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Stocks Slide, VIX Ends At Highest Weekly Close In 2013

Tyler Durden's picture




 

Equities closed red for the third week of the last four with today's selloff reducing about half of yesterday's gains. The 5.25% high-to-low drop (in the S&P 500) was bid on low volume yesterday but heavier volume today was to the downside. While stocks were sold, Treasuries were bid and had their best week in over two months (as some level fo safe-haven Syria bid was evident - as well as de-Tapering chatter). What was interesting is that the USD - typically bid when war tensions rise - is weaker - its worst 3-week run since October 2010. JPY strength (+3.25%) was the main driver of USD weakness. Precious metals were bid instead as Oil and silver coincided up around 2% on the week. Financials were the worst sector on the week as, thanks to yesterday's ridiculousness, homebuilders went from zero to hero and ended the week +1%. VIX rose 0.5 vols on the week with its highest close of the year.

 

All the indices ended the week red... (with only Trannies managing green in the latter part of the week)...

 

and sectors all ended in the red aside from homebuilders...

 

The USD had its worst 3-week slide since October 2010 (even with war fever re-igniting - which typically sees safe-haven flows)...

 

as bonds were bid (on safe-haven and slight Taper expectation reductions)... Bonds' best week in over two months..

 

Precious metals and Oil were well bid in the last few days... interesting that Silver and Oil recoupled on the week perfectly... (with a now-standard 2.5% spike at the NYMEX open!!)

 

VIX ended with its highest weekly close of the year...

 

And across the major asset classes - correlations appear to be breaking down...

 

 

Charts: Bloomberg and Capital Context

 

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Fri, 06/14/2013 - 16:16 | 3659290 SheepDog-One
SheepDog-One's picture

I think they've already started 'tapering'. 

Fri, 06/14/2013 - 16:23 | 3659312 syntaxterror
syntaxterror's picture

Next week, Ben will reassure his flock that "taper" could mean a selling or a buying "taper." 

Green shoots, recovery summery, taper, bla bla bla.

Fri, 06/14/2013 - 16:28 | 3659322 pragmatic hobo
pragmatic hobo's picture

janet yellen will make sure bernanke clean up his shit before he leaves.

Fri, 06/14/2013 - 16:22 | 3659304 syntaxterror
syntaxterror's picture

BTFD Muppets! 

The market ALWAYS rallies after 'lil Ben gives a pep talk. And when Ben reassures the flock next week, the markets will surge.

Once again, let me make myself perfectly clear. Buy the fucking dip you stupid bitch.

Fri, 06/14/2013 - 16:41 | 3659345 SheepDog-One
SheepDog-One's picture

Yea well good luck to em now all they've got is heavier lifting ahead, the 'salad days' are over no one is buying this bullshit anymore. 

Fri, 06/14/2013 - 18:27 | 3659625 syntaxterror
syntaxterror's picture

MISH had a report a while showing the market rising after every single time the bubble meister spoke.

Fri, 06/14/2013 - 16:23 | 3659307 EclecticParrot
EclecticParrot's picture

Everyone has their list of indicators, Nostradamus entrails analysis, and other such hocus pocus to help place the current situation.  My personal 'indicator':  I made several successful, rather obvious trades this week on the short side, that could be held for more than 15 min. without spiking algos or BTFD love-fests ruining things, and most of them had two or more pushes, rather than ending abruptly, in most cases going the full distance to the next pivot down.  Even if you got out 10 minutes late, you still got 75% of the prize -- don't think I could have said that during any week from Jan to mid-May, so perhaps we're returning to at least a semblance of 'tradability', for what it's worth.

Fri, 06/14/2013 - 17:53 | 3659529 asteroids
asteroids's picture

Yup, that's exactly what I did Parrot. I rode the market down and got out @ 75%. Then I walked away to work on my suntan. The boyz want you fully invested 100% of the time. Just don't do it.

Fri, 06/14/2013 - 16:36 | 3659338 thismarketisrigged
thismarketisrigged's picture

did anyone catch cnbc at days end with maria asking the crowd who is the buy on the dip kind of person?

 

i fucking laughed my fucking ass off. so funny.

 

as for this week, a solid weak for zerohedgers, but we need a more convincing sell off.

 

this is nothing. -107 on dow from a 15,000 plus index is nothing really to get excited about, especially when they sprinkle in a 180 plus day during day before.

 

hopefully bernanke does not say anything about prolonging qe ( we know he wont say outright he is tapering) because if he says nothing exciting, market continues much lower.

Fri, 06/14/2013 - 16:40 | 3659343 SheepDog-One
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Maria will give 1 free boobie feel to anyone who is a BTFDer.

Fri, 06/14/2013 - 17:30 | 3659464 Pareto
Pareto's picture

i bought one share of apple.  where do i line up?

Fri, 06/14/2013 - 16:37 | 3659339 Yen Cross
Yen Cross's picture

  Abe & Co. better put their Mawashis' on this weekend. They have some heavy lifting to do next week.

Fri, 06/14/2013 - 18:26 | 3659623 uncle_vito
uncle_vito's picture

Highest weekly close of VIX in 2013.   BFD.   That sounds like the MSM tooting its horn over nothing.  it is nothing.

Fri, 06/14/2013 - 20:27 | 3659913 IMA5U
IMA5U's picture

gloom 

 

 

and 

 

d0000000000000000000000000000m

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