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Bonds Battered And Stocks "Plunge" 0.2% Despite Intraday Ramp

Tyler Durden's picture




 

Credit markets have been nervous for over a week. Treasury yields have been rising notably. The USD has been pushing higher and with all eyes focused on the momo name du jour (and indices 'near' all-time highs) it seems few have noticed US equities have actually had 3 down days in the last 5 days. Only NASDAQ managed a green close. Of course, this is merely an excuse buy moar with all the money on the sidelines but today's move in Treasuries (and intraday volatility in stocks) suggest some anxiety is back that a flow-slowing Taper is closer on the horizon of hope than many believe. Oil and Gold lost ground on the day - though the latter is the best of the commodities on the week. The USD is back to unchanged on the week (with CAD and EUR weakness in charge). VIX diverged higher into the close with its first up-day in the last six.

 

Better-than-expected ISM sent stocks lower (good news is bad news) exaggerating early weakness on China 'tightening' suggestions...

Only the Nasdaq managed to close green...(depiste the Dow scrambling back to green intraday)

 

S&P futures blew through VWAP on POMO then faded all afternoon - despite an attempt at a ramp - ending teh day at VWAP...

 

Treasury yields blew higher with notable steepening... (worst day for 30Y in 2 months)

 

The USD reverted higher back to unch on the week

 

Credit markets remain entirely unimpressed...

 

 

Charts: Bloomberg

 

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Tue, 11/05/2013 - 17:11 | 4124135 Dear Infinity
Dear Infinity's picture

Paging DR Ben, increase the POMO -- intraday ramp no longer working! Gold looks stoic in spite of the rising piggy, you can cop a new Krugerrand at $34 over spot right now, not bad compared to historical premiums -- www.comparegoldprices.com

Tue, 11/05/2013 - 17:44 | 4124297 negative rates
negative rates's picture

And I broke even on the craps table, so all is well.

Tue, 11/05/2013 - 17:15 | 4124146 lolmao500
lolmao500's picture

Excellent. The faster the higher they yields go up, the faster this bitch goes down, the least worst it will be.

Tue, 11/05/2013 - 17:20 | 4124173 LawsofPhysics
LawsofPhysics's picture

Credit versus equity, someone is lying.  Since we know QE continues, credit will catch up eventually (fundamentals be damned).

Tue, 11/05/2013 - 17:21 | 4124179 noob
noob's picture

Moon Pie...what a time to be alive.
http://www.youtube.com/watch?v=qu32fBkiHFE

Tue, 11/05/2013 - 17:38 | 4124258 HUGE_Gamma
HUGE_Gamma's picture

We demand a BONUS CHART!!! everbody loves the BONUS CHART

Tue, 11/05/2013 - 17:48 | 4124318 q99x2
q99x2's picture

Everyone knows its a buying opportunity. Its a buying opportunity.

Tue, 11/05/2013 - 17:58 | 4124371 Handful of Dust
Handful of Dust's picture

"How to Scalp a Muppet as EZ as 1-2-3!"

Tue, 11/05/2013 - 18:07 | 4124410 Fuh Querada
Fuh Querada's picture

Paging "Fuc to Market" for a "dispassionate analysis" of the " key drivers".

Do NOT follow this link or you will be banned from the site!