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Furoius Defense Of S&P 1,800 And Dow 16,000 Succeeds, For Now
Retirement is still on for now. Late-minute desperation (in EURJPY) dragged the Dow just back over 16,000 and the S&P limped above 1,800. Bonds were sold (though less aggressively than gold and silver) and the USD rallied as early exuberance gave way to an uglier realization that good-news-is-really-bad-news after all following today's data. Volume was average as VIX continued to rise to 14.3% - its highest close since mid-October as we see the 4th session in a row with selling into the close. Today was the worst frst-day-of-month for the S&P since May.
EURJPY and S&P 500 joined at the hip - clearly EURJPY was the algo lever to ensure an 1,800 close...
4th day in a row of late-day selling pressure...
As VIX is rising rather notably...
Disconnecting further from stocks...
How long before the hedges are rotated into actual unwinds of this?
as credit remains thoroughly unimpressed...
An ugly day for precious metals...as oil rallied further
Charts: Bloomberg
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*Markets* in the red, on the first trading day of the month?
Did Rod Serling just come back from the dead, or what?
Looks like a classic distribution price action. Also, they are fighting to keep indexes above key levels (defending key levels) to suck in more retail investors.
Red sky in morning: Sailor's warning!?
Red skies at night.
-The Fixx
They were so busy pumping the equity markets they forgot to look after the bond market.
The equity traderz take a limo to work. ..bond dealerz take the derailed train.
where is the BONUS CHART!?!
a terrible shmelting accident
A perfect 10 on the landing for S&P.
thats a nice round top forming on this bitch. time for her to go down!!!
Fed Doesn’t Object to Revised Goldman, JPMorgan Capital Plans
http://www.streetinsider.com/Corporate+News/Fed+Doesnt+Object+to+Revised...(GS),+JPMorgan+(JPM)+Capital+Plans/8939038.html
Big POMO tomorrow, that'll fix it.
It's a 2 POMO day tomorrow!
Doh! I totally forgot. That POMO schedule should be taped to the wall.
What is this bizarre, crimson shade of green I'm seeing today?
It must be the discount setup for the double POMO tomorrow.
lol at the end of the day defense of the s&P and dow to stay above those 1800 and 16,000 levels respectively.
way too obvious, but at this point, they dont care.
lets see what happens tomm.
the excuses i heard for todays red was ppl taking profits for tax purposes
Misspelling of Furious. Can I get a hell yeah?!
What's the chance that the double $8B Pomo on December 19 (the day after the FOMC announcement) is planned to boost the market back up after a TAPER?
Where is fonestar? I was wondering if he is accredited
There will be no withdrawal of Federal Reserve purchases before the debt ceiling debacle is dealt with. Whats got me gnasching my teeth is the deficit tightening. ( who want's to invest in someone that goes drinking all night and prints drink coupons all day?)
It's difficult to justify foreign bond investment in a sovereign that's printing it's way into armageddon... Japan
On the other hand, every central bank on planet Earth has a vested interest to work together, until the inevitable.
What happens when the inevitable is finally reached? Economies of scale and supply completely break. Regions are marginalized, and utilized for their resources. Same as it ever was...
New record close tomorrow ,no worries mon. (Jamaican accent) double POMO will insure it.
The TRIN was bucking the tape all day today as were the BKX and the Trannies. It was a sell off late, but, I think if you're short going into tomorrow you will get your ass handed to you, but, that another late day selloff could be in the cards (and a much larger one than today), IMO.
treasuries dump..."golum like! golum like!"...dollar surges..."smeagles no! smeagles no!" gold drops anchor (Mt Doom! Mt Doom! YESSSSSSSSS! MINE!!) note to all ZH'ers...and planet earth for that matter..."with this much oil now sloshing around (let alone natural gas...and electricity) "energy is in fact acting as a proxy for currency itself." this story wasn't just written 80 years ago...it was scripted, filmed, made into a musical and "turned into color" and became the first...best...and greatest...Blockbuster ever. http://www.youtube.com/watch?v=vyTdbwKWC2o "do not be deceived by the simplistic nature of the plot. this is no mere pulp fiction and connects in ways even the Director...let alone the viewer can scarcely understand." this is the power of imagination folks...don't get that...don't get anything. nothing defines being human more than being curious...and the inescapable attraction to curiosity itself. "just think he's a funny guy"? think again....
I was watching CNBC at closing and there were some worried commentators saying it was the institutional investor that sells late and its happened for a few trading days now.
Makes sense to slowly draw down portfolios while the common people pump up their IRA's, holding the market steady enough to do the same every day until all their buddies have unloaded a big enough chunk they can dump the rest in a few days of freeforall correction. Then jump back in to take advantage of the bargains.