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Dow Crushed 0.01% For 3rd Worst Week Of The Year

Tyler Durden's picture




 

Forgive the sarcasm in the title but it is indeed the Dow's 3rd worst weekly performance of 2013. The major US equity indices end the week near their highs - apart from the Trannies - but all fail to get back into the green as Cypriot concern is weighing everywhere but stocks. VIX ends the week notably higher (and near the highs of the week) as protection was very much bid into the weekend. The USD slipped on the day but ends the week up 0.35% (led by EUR weakness just outweighing GBP and JPY strength). Oil and Silver danced around each other all week to end it perfectly in line at -0.15%, Gold outperformed +1%, and Copper dropped 1.5%. Treasuries also ignored equity ebullience and ended the week near their low yields (down 7-9bps). While financials were not the worst sector on the week, the majors were ugly ending at their lows with Staples leading overall. Today's volume and average trade size were among the lowest of the year as everyone prepares for a long weekend in front of the screens...

EURUSD ran up to test stops above 1.30 right after the close but is fading as the Cyprus votes come in...

This would have been the worst week of the year for the Dow were it for them pesky kids...

 

 

 

 

The algo bid in stocks was in direct disagreement with the desire to protect into the weekend...

 

but the message was clear from on high- GET US GREEN!!

 

leaving S&P testing up to the underside of up trend channel...

 

and Bonds closed near the low yields of the week.

 

But volume and average trade size was terrible today... (even that idiocy in the last minute)...

 

FX markets rolled over but the USD remains positive (as JPY strength reduced risk-on demand)...

 

and Silver and oil oddly recoupled while Gold won the week...

 

Charts: Bloomberg and Capital Context

 

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Fri, 03/22/2013 - 16:21 | 3363592 flacon
flacon's picture

Did you see that 3:59 action?! Holy shit man!

 

I have the foloowing: DIA APR 20 $140.00 PUT, GLD MAR 28 $156.00 CALL, LNKD MAR 28 $175.00 PUT, SLV APR 20 $29.00 CALL, SLW APR 20 $33.00 CALL

Fri, 03/22/2013 - 16:22 | 3363608 jeebus
jeebus's picture

I have LNKD 2014 and FB 2014 LEAPS.

Fri, 03/22/2013 - 16:30 | 3363621 flacon
flacon's picture

Here's some tunes to get you going for Friday drinks night downtown NYC:

 

Yeah I am the one, king of the world and Devil's son (Bernanke)

http://www.youtube.com/watch?v=PaE6r9JhvQU

Feeling gold?

http://www.youtube.com/watch?v=kIBeYoP9Wi0

 

Fri, 03/22/2013 - 16:32 | 3363638 squid virtuous
squid virtuous's picture

excellent hope to see a beady eyed bankster type and choke him out in a back alley after he's had one-too-many of whatever the latest fad drink is in Tribeca

Fri, 03/22/2013 - 17:02 | 3363741 Obchelli
Obchelli's picture

New normal for this market is defined in following terms:

 

Dow up 100 points - Market Takes Breather

Dow up 70 points - Market pullback

Dow up 50 points - Market crash

Dow up 30 points - Market closed Limit down as it gets too close to negative teritory

 

Fri, 03/22/2013 - 16:28 | 3363625 squid virtuous
squid virtuous's picture

Have size sep 13 puts on Western Civilization As we Know It (ticker WCAK) 

Fri, 03/22/2013 - 17:03 | 3363639 Awakened Sheeple
Awakened Sheeple's picture

WTF. I didn't even know about the ramp until I read this and I was watching at the bell. HFTs really are faster than the internet.

Fri, 03/22/2013 - 17:05 | 3363766 James_Cole
James_Cole's picture

I have the foloowing: DIA APR 20 $140.00 PUT, GLD MAR 28 $156.00 CALL, LNKD MAR 28 $175.00 PUT, SLV APR 20 $29.00 CALL, SLW APR 20 $33.00 CALL

140 wow, seen a lot of people getting killed on dia & spy p.... at least the slv is cheap (provided you bought it today aft). 

Either way, ballsy...best o' luck. Right now my mantra is don't hold overnight and never ever hold over the weekend. 

Fri, 03/22/2013 - 17:06 | 3363769 Mark123
Mark123's picture

LNKD up about 3.7% today.  PE now at 950, market cap $20 billion.

 

So, if you had $20 billion saved in the bank, would you write a check to a guy with a story like LNKD? 

 

Of course, if your adviser was a wall street whore then I guess you would.

Fri, 03/22/2013 - 16:19 | 3363599 NotApplicable
NotApplicable's picture

No forgiveness required.

I LOLed hard.

Fri, 03/22/2013 - 16:20 | 3363602 mdtrader
mdtrader's picture

The market has zero integrity these days.

Fri, 03/22/2013 - 16:23 | 3363611 timbo_em
timbo_em's picture

Dow down .01...let the margin calls begin.

Fri, 03/22/2013 - 16:26 | 3363622 TeamDepends
TeamDepends's picture

It's Happy Hour for the Plunge Protection Team!

Fri, 03/22/2013 - 16:24 | 3363613 MFLTucson
MFLTucson's picture

 This is a fucking clown show and it will end with a huge loss.  What the hell kind of a market do we have that goes up 100 points while the world is falling apart and we are deeper in debt?  This is bullshit and I hope that American people see the corruption for what it is. We live in a society run by gangsters and liars!

 

Fri, 03/22/2013 - 16:40 | 3363672 Law97
Law97's picture

For those of us watching last night in the wee hours, we saw the futures ramp on the rumor of a Russia deal.  Then rumor of yet another possible deal with the ECB, then today romor of an imminent deal and vote, and so on.  As each rumor hit, ES ramped, but only gave back a bit as they were one by one officially denied.  The rumors were only being used by the pumpers as cover.  Ramp on the rumor, give back just a little on the denial.  Classic pattern marking another orchestrated short squeeze.  Usually done in the futures too when small shorts are stuck. 

 

Wall Street has become one big government-sanctioned criminal enterprise.

Fri, 03/22/2013 - 16:45 | 3363682 krispkritter
krispkritter's picture

+ $85,000,000,000  and similarly "Government has become one big Wall Street-sanctioned criminal enterprise"

Fri, 03/22/2013 - 18:02 | 3364049 Galactic Superwave
Galactic Superwave's picture

Would somebody please put Bernake out of our misery. Doesn't matter how....just do it.

The Evil that exudes from the Fed and Central banks around the world is now epic. Once they have transferred the last shreds of wealth from the poor and middle class to the rich, then maybe the people will finally get out the pitchforks....

Fri, 03/22/2013 - 16:25 | 3363616 DavidC
DavidC's picture

Please, somebody explain this to me?!

DavidC

Fri, 03/22/2013 - 17:53 | 3363845 Cdad
Cdad's picture

Well...it goes like this.  Criminal syndicate Wall Street types, plugged in with computers, continuously ramp equities [not commodities or credit] on each CY rumor...causing massive fanta second spikes in futures and ETFs...a process called "adding value."  People often get confused about these spikes because most people are not in the loop about the new US market and how selling causes it to rise, and buying causes it to fall.  Oh well, someday people will learn.

Obviously, at the close, a member of the criminal syndicate got the inside skinny on Cyprus passing capital controls [I'm hearing for only two years].  As well, they have drawn Cyprus Granny's pension money into the mix.  Next up, the vote to steal deposits.  

After that, CY politicians and bankers are hopping flights to Brussels sprouts so that they are far far away from Cyprus, what with its seething X KGB agents roaming the streets looking to settle the score.  Once in Brussels sprouts, caters will be hustling about bringing fancy food and drink to CY politicians and bankers and their EU technocrat counterparts, as they talk of victory, in this case the victory of conjuring €10 billion out of nowhere [to be added to €6.7 billion they intend to steal] which will magically insure €112.3 billion deposits left in CY...which people won't be able to withdraw.

As the evening in Brussels sprouts wears on, there will be discussions about "winding down" the primary industry in Cyprus, or in other words, the process of selling off crap assets at even crappier prices to arbitrageurs just waiting in the wings, this to complete the destruction of the CY economy.

And after that comes the bailout victory party, promotions and pay raises for various bankers, and ultimately a planning session to perpetrate these new bailout strategies in other countries.


Fri, 03/22/2013 - 16:25 | 3363617 lolmao500
lolmao500's picture

Bloomberg TV : Cyprus president : Cyprus staying in the Euro!

Fuck this guy!

Fri, 03/22/2013 - 16:25 | 3363618 thismarketisrigged
thismarketisrigged's picture

it was so patheticly rigged in the end, it was comical.

 

on cnbc they were saying how we were most likely not going to finish up the week positive and in the final minute we nearly did, missing by a pt ( we needed 24 pts going into the final minute)

 

also, i love how all these fucks say that if cyprus is fixed over weekend we rally( we never fucking sold off for cyprus so how the fuck would it make sense to rally for it) but if nothing is resolved, we prob just lose a few pts.

 

it was so obvious what was going to happen today, we can never have 2 decent size losing days in a row bc bernanke is a fuck.

Fri, 03/22/2013 - 16:28 | 3363629 MFLTucson
MFLTucson's picture

Yes, it is a total disgrace to watch these gangsters at work.

Fri, 03/22/2013 - 16:58 | 3363720 squid virtuous
squid virtuous's picture

Jeremy Siegel says 1700 and 17000 by year end, nice round numbers! rally on!!

Fri, 03/22/2013 - 16:59 | 3363729 Mark123
Mark123's picture

Right.  So we sold off .01% on Crprus, and will rally 5% on some sort of bogus bail out (code word for kick the can, steal the cash, and run out of town before the SHTF).

 

Cyprus is too small to matter, but massive when fixed.

Fri, 03/22/2013 - 16:27 | 3363626 mayhem_korner
mayhem_korner's picture

 

 

I'm amazed at how far they can make $85 billion/month go.  /s

Fri, 03/22/2013 - 16:33 | 3363627 Number 156
Number 156's picture

They are using your money against you.

They tax it from you, they 'fee' it from you, they inflate it out from under you.

Then they kill the shorts with it. 

 What will happen is the fake bubble based economy will completely collapse under its own weight, and these privileged people, especially those people in the political system, will not have lost dollar one, because their wealth wont be in dollars.

Sad days indeed.

Fri, 03/22/2013 - 16:30 | 3363637 spiral galaxy
spiral galaxy's picture

The market manipulation is merely a conduit for the Fed to bail out the state pension funds, keeping the derivitives market solvent and, of course, bail out the Wuuuurld.

Fri, 03/22/2013 - 16:33 | 3363649 Unprepared
Unprepared's picture

Thank goodness this was a FOMC week.

Sat, 03/23/2013 - 03:17 | 3363652 Law97
Law97's picture

Somebody said it yesterday that the bears would get their balls squeezed today because of the technicals (aka, the "Lure") yesterday so clearly signaling further weakness ahead, and boy they were right. 

 

If its one thing I've learned the last few years (besides unlearning everything from the previous 30 years), it's to never, ever, fall for a classic bearish technical pattern.  That is precisely when they will crush your bearish nuts in the vise.  "Death crosses," "support breakdowns," "bearish candlesticks," all of them are still very useful technical indicators, as long as you do the opposite and BTFD.  Today was a perfect example.

Fri, 03/22/2013 - 16:34 | 3363653 Jacque Itch
Jacque Itch's picture

Down down 90 yesterday and up 90 today.  No manipulation.

Fri, 03/22/2013 - 16:42 | 3363677 Law97
Law97's picture

Down yesterday on crappy fundamentals (Oracle, FedEx, CAT, German PMI, etc.) - up today on ether. 

Fri, 03/22/2013 - 18:14 | 3364086 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Which is why doing ether is more fun than fundamentals ...

Fri, 03/22/2013 - 16:40 | 3363673 Tsar Pointless
Tsar Pointless's picture

Another easy QE/ZIRP-ridden market week to call.

I said it Sunday. Down a little to open, even by mid-week, and all will be well by Friday.

WRR. (Wash rinse repeat for those of you who are acronym impaired.)

Fri, 03/22/2013 - 17:00 | 3363733 Pinefox
Pinefox's picture

Was watching CNBS at 3 minutes to the close when Bill Griffith said they needed to be up 92 points to close positive for the week.  That triggered the last minute ramp.  Even Bartiromo seemed incredulous but managed to carry on in spite of the blatant manipulation. The hand writing is on the wall, in blood today.

Fri, 03/22/2013 - 17:09 | 3363797 km4
km4's picture

Just relax and keep this info handy because every single day, the total amount of debt will continue to grow faster than the total amount of money until the day that this bubble bursts.

The Global Financial Pyramid Scheme By The Numbers | Zero Hedge

http://www.zerohedge.com/news/2013-03-21/global-financial-pyramid-scheme-numbers

The following is the global financial pyramid scheme by the numbers...

-$9,283,000,000,000 - The total amount of all bank deposits in the United States. The FDIC has just 25 billion dollars in the deposit insurance fund that is supposed to "guarantee" those deposits. In other words, the ratio of total bank deposits to insurance fund money is more than 371 to 1.

-$10,012,800,000,000 - The total amount of mortgage debt in the United States. As you can see, you could take every penny out of every bank account in America and it still would not cover it.

-$10,409,500,000,000 - The M2 money supply in the United States. This is probably the most commonly used measure of the total amount of money in the U.S. economy.

-$15,094,000,000,000 - U.S. GDP. It is a measure of all economic activity in the United States for a single year.

-$16,749,269,587,407.53 - The size of the U.S. national debt. It has grown by more than 10 trillion dollars over the past ten years.

-$32,000,000,000,000 - The total amount of money that the global elite have stashed in offshore banks (that we know about).

-$50,230,844,000,000 - The total amount of government debt in the world.

-$56,280,790,000,000 - The total amount of debt (government, corporate, consumer, etc.) in the U.S. financial system.

-$61,000,000,000,000 - The combined total assets of the 50 largest banks in the world.

-$70,000,000,000,000 - The approximate size of total world GDP.

-$190,000,000,000,000 - The approximate size of the total amount of debt in the entire world. It has nearly doubled in size over the past decade.

-$212,525,587,000,000 - According to the U.S. government, this is the notional value of the derivatives that are being held by the top 25 banks in the United States. But those banks only have total assets of about 8.9 trillion dollars combined. In other words, the exposure of our largest banks to derivatives outweighs their total assets by a ratio of about 24 to 1.

-$600,000,000,000,000 to $1,500,000,000,000,000 - The estimates of the total notional value of all global derivatives generally fall within this range. At the high end of the range, the ratio of derivatives to global GDP is more than 21 to 1.

Are you starting to get the picture?

Every single day, the total amount of debt will continue to grow faster than the total amount of money until the day that this bubble bursts.

Fri, 03/22/2013 - 17:15 | 3363823 km4
km4's picture

A new Rasmussen Report shows that 50% of U.S. Adults favor a plan to break up the 12 megabanks, which currently control about 69% of the banking industry.

http://www.rasmussenreports.com/public_content/business/general_business...


Fri, 03/22/2013 - 17:47 | 3363990 css1971
css1971's picture

Isn't that what the bankruptcy process is all about?

Fri, 03/22/2013 - 18:07 | 3364067 Galactic Superwave
Galactic Superwave's picture

It's a shame that the 50% that don't favor it are so fuckin ignorant. Even after the inevitable collapse, they will still not know the truth about the megabanks since they are ignorant and don't give a shit that they have been raped.

Fri, 03/22/2013 - 17:38 | 3363931 NuYawkFrankie
NuYawkFrankie's picture

Surprised anyone still bothers looking at The Dow.

 

Like an aging hooker - just about managing to get tarted-up for one last trick... before that inevitable rendezvous with the trash-heap.

Fri, 03/22/2013 - 18:17 | 3364096 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Come to the dark side.

You thought that was a line from a movie ?

Leveraged long.

You know you want to.

Come to Benny.

Fri, 03/22/2013 - 18:28 | 3364141 goldenbuddha454
goldenbuddha454's picture

what goes up can't go down

Fri, 03/22/2013 - 19:17 | 3364288 short screwed
short screwed's picture

Noooooooooooooooo! They're killing the green shoots! THE GREEN SHOOTS!

Fri, 03/22/2013 - 19:28 | 3364324 EclecticParrot
EclecticParrot's picture

 

As Carly Simon might sing:

Manipulation

Ma-nip-u-la-a-tion is making me wait

I'ts keeping me wa-a-a-iting

Fri, 03/22/2013 - 19:40 | 3364359 The Alarmist
The Alarmist's picture

" ... apart from the Trannies ...."

Why do I have this image of Jim Cramer trolling for ladyboys down on 33rd street near the Lincoln Tunnel every time you mention the trannies?  

"Buy ... Buy ... Buy .... Booyah!"

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