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Commodities Jump But Stocks And Bonds Unimpressed By Fed Statement

Submitted by Tyler Durden on 05/01/2013 14:51 -0400

For the first 15 minutes or so after the Fed's statement, the market was largely unimpressed. EURUSD saw some squirliness but it was silver (and gold and oil) that was moving higher quickest. Bonds sold off modestly and stocks rose a point.That trend persisted into the T+30 minute mark but since then bonds and stocks are basically unchanged while Oil, Gold, Silver, and Copper are rising. EURUSD remains very gappy. VIX is modestly lower as pre-FOMC hedges are lofted but that is not supporting buying for now.

T+45: ES 1583 +1, 10Y 1.63% +1bps, Gold $1456 +$6, WTI $91.12 +$0.45, EUR 1.3208 +8

but stocks not impressed...

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Wed, 05/01/2013 - 14:53 | 3519173 UK debt marsh

ho hum

Wed, 05/01/2013 - 14:55 | 3519184 Abraxas

Message to the market investors: Don't squat with your spurs on!

Wed, 05/01/2013 - 15:03 | 3519225 kaiserhoff

WTI is down $2.36 on the day, unless my screens have been hacked.

Not that there's anything wrong with that...,

or unusual.

Wed, 05/01/2013 - 15:13 | 3519253 Ham-bone

Fed just laid out the criteria under which it will increase purchases (inflation too low / UE too high)...already states we meet that criteria (inflation too low / UE too high).

Buckle up cause $85billion is now bought to be the old number...but wonder what the new number will be and the focus of those purchases?

Wed, 05/01/2013 - 15:24 | 3519317 FL_Conservative

The market is in full enema mode now.

Wed, 05/01/2013 - 14:58 | 3519208 Hohum

What?

Wed, 05/01/2013 - 14:51 | 3519177 Odin

Looks like Kevin fucked up again...

Wed, 05/01/2013 - 15:02 | 3519220 Dr. Richard Head

- laughter -

Wed, 05/01/2013 - 14:51 | 3519180 slaughterer

Algos are drawing the nice smiley face outline on silver futures.

Wed, 05/01/2013 - 14:57 | 3519205 TeamDepends

Oh yeah, about to punch back through $24.00. (cue Theme from Rocky) Gonna fly now!

Wed, 05/01/2013 - 14:54 | 3519181 fonzannoon

Gold jumps to down $10 on QEMOAREVANREVASTOP

Wed, 05/01/2013 - 14:54 | 3519189 fonzannoon

If there is low volume Fartiroma will be telling us "we are way off the lows" within minutes from now.

Same as it ever was.

Wed, 05/01/2013 - 14:56 | 3519191 firstdivision

I'm pretty sure people are unimpressed as well.

Wed, 05/01/2013 - 14:59 | 3519200 Tsar Pointless

Not to worry. Most people are uninterested.

Wed, 05/01/2013 - 14:58 | 3519196 nope-1004

In other words, QE continues, debasement continues, fascism continues.......

Wed, 05/01/2013 - 15:08 | 3519245 freewolf7

More & more are noticing something's not right.

Wed, 05/01/2013 - 14:57 | 3519198 Frank N. Beans

anybody getting their face... RIPPED OFF?!?

Wed, 05/01/2013 - 14:57 | 3519202 toady

Stocks & bonds only want to hear that money will created and rained on them forever.

They're unimpressed by this may or may not shit.

Wed, 05/01/2013 - 15:00 | 3519204 Cognitive Dissonance

Tyler.

Are your charts measuring from the official release of the Fed minutes or the early release for the crony crew?

Wed, 05/01/2013 - 15:07 | 3519229 Dr. Richard Head

The early release allows for crony crews to jam down the paper price of gold and silver before the plebes get to see the MOAR QE is on the radar for the future.

Wed, 05/01/2013 - 14:58 | 3519206 The Dancer

You said it about right, if there is no plan B>>>

Wed, 05/01/2013 - 14:58 | 3519207 ThunderingTurd

This announcement will surely turn revenues around for the next quarter's earnings. Becuase what $85 billion can't do, $120 billion can.

Wed, 05/01/2013 - 14:58 | 3519211 TrustWho

About time....GO COMMODITIES and show the Fed we are NOT STUPID!

If the world gets a little whiff of inflation, Daddy Bernanke will shit in his paints and Obama will no longer be cool!

Wed, 05/01/2013 - 15:02 | 3519214 Inthemix96

Anyone fancy a game of 'Monopoly'?

I'm the banker mind, and no fucker passes go.

????

Wed, 05/01/2013 - 15:09 | 3519249 somecallmetimmah

Some other guy's joke:

"I walk into the store

Me: Got any silver?

LCS: Sure, we're running a special today, Maples for $6 UNDER spot!

Me: You're joking!

LCS: You started it!"

Wed, 05/01/2013 - 15:02 | 3519222 The Dancer

And if this market holds up today with all the overwhelming bad factual reports, then how can any sane individual possibly believe that there is a market of any credible sort...Wall Street is becoming a laughing stock! The White Shoe Boys have shit in their own nest!!!!!

Wed, 05/01/2013 - 15:03 | 3519227 Cow

Gold on Sale!

oops! Nevermind.

Wed, 05/01/2013 - 15:07 | 3519242 CDNX fan

Market is waking up to the concept of what happens when one continually PUSHES ON A ROPE. S&P at 1350 by June 1.

Wed, 05/01/2013 - 15:27 | 3519330 Frank N. Beans

...glueing face back on, feel better, thanks for asking

Wed, 05/01/2013 - 15:32 | 3519361 chinaboy

Chairman Mao taught us that Wall street and Federal Reserve are paper tigers.

Wed, 05/01/2013 - 15:44 | 3519436 TrustWho

The market's response to the Fed's policy statement, commodities up and equities
down, so I see the first glimpse of the Return of the '70s--StagFlation. The
market always teaches us the truth in time!

StagFlation would be the western indebted world's worst nightmare. The Fed does not have a clue about the driver of inflation outside the monetary theory. From wikipedia....Keynesian macroeconomic theory which was dominant between the end of WWII and the late-1970s, inflation and recession were regarded as mutually exclusive, the relationship between the two being described by the Phillips curve. Stagflation is very costly and difficult to eradicate once it starts, in human terms as well as in budget deficits.

Wed, 05/01/2013 - 16:20 | 3519578 LostPolarBear

Copper (the one PhD worth a damn) is down 4% for the day at $3.06 - where's the Chinese growth story when you need it!?

Oh well, time to go buy more silver & gold.

Commodities Jump But Stocks And Bonds Unimpressed By Fed Statement

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