Put beneath their foundation, that pretty much guarantees smooth sailing under nothing but Blue Skies from now on.

Nothing ever untoward happened after the Dow or any other equity index made a previous high (whether in nominal or real terms). Stocks for the long run; Dow 36,000 (published in 1999 and re-published in 2013), Virtuous Circles, Winners of the New World, and all of that...

Yellow by Coldplay

Jena's picture

Indeed, what could possibly go wrong?


(Don't really know Coldplay so that was fun.)

algol_dog's picture

I don't know ETF, seems like just another buy the dip opportunity. Me thinks open down 20 S&P, and close S&P flat to slightly up ...

Bay of Pigs's picture

Groupthink? You must be new here.

Rustysilver's picture


Read some posts. Thinking here is from all prospective. Plot it on xyz axis and you will see it all over the place.

As much I like to think that I consistent in my thinking I find myself taking different prospective depending on subject matter.

LawsofPhysics's picture

"the Dow is at all time highs and you wankers are circle-jerking to the "impending collapse." -  And how much did that all time high cost again in new debt  again? LMFAO!!!  yeah, this can go on forever, troll harder loser.  If the market is moving (up or down) we make money, that is what ZH is for.

Son of Loki's picture

I feel sorry for the poor bastards who had all thier money in fiat (paper) in Cyprus banks instead of physical PMs in their possession (or lost in a boating accident).

This is a good lesson. Some will learn. Many will  not.

Stoploss's picture





It's just profit taking...

LooseLee's picture

A great and wise man once said, 'When the blind lead the blind they all fall into a ditch'. Dat be YOU machineh.

ThunderingTurd's picture

Agree. I think this will get worse throughout the week. Negative headlines to dominate. They won't be able to stop the capital coming out of the banks. You can't talk your way out of that.

Motorhead's picture

Futures, bitchez!

Jacque Itch's picture

"Mkt" close for Monday:  Dow -8; Naz -5; S&P -1


Potter & Sack

thismarketisrigged's picture

wow, could be a huge gainer for gold.


we all know the drill though, they will turn futures green somehow by tomm morning with some bs news.


like for example, the u.s banks did not go bankrupt from this, buy buy buy, that will be the story to get the market green

Abraxas's picture

Please stop! Let me enjoy it, if only for a moment.

maxmad's picture

And down we go.... Like a Cypriot in heat..

Debtonation's picture

Take this Euro Ship down!

Long Molotov cocktails!

sunaJ's picture

Not until the gates are locked for the 2nd and 3rd class passengers.

BoNeSxxx's picture

If the grand Euro unification plan fails, it will set the one-world order/currency agenda back 100 years or 1.5 - 2 generations.

Expect that Europe's unification (economic AND political) will be defended to lengths we dare not imagine... My guess is that the former's failure will be used as justification for the latter.

A Nanny Moose's picture

No need. Just disrtract us with some deck chairs.

A Nanny Moose's picture

I would argue that anyone arguing that they are prepared, is merely arguing their lack of preparation.

Hulk's picture

To the moon Alice !!!

swissaustrian's picture

JPY is outperforming USD. Stupid fx crowd.

e m m's picture

Japan is a capital exporter. Sometimes those JPYs go home.

swissaustrian's picture

My guess is that it's related to carry trade unwindings.

Pool Shark's picture



Yep, that whirring sound you hear are carry trades being unwound,... that, or Ludwig VonMises spinning in his grave...



hooligan2009's picture

japan is now running a trade deficit...sems like the five legged Kobi beef exports with green eyes looked way too suspicious