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Stocks Slump For 9th Day In Last 11 Despite Boehner Bounce

Tyler Durden's picture




 

Stocks have fallen for 9 of the last 11 days since the Un-Taper and the S&P has falen 3.7% from its highs. Volume today was above average (as we note CBOE SPY options volume set an all-time record yesterday) and thanks to a 1% or so rally off the lows on the back of a restatement that Speaker Boehner doesn't want to see carnage, the S&P managed to scramble back above the 50DMA. A late-day collapse (what no VIX pumpathon today?) closed us below that crucial level for the first time in a month. VIX rose 1 vol to 17.6% by the close (off its highs). Treasuries rallied in general (but the 30Y ended the day unch as the curve steepened notably). The USD fell some more  (-0.65% on the week) as JPY and EUR strength didn't help but gold and silver closed unch, oil and copper down 1%.

 

 

 

Intraday was data driven and Boehner headlines (with a blip for the DC Shooting)...

 

Big divergence this week in the Treasury curve - 30Y sold off modestly as the rest opf the curve compressed on risk-off demand...

 

Precious metals bid and growth-related commodities offered...

 

The USD has been on a one-way street lower since the shutdown...

 

Charts: Bloomberg

 

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Thu, 10/03/2013 - 16:15 | 4020068 Killer the Buzzard
Killer the Buzzard's picture

1-800-318-2596 Bernanke!

Thu, 10/03/2013 - 16:20 | 4020072 Zer0head
Zer0head's picture

if it lasts more than 4 hours

 

call 1-800-BOE-HNER

Thu, 10/03/2013 - 16:27 | 4020103 DoChenRollingBearing
DoChenRollingBearing's picture

And if it all comes apart?  WILL they really think a bunch of "Tea Partiers" brought it all down?  Really ??  You think ??  A thought experiment...

"Thought Experiment: Who was at the Helm?"

http://tinyurl.com/pha34tx

Thu, 10/03/2013 - 16:28 | 4020132 Winston Churchill
Winston Churchill's picture

Obamavilles has a certain ring to it.

Obozo's legacy will make Hoover look like a saint.

Thu, 10/03/2013 - 17:51 | 4020485 nmewn
nmewn's picture

"if it lasts more than 4 hours, call 1-800-BOE-HNER"

lol...its not really a Boner Bounce unless you can drape a wet towel over it and move it up & down, is it?

Thu, 10/03/2013 - 16:38 | 4020073 Grande Tetons
Grande Tetons's picture

Hey Twitter....IPO...now or never. 

 

The market for shit is going to shit. 

 

http://kozmo.com/

If you were trading in 2000 you should remember the arrogant ceo of this shitpile who had his IPO scrubbed. They even made a documentary over this piece of shit.  Cash flow...fuck that....give me the promise of cash flow and I will buy your piece of shit. 

 

http://www.imdb.com/title/tt0262021/ 

The link to the doc. A good watch...just to see how many fucking retards are self proclaimed investing messiahs. 

 

Thu, 10/03/2013 - 16:17 | 4020075 RacerX
RacerX's picture

Looks like the Boehner bounce didn't have staying power.

Thu, 10/03/2013 - 16:27 | 4020136 Grande Tetons
Grande Tetons's picture

Mrs. Boehner would agree. 

Thu, 10/03/2013 - 16:18 | 4020078 ptoemmes
ptoemmes's picture

With apologies to Walter White we have BReaking DOw.  Where is Walter and his M60 when you need him?  Oh, that's right DEAD.

 

 

Thu, 10/03/2013 - 16:18 | 4020080 thismarketisrigged
thismarketisrigged's picture

anyone see the pump in facefuck after hours?

 

it was down 2 percent today, almost falling below 49, and  right now its at right near 50.

 

this market, all u can do is laugh.

Thu, 10/03/2013 - 16:19 | 4020085 fonzannoon
fonzannoon's picture

9 out of eleven days and the S&P is off 3.7%. Tell me that is not a completely managed selloff.

They could have went for one day with the circuit breakers going off and saved us all the time but they must know the market could have actually gotten freaked and vaporized itself in a matter of seconds. So instead everyone has been quitely buying the dip waiting for the big news.

Thu, 10/03/2013 - 16:22 | 4020100 thismarketisrigged
thismarketisrigged's picture

this is deff a managed sell off. there is no panic whatsoever.

 

u would think everything is great in the world with how the markets react.

Thu, 10/03/2013 - 16:23 | 4020115 fonzannoon
fonzannoon's picture

say it with me, there is no market...there is only the bernak. 

Remember thismarket...http://www.youtube.com/watch?v=UB8TCRUd9rA

Thu, 10/03/2013 - 17:29 | 4020409 cosmictrainwreck
cosmictrainwreck's picture

totally "controlled descent" Poster above says SP off 3.7%---I'm tracking DOW....11 trading days in completely mirrors descent of Aug 5-27: then was -4.13% at Day 11, today since 9/18 we are -4.33. Ergo: bottom and/or twitchy turn up on Oct 11 (Friday)-Monday/Tue. then TO DA MOON (again) (bitchez)

Thu, 10/03/2013 - 16:25 | 4020125 Hongcha
Hongcha's picture

GDX new multi-year lows.  I am waiting for gold to flush after this political blockage passes through the lower system ... before tapping NUGT for some real fun.

Thu, 10/03/2013 - 16:30 | 4020145 FieldingMellish
FieldingMellish's picture

??? GDX low was in June. We are 10% off the lows at the moment.

Thu, 10/03/2013 - 16:43 | 4020200 Hongcha
Hongcha's picture

Fielding - I stand corrected.  It's NUGT that breached.  I'm bid 43 on that hyper-dog.

Thu, 10/03/2013 - 16:52 | 4020244 FieldingMellish
FieldingMellish's picture

Interesting. No new high in DUST. Seems we have a divergence happening.

Thu, 10/03/2013 - 16:29 | 4020138 FieldingMellish
FieldingMellish's picture

Industrials under 15K.

Thu, 10/03/2013 - 16:32 | 4020164 involuntarilybirthed
involuntarilybirthed's picture

The dip is going once, going twice then the debt limit is raised and CR is passed and we re enter the rabbit hole.     

Thu, 10/03/2013 - 16:40 | 4020191 NOTaREALmerican
NOTaREALmerican's picture

It's the Hindenberger Omen slowly deflating. 

Thu, 10/03/2013 - 16:57 | 4020208 Grande Tetons
Grande Tetons's picture

Pfffffffft. 

Who could have seen this coming? 

Thankfully, there is low volume this time around. Not much of a silver linning. 

 

When I worked as a broker/whore back in 2000 I remember how much space there was in my office around June. Many of my former cohorts were out looking for new jobs and I had the about 8 cubicles to myself. There was no porntube back then...so I was a little lonely. 

 

Thu, 10/03/2013 - 16:44 | 4020215 q99x2
q99x2's picture

We don't need Washington D.C. We have Bernanke.

Thu, 10/03/2013 - 16:49 | 4020217 JR
JR's picture

Markets based on politics and insider moves by bankers at the Fed are in for a rough ride.  Free markets are more truthful, dependable and less risky.

For instance, the Democrats lied about ObamaCare and now they are lying about which Republicans in the House would vote for a “clean” Continuing Resolution, i.e. for ObamaCare.

Example:  Rep. Devin Nunes, who was on a list circulated by the Democrats as 1 of 18 Republicans favoring a CR, says emphatically he does not favor that approach and would not vote for a CR.

Rep. Nunes said today that the Leftists simply made up the list of the 18 Republicans to fill the number they needed for passage of a clean funding bill and circulated it.

Nunes said he has voted against ObamaCare 40 times and will continue to follow through with House Republicans’ current strategy.

What’s more Democrats are not the only liars on ObamaCare. After coming out of the latest non negotiating session with Obama, Senate Minority leader Mitch McConnell asked what can you do when somebody doesn’t negotiate?

“We would love to defund Obamacare but we don’t have the votes,” McConnell said today.

The truth is, the “love to defund” does not extend to McConnell actually voting against ObamaCare when it really counted, namely on the cloture vote which allowed the Senate Democrats a simple majority vote on ObamaCare rather than a 60% majority. McConnell voted yes for cloture with the Democrats.

A truthful man does not have the pleasure of saying he voted to defund OBamacare when he refused to vote no with Ted Cruz on cloture.

CNSNews.com on September 27, 2013, had the story: “Twenty-five 25 Republican senators—led by Senate Minority Leader Mitch McConnell (Ky.) and Sen. John McCain (Ariz.)--voted today in favor of  invoking cloture on the House-passed continuing resolution to fund the government past Monday, thus putting Senate Majority Leader Harry Reid (D.-Nev.) in a position where he could strip the bill of its provisions defunding Obamacare with a simple party-line majority instead of the 60 votes needed on cloture.”

The truth is, McConnell voted for ObamaCare.

- See more at: http://cnsnews.com/news/article/terence-p-jeffrey/25-gop-senators-vote-give-reid-cloture-allowing-simple-majority#sthash.aglT9c1V.dpuf

Thu, 10/03/2013 - 17:09 | 4020326 Diesel Seven
Diesel Seven's picture

Let's not get too bearish here. No one would have guessed 10 years ago that the Fed would be printing money to buy $85b/mth of UST & MBS, all in the name of their "dual mandate". Who's to say that the Fed couldn't just "write-off" some of the $2+ trillion in UST to free-up debt capacity.  The BRICs would whine, but Euro and yen gang would be on board. Gold would skyrocket until some mega-sized mystery short orders took out the levered longs.  Just sayin . . . the world is nuts. 

Thu, 10/03/2013 - 18:20 | 4020582 butchtrucks
butchtrucks's picture

So what does the endgame look like?

As the debt ceiling date approaches, market will start to freak out. You can already see a faint hint of freakout coming, as interest rates on 4-week Treasury bills — which may not be repaid on their due date — have moved up above 6-month.

The Repubs need to hang tough here and not concede an inch.  We could be looking at a big reset here that will make the 'Leahman's moment' of 2008 look like a Sunday school picnic.  This is EXACTLY what this country needs right now.  I have been hanging out for this moment for more than five years now - long silver, gold, ammo - and beans.

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