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Hilsen-Ramp Off In Credit And Bonds

Tyler Durden's picture


Bond markets were slow to react to the Hilsenramp - forced by equities it seems in the short-range - but have now reversed their gains. Credit markets stopped believing about 30 minutes ago. Are equity markets, having trod water around VWAP for a while, now ready to revert back to a world absent the WSJ reporter... or primed for a melt-up into OPEX?


Bonds were late to rally and quick to snap back to reality...


Credit markets stopped believing...


But stocks have played at VWAP (notice the last bounce was volumeless - red below average volume bars)


Charts: Bloomberg

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Fri, 06/21/2013 - 14:59 | 3680160 wisehiney
wisehiney's picture

Tol ya it was a trap.

Fri, 06/21/2013 - 15:06 | 3680178 The Juggernaut
The Juggernaut's picture

Does Jon Hilsenrath work for the Fed?  Bernanke and Co. fucked up.  When they had press conferences (screened questions and all) to legitimize the Fed they actually fucked up.  They showed their hand and we now know when they're going to fold.


Smart money knows that the Fed can't fold.  They're the only hedge fund propping up the perception.

Fri, 06/21/2013 - 15:07 | 3680208 ghostfaceinvestah
ghostfaceinvestah's picture

The way I read it he just repeated exactly what Bernanke said.  Bernanke is trying to reassure the market that the Fed Funds rate won't be raised anytime soon (if ever), that the Fed won't be selling off their balance sheet anytime soon, but bond buying will be tapered back.

What the market should be scared about is the old stock vs flow question - will slowing/stopping the flow of purchases crater the market, or is the stock of securities more important.

I believe slowing the flow will crater the market, which seems to be what the market is indicating as well.

Fri, 06/21/2013 - 15:00 | 3680169 disabledvet
disabledvet's picture

End of the world! Start prepping!

Fri, 06/21/2013 - 15:00 | 3680170 Fleecer
Fleecer's picture

they're desperately goal-seeking flat day in equities and 2.499999% 10y yield.

Fri, 06/21/2013 - 15:01 | 3680175 fonzannoon
fonzannoon's picture

Look how much Crude has come down. They could probably get WTI to $85 if they are willing to let the 10yr run up towards 3%.

That is some crazy ass tradeoff and it seems they are willing to make it. It looks like the energy crowd has it right. It's all about oil.

Fri, 06/21/2013 - 15:06 | 3680199 The Master
The Master's picture

I'm with you Fonz.  Gotta get oil down as much as possible before operations in Syria are escalated.

Fri, 06/21/2013 - 15:23 | 3680285 Non Passaran
Non Passaran's picture

For Christ's sake Obama can't tie his necktie, let alone plan 5 steps ahead.

They are stumbling from situation to situation. These events are results of poor, rather than superior planning.

Ben's Q&A was a PR disaster and they're giving it a week to figure out what's going on and then they'll make a new (stupid) plan.


Fri, 06/21/2013 - 15:07 | 3680209 tarsubil
tarsubil's picture

He kept it below 1.4 for almost 2 hours. Mission accomplished?

Fri, 06/21/2013 - 15:14 | 3680249 Al Huxley
Al Huxley's picture

For fucks sake, Hilsenrath said we misinterpreted Bernanke, he didn't fucking mean to suggest he'd turn off the fucking taps, now would SOMEBODY PLEASE BUY SOME FUCKING BONDS, ASAP!

Fri, 06/21/2013 - 15:18 | 3680270 timbo_em
timbo_em's picture

The world needs more Santellis to go after guys like Hilsy...and this would even help CNBC to re-gain some viewers.

Fri, 06/21/2013 - 15:30 | 3680318 Herkimer Jerkimer
Herkimer Jerkimer's picture





Look at how that waste of screen area, business-inside-her, slagged Santelli, yesterday!


Jon Hilsenrath Just Taught Rick Santelli A Lesson About Journalism During A Rowdy Segment On CNBC



And then this!


Rick Santelli Caught Contradicting Himself About Past Inflation Warnings



Sacks of crap.


I watched both of those and The Santelli was…







Fri, 06/21/2013 - 15:50 | 3680415 Herkimer Jerkimer
Herkimer Jerkimer's picture





Oh! Yeah! One more thing…






Fri, 06/21/2013 - 15:53 | 3680426 gatorengineer
gatorengineer's picture

last 30 seconds today are going to be epic as the bots try and reclaim 1600 S&P....

Fri, 06/21/2013 - 16:09 | 3680496 gatorengineer
gatorengineer's picture

I really really dont understand.... 2.514 on the 10 yr and there wasnt a boom.  there was supposed to be a market shattering kaboom.................


Anyone want to take a guess on what a mark to market loss for the fed is on what they own?

Fri, 06/21/2013 - 17:22 | 3680715 EclecticParrot
EclecticParrot's picture

Bernanke's use of Hilsy-Wilsy is like a 6th grader having a friend tell his sister to tell her friend that he thinks she's cute, or, for the more sophisticated crowd (the majorithy of ZH readers, of course!), akin to Cyrano de Bergerac whispering hints to allow Christian to woo Roxane (who promptly turns on the red light).

Wed, 06/26/2013 - 08:27 | 3694114 lmile61
lmile61's picture

Well that's great you guys keeps a better bonding...

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