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Bonds And Stocks Disagree On FOMC Taper As Oil And Gasoline Surge
Bonds and silver ended the day lower, gold and stocks unch, and WTI crude (and RBOB - back over $3.00) notably higher. While the Nasdaq, Russell, and Trannies are comfortably above the FOMC meeting levels (from 6/19), the Dow and S&P struggled to hold it into the close after the extreme swings that the FOMC minutes dragged through the markets. Maria B might say 'off the lows', others may say 'off the highs', but it seems the machines had it all under control as the S&P 500 closed at VWAP (amid the total lack of clarity that the minutes provided). Financials underperformed (but remain green from FOMC 6/19) along with energy - as Brent-WTI was crushed to below $2, historically average around $1.
After an eventful day, equities end the day with small gains... but bonds go out at high yields of the day. Note they were moving in lockstep until around 3pmET when stocks pushed back up to WVAP and bonds ignored it...
as did Gold...
The FX Market turmoiled then calmed down again...
WTI smashed above $106 today and crushed its spread to Brent...
Which leaves us wondering what happens to gas prices...
The S&P and Dow are practicaly unchanged from the 6/19 FOMC statement as the NASDAQ (and Russell) surge...
But homebuilders are just not buying in... even as discretionary and financials lead the charge...
Charts: Bloomberg
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Fuck you, Bernanke!
That last graph will look different soon enough. Discretionary spending will end. THIS cannot last much longer.
Fill er up now beotchez!
Good thing the dollar is SOOOOO strong or Oil would be at a cool $150 by now.
That's a good point. $106 with the dollar rising, not falling.
Another is that tankers can always go around Africa and pay an extra 50 cents a barrel to get to Europe, rather than use the Suez Canal. Egypt is being pointed at as the cause, and maybe not.
Maybe there's inadequate supply, globally. Imagine that.
Making up is hard to do.
Making IT up is hard to do. Fixed it fer ya...
It's never fun to be the guy who has to announce that the party is over. Especially when it's been a 6 year Everclear fueled free crack and crystal meth party....shit's gonna get violent!
Beeks: This is as far as we go. No more cockamamie cigar smoke. No more Swedish meatballs there, tootsie. And no more phony Irish whiskey. No more goddamn jerky beef! The party's over.
Harvey: The party's over? Hey, come on! What do you mean, the party's over? It's not even... ten o'clock, you dummy! Hey, come on, loosen up, man! It's almost New Year's Eve![/trading places]
Thanks brrrstanky
Now dump your russel so I can get on and go for a ride. Take a little off the table....you are up quite a bit ya know.
The One speaks.....Ben Dover!
I want to hear Maria B say "stick save" in the presence of a bunch of alpha male traders. i want her to say it again...and again..and again...and again. http://www.youtube.com/watch?v=p8_FOQ7-P30
Love that butt aroma, mmm hmm!
my only fun for the day was seeing wti spike.........im so glad that shale oil has saved the day..................just think...without miracle shale.....oil prices might be.......106.99?????
Time to go stock up on more canned goods while the price reflects inventory instead of the future delivery.
wow, what a fucking sell off. we must ramp the dow up a few hundred tomorrow after this massive sell off we had today.
i cant believe the dow lost 8 pts, when was the last time we had such a large sell off on wall st?