EU Call Begins; Pushing Stocks To Lows, VIX Over 14%

Tyler Durden's picture


Expected to last 60-90 minutes - if Monday's call is any guide - it seems the European Group's teleconference to discuss Cyprus has pressured stocks and WTI (seemingly the new anchor risk asset) to the lows of the session and VIX to highs...




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Thu, 03/21/2013 - 14:14 | 3358248 Cult_of_Reason
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BTW, there was a huge ~2 million RWM shares block traded (daily RWM average volume is less than a million) ~20 minutes ago @ $21.59 (usually this is a sign of the bottom [or the top for Russell 2000]).

Thu, 03/21/2013 - 14:20 | 3358273 hedgeless_horseman
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The action in France is a bit cleaner, and closer to the flame.

Thu, 03/21/2013 - 14:32 | 3358336 kaiserhoff
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mouton rouge;)

red sheep

Thu, 03/21/2013 - 14:37 | 3358367 fockewulf190
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Here comes the invisible hand again, stroking off the market.!

Thu, 03/21/2013 - 14:29 | 3358332 Mark123
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so, exactly how does a transaction like that happen?  Twice the avg daily volume in one transaction?  Who sold those shares?


verrrry interesting.

Thu, 03/21/2013 - 15:32 | 3358593 Cult_of_Reason
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Most likely it was a market maker (syndicate) off-loading the inventory (after supporting the market for multiple days and weeks to off-load in small increments and recorded everything as a block on the tape when he/she completed off-loading). Usually, you see these signs when they are getting ready to flip the market (before they bring it down).

The market makers buy low, take the market up (walk it up) and then off-load their inventory to the public. Having done that they then short sell the market, bring it down and off-load their inventory again, before repeating the cycle.

They influence the market with their size and very often their footprints can be clearly seen, as in this example.

Thu, 03/21/2013 - 14:41 | 3358399 slaughterer
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If there is no significant overnight development, I would expect a RED FRIDAY to avoid the weekend EURO CLUSTERFUCK (remember, it was on a weekend that the sneeky Eurocrats imposed this "wealth tax" and ECB gives Cyprus banks till Monday to get their shit together)

Thu, 03/21/2013 - 14:13 | 3358250 Cult_of_Reason
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Thu, 03/21/2013 - 14:12 | 3358252 NoDebt
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Vix at 13.80 and we're getting all worked up?  Wake me up at 38.80

Thu, 03/21/2013 - 14:15 | 3358272 resurger
resurger's picture

Benny et al  will get to work soon

Thu, 03/21/2013 - 14:28 | 3358321 derek_vineyard
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already on the job...the downswing lasted 5 minutes--the plunge protection tech might have been taking a dump

Thu, 03/21/2013 - 14:28 | 3358326 McMolotov
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I feel safe knowing we have Top Men™ working on it.

Thu, 03/21/2013 - 14:14 | 3358260 swissaustrian
swissaustrian's picture

Pms are starting to make sense again

Thu, 03/21/2013 - 14:20 | 3358298 Schmuck Raker
Schmuck Raker's picture

Are you calling a top?

Thu, 03/21/2013 - 14:43 | 3358405 holgerdanske
holgerdanske's picture

What do you mean, again?

They have made sense all the time. You have just lost focus in the hurricane of disinformation.

Throw the TV out, cancel the newspapers, concentrate on what makes you tick and sleep sound at night.


Don't let them play with your mind!


Gold will take care of the rest.

Thu, 03/21/2013 - 14:14 | 3358264 TeamDepends
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VIX enters viagra vortex....

Thu, 03/21/2013 - 14:50 | 3358455 TeamDepends
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Call your doctor and/or broker if condition lasts more than four hours....

Thu, 03/21/2013 - 14:15 | 3358269 fonzannoon
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way to get in there kevin. Fight till the end to buy that dip.

Thu, 03/21/2013 - 14:15 | 3358270 OptionNinjaNYC
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ES approaching 1530. Will probably break it by Tomorrow. Next up: 1500.


Thu, 03/21/2013 - 14:32 | 3358338 derek_vineyard
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 your projection already incorrect....the dip lasted 5 minutes

Thu, 03/21/2013 - 14:16 | 3358279 WTF_247
WTF_247's picture

No sooner is this posted than the futures push up almost 5pts from the lows in about 3 min.

Algo's right back in there with strong buy.  If its down more than 0.5% then correction over - get in now

Thu, 03/21/2013 - 14:17 | 3358283 Cursive
Cursive's picture

Uh, BernanQE and K-Hen will save the day, right?

Thu, 03/21/2013 - 14:21 | 3358301 Cunnial
Cunnial's picture

K-rect! K-Hen back to VWAP... Job nearly done... only another 7 points for the all clear... Market = Comedy 

Thu, 03/21/2013 - 14:18 | 3358287 ZippyBananaPants
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"Just the head is in, breath and get more lube"

Thu, 03/21/2013 - 14:42 | 3358406 slaughterer
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I really need an illustration and T-shirt to trully appreciate that quote.  

Thu, 03/21/2013 - 15:28 | 3358755 Peachfuzz
Thu, 03/21/2013 - 14:20 | 3358297 fonzannoon
fonzannoon's picture

hah, look at this market come back. The pipe dream that reality is going to magically manifest itself in this crackead market ain't gonna happen.

Thu, 03/21/2013 - 14:22 | 3358302 Its Only Rock N Roll
Its Only Rock N Roll's picture

Meanwhile back in China..... (and Syria too but everyone is focusing on the little island to the west right now)

Thu, 03/21/2013 - 14:22 | 3358303 magpie
magpie's picture

up up and away

Thu, 03/21/2013 - 14:24 | 3358309 chancee
chancee's picture

Did anyone seriously think they would allow a 200 point down day?  Futures, futures, futures, futures...

Thu, 03/21/2013 - 14:30 | 3358324 WTF_247
WTF_247's picture

Anyone want to be the market finishes positive on the day?  They already recovered half in about 15 min...


I know how this will end (not good) but what I do not understand is the idiots with real money who are so "risk on" that even a 0.5% dip in the market leads to massive buying every time.  Unless you think the market is going to be up 30% this year it really seems stupid to chase and hold the market at the highs when a correction offers a much better entry point after such a strong push for the first few months.

Thu, 03/21/2013 - 14:34 | 3358343 optimator
optimator's picture

The Bernak can put it in faster than traders can pull it out...Today the Bernak may let the market close down a few points, just to make it look like it's not manipulated.

Thu, 03/21/2013 - 14:29 | 3358331 ebworthen
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When the markets realize that the FED will use deposit levies in the U.S. as a policy tool it will be DOW 20,000+.

Thu, 03/21/2013 - 14:34 | 3358345 RmcAZ
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DOW should be at 15,000 by the end of today

Thu, 03/21/2013 - 14:41 | 3358398 Nid
Nid's picture

Last May, during the drama over the potential Grexit, the SPX dropped nearly 10% and VIX traded to 27% . Now, with the SPX 20% higher, the likelyhood of a Eurozone breakup and a bank & Sovereign failure results in a 1% drop in the market and a 14% VIX. 

What a scam.

Thu, 03/21/2013 - 14:46 | 3358432 WTF_247
WTF_247's picture

difference is big money thinks there is 0 risk.  No matter what happens Fed bails them out - 

What does not make sense is why the big money would think the stock market is no risk ever - meaning there is no "take profits" other than for a few hours, only to be rescued again.  Even in the .com boom the markets were much more volatile - push, fade, push fade etc.  I knew tons of people who blew up their accounts going long during this time because of the corrections and how much stocks would move.

Thu, 03/21/2013 - 14:50 | 3358456 Nid
Nid's picture

Shares at these levels appear to be in very few hands and shorts have been brutalized too badly to mount an offensive. 

Thu, 03/21/2013 - 14:43 | 3358414 slaughterer
slaughterer's picture

Meanwhile in world of silver: $29.20 is the spot buy point for the toro bravo algos--until it is not.  

Thu, 03/21/2013 - 14:48 | 3358444 SheepDog-One
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'The important thing is'...wildly whipsawing chaotic markets everywhere while loyal CNBC Blowhornists declare 'All is WELL!'


Thu, 03/21/2013 - 14:48 | 3358447 Mark123
Mark123's picture

I think what a lot of folks miss is that the stock market is now one large asset has nothing to do with raising capital for new, profitable business.  If you look at all the stocks, and all the worlds markets they move at the same time, same magnitude all in unison - that is not normal.

That makes it easy for the big guys to move it up with their unlimited overdraft accounts, but it creates a massive unstable behemoth.  At some point there will be a crash, and this time governments (using their guarantees and bailout cash) won't be able to intervene.

It will be stunning.

Thu, 03/21/2013 - 14:52 | 3358473 curbyourrisk
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And then Ben comes to the rescue.


Don't you people know stocks are not allowed to go down.


Thu, 03/21/2013 - 14:53 | 3358486 slaughterer
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1550 is the S&P 500 EOD Bernanke peg--Kevy-H is riding it there with his joystick.  

Thu, 03/21/2013 - 15:19 | 3358704 Legolas
Legolas's picture

<----- DOW closes up or unchanged

<----- DOW closes down


Heading off to the bank for a final drawdown preceding 322.



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