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Stocks Slide As Factory Orders Beat Expectations

Tyler Durden's picture


A better than expected Factory Orders print at +2.1% (versus 2.0% expectation) and preior levels revised higher has provided just enough good is bad news to cancel the bad is good news from the ISM miss. Orders were led by a seasonally adjusted 13.7% rise in defense (sequestration?) but inventories remain flat even as shipments rise 1%. IT new orders dropped 2.9% unadjusted and computers and electronics dropped 3.7%. What a market...




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Tue, 07/02/2013 - 10:10 | Link to Comment 101 years and c...
101 years and counting's picture

LOL.  you called this a market.

Tue, 07/02/2013 - 10:11 | Link to Comment Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Ha ha. Bingo!

The trading venue that shall not be named ...

Tue, 07/02/2013 - 10:13 | Link to Comment Xibalba
Xibalba's picture

'Good shall be called bad, and bad shall be called good...".

Tue, 07/02/2013 - 10:26 | Link to Comment spine001
spine001's picture

Bifurcations, that is what you are seeing. Read about cell automatas. It will be fun to see how people explain the unexplainable.

On another topic, the bad is good and good is bad proves that investors already KNOW for certain that we are in a bubble thanks to the Fed. Apparently the only ones that don't know are most members of the FOMC.

Tue, 07/02/2013 - 10:38 | Link to Comment aint no fortuna...
aint no fortunate son's picture

"what a market..." might also be termed "what a central bank policy statement disguised as a market..."

Tue, 07/02/2013 - 10:54 | Link to Comment gmrpeabody
gmrpeabody's picture

"Stocks Surge"- posted at ZH at 9:55

"Stocks Slide"- posted at ZH at 10:09


Tue, 07/02/2013 - 11:17 | Link to Comment JDFX
JDFX's picture

This is just noise on a minute price chart eh ?   Hardly headline grabbing unless you're some sort of bored scalper clipping big lots. And even then moves like that are numerous throughout the day.... 

Tue, 07/02/2013 - 10:11 | Link to Comment Rainman
Rainman's picture

LOL. Success is uber-bearish

Tue, 07/02/2013 - 11:05 | Link to Comment Atoyota
Atoyota's picture

Whadoya mean? 10 minutes before this post was this "Stocks Surge As ISM New York Collapses To 4 Year Lows"
Looks like a Bloomberg headline capture or something.

Tue, 07/02/2013 - 11:37 | Link to Comment shermacman
shermacman's picture

The trading venue formally known as a 'market'.

Tue, 07/02/2013 - 10:10 | Link to Comment Dollar Bill Hiccup
Dollar Bill Hiccup's picture

What a ... what did you call this thing?

Tue, 07/02/2013 - 10:11 | Link to Comment fonzannoon
fonzannoon's picture

they did not slide for long.


Tue, 07/02/2013 - 10:16 | Link to Comment gjp
gjp's picture

The bubble mentality in the US is insane.  Just look at TSLA up 5%-10% a day it seems usually trading 10% of shares outstanding.  Amazon, still losing money, miss every quarter, about to take out another high.  Etc, etc.

And yet the American economic commentators and hedge fund managers are engaged in a constant game of calling out bubbles overseas.  It's one big global US-centred bubble.  Bring it down already!

Tue, 07/02/2013 - 10:12 | Link to Comment Dr. Engali
Dr. Engali's picture

Taper on...taper off..taper on...blah blah . talk about a broken  schizoprenic market.

Tue, 07/02/2013 - 10:13 | Link to Comment NidStyles
NidStyles's picture

I'm not going to lie. I haven't got a clue what is going on anymore. It seems that there are now at least two factions within the Fed Res system that are fighting for control, and more than two factions on Wall St. that are fighting over the handles of "power".


In reality they are fighting over who gets to do what with the printing presses and not actually power, but idiots will always be idiots and they will always believe in ridiculous notions.

Tue, 07/02/2013 - 10:16 | Link to Comment fonzannoon
fonzannoon's picture

Nid, just my thoughts one is fighting. It's QE4eva. What we see is perception management.

You want the tell? Remember when the 10yr was marching up to 2.7%? Remember Santelli, Dick Fisher, Gross and Gundlach got into a 4 car pile up as they raced to the microphone to scream that the fed was not going away and they would not taper?

Now that things have settled back down they can slowly resume their roles.

Tue, 07/02/2013 - 11:13 | Link to Comment NidStyles
NidStyles's picture

I think the perception management is just there to show the public that they all get along together, but when behind the curtains they are going at each other with daggers and sabers. I honestly think that the cartels are factioned and some of the factioning is showing now as the whole game is coming apart.

Tue, 07/02/2013 - 11:22 | Link to Comment ekm
ekm's picture


it's been a long time, since after MFG collapse that infighting started


MFG was supposed to be the trigger, but it didn't happen

Tue, 07/02/2013 - 10:17 | Link to Comment Everybodys All ...
Everybodys All American's picture

The mother of all crashes ends this one.

Tue, 07/02/2013 - 10:19 | Link to Comment derek_vineyard
derek_vineyard's picture

dont blame bernanke for a stock market crash.....he has an exit strategy which his successor won't adhere to

Tue, 07/02/2013 - 10:17 | Link to Comment adr
adr's picture

I'm wondering if the market would rocket higher or plummet if one Winklevoss kills the other in a mad grab for the others ego.

The fact those two exist is enough for me to condemn the stock market and the entire system that supports it forever.

Tue, 07/02/2013 - 10:20 | Link to Comment ziggy59
ziggy59's picture

What a racket...perception deception...

Tue, 07/02/2013 - 10:23 | Link to Comment EcoJoker
EcoJoker's picture

WTF ZH  - market is up 8pts.  

Tue, 07/02/2013 - 10:26 | Link to Comment fonzannoon
fonzannoon's picture

and gold is down $9

move along. It's just the same shit.

Tue, 07/02/2013 - 10:26 | Link to Comment insanelysane
insanelysane's picture

off the highs, once the good news came out, the market went down.

Tue, 07/02/2013 - 10:26 | Link to Comment cosmictrainwreck
cosmictrainwreck's picture

yup - he spoketh too soon - quick drop & rocket up, per normal

Tue, 07/02/2013 - 10:27 | Link to Comment Temporalist
Temporalist's picture

Today is finally starting to make sense to me:

English rude word enters German language

"Duden, the equivalent of the Oxford English Dictionary in the UK, said it was reflecting the common use of the word "shitstorm" among Germans."


There's a shitstorm a brewing and them regular type umbrellas ain't gonna protect you.


Tue, 07/02/2013 - 10:27 | Link to Comment involuntarilybirthed
involuntarilybirthed's picture

"Orders were led by a seasonally adjusted 13.7% rise in defense (sequestration?) "

Defense sequestration is mainly about changing (lowering) personnel requirements in the long term. They will continue to buy/waste monies on stuff. Less payroll means more money for stuff, it's their (those that remain) nature.

Tue, 07/02/2013 - 10:28 | Link to Comment adr
adr's picture

I think Cadbury could file a multi billion dollar lawsuit against Wall Street for copyright infringement. They own Bubblicious but the stock market has more than stolen that trademark away from gum.

Noodles and Company hit $50 after going out at an IPO priced at $15 last week. No bubble there.

The food there sucks but everyone keeps calling it Chipotle 2.0, which means it should be trading at $300 a share by September.

Tue, 07/02/2013 - 10:28 | Link to Comment HowardBeale
HowardBeale's picture

What used to be "distribution"  (quick ramp, hold, sell into high level all day) has now become the Fed's method of accumulation (quick ramp, hold, buy everything at the ramped level).

If you're a guy onWall Street and you're watching this play out over and  fucking over again, you've gotta be living a nervous existence...

Tue, 07/02/2013 - 10:30 | Link to Comment pragmatic hobo
pragmatic hobo's picture

looks like push is on for further squeeze on those who dare to short ... yesterday it was outperform calls on commodities and BBY. Today it's outperform ratings on YELP and ANGI ...

Tue, 07/02/2013 - 10:31 | Link to Comment orangegeek
orangegeek's picture

Yep - the rampapalooza, bad news is bullish, MO POMO, Fed run shit show is working its magic again.



Tue, 07/02/2013 - 10:41 | Link to Comment wisehiney
wisehiney's picture

They just ran out of squeezees. Taper served a dual purpose - cool off the equity/housing specs and squeeze the front running t-bond longs.

Tue, 07/02/2013 - 10:46 | Link to Comment Debugas
Debugas's picture

is is a CASINO

speculation overpowered any fundamentals.

when we make money not by hard work but by creating new ways to scam well that is what should be expected

Tue, 07/02/2013 - 10:51 | Link to Comment JDFX
JDFX's picture

If intent is for higher prices , buy it.


If intent is for lower prices, sell it.


Bless the financial commentators, the more confusion they pump out , the better the herd is confused !



Never confuse market intent with price.  




Tue, 07/02/2013 - 10:52 | Link to Comment EclecticParrot
EclecticParrot's picture

"I got it bad (and that ain't good) -- or, is it ?"

(A confused Duke Ellington)

Tue, 07/02/2013 - 11:11 | Link to Comment ebworthen
ebworthen's picture

Turn on the T.V. and it's the same dialogues, catch-phrases, and yammering.

I see monsters and crazy people; over and over and over.

Tue, 07/02/2013 - 11:21 | Link to Comment Thin_Ice
Thin_Ice's picture

"Orders were led by a seasonally adjusted 13.7% rise in defense..." The drone market will carry it through, still plenty more of them to be built for use over Amerikan soil.

Tue, 07/02/2013 - 11:58 | Link to Comment Nue
Nue's picture

I can't help but wonder if Krugmans Hypothetical alien army wiped out every major U.S city while somehow sparing New York. Would we be at DOW 50k or DOW 51k?

Tue, 07/02/2013 - 13:20 | Link to Comment Make_Mine_A_Double
Make_Mine_A_Double's picture

So essentially the entire markets - be they stocks, FX, PM or bonds are now completely disjointed from economic fundamentals and now move counter sequential to potential and/or lack there of additional support from the Fed in the form of QE.

I've been reading you guys night after night and I agree that PM will be the ultimate beneficiary over the long haul, but might be moot point if we can't remove ourselves from the QE tar baby.

The higher the distortion frequency/length the harder the crash (see ChiComs for details).  

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