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Stocks Tank 5 Days-In-A-Row As 52-Week Lows Reach 3-Month High
"Good news" once again proved the undoing of the equity market (which some bright spark on TV said "has priced in the taper") and bonds and bullion also fell. Despite the ubiquitous late-day ramp to VWAP (thanks to to JPY selling and VIX stomping), equities closed red for the 5th day in a row for the first time since mid-September. Perhaps most notably, new 52-week lows reached its highest in almost 4 months. Volume was above average yet again as Treasuries saw yields hammered higher with the belly underperforming +4.5bps as 7Y broke above 2.20% to near-3-month highs. The USD sold off - driven more by EUR strength as Draghi disappointed in his jawboning - which proved to stumble all the carry trades as USDJPY moved back below 102. Gold and Silver were volatile but ended the day lower. VIX closed back over 15% for the first time in over 2 months and its reaching extreme inverted levels for 2013 into tomorrow's all-important NFP print.
52-Week Lows are rising rapidly...
USDJPY did its best to accompany stocks with EURJPY to jumpy (and the late-day pump failed at VWAP)...
As can be seen here once again the VWAP pump late on was perfect and failed perfectly...
This is the owrst 5-day run in 2 months - but there is still plenty of gains off the debt-ceiling lows...
VIX is extremely inverted (but not at extreme absolute levels)...
As VIX continues to diverge notably...it seems equity holders want protection badly...
Treasury yields are surging into NFP
Gold and Silver slipped...
Credit markets reamin saturated and unimpressed...have gone nowhere in 7 weeks!!!
Also, don't expect a huge short-squeeze tomorrow - the shorts are not in...
Charts: Bloomberg
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The S&P 500 is up 25% YTD. In years past, being long here would be like trying to pick up pennies in front of a steam roller.
Allegedly, it is different this time.
Record margin!! Do something Benny!!!! Get to work!!
If I had any balls I would be short.
Hmmm.
How to best be short in real terms, but not in nominal terms?
Grow em you pussy and trade!
Just fucking do it numbnuts!! NOW!!
http://www.rleeermey.com/
The only viable short is GUNS and Bullets-Canned food!!!
The only shorts that will be able to clear funds when this CLusterfuck blows are institutional!!
Retail will never be able to cover and will never get paid!:) Investment accounts are the worst possible paper to be in the near term!
Dude, you need to chill Chaos. They are just taking profits before ramping up this beast for their magical holiday ramp.
NOTTTTT!!
I agree. But you forgot scotch and reloading gear!
And an obedient mean fucking dog or wife could help too.
Now I confused myself.
I had the balls to be short for 3 years. All it got me was disappointment. I threw in the towel the week before Hugh Hendry did.
Take a guess what the print will be tomorrow based on today's numbers. It will be a beat.
The US needs a reset to give Yellen the coverage to taper. This will let her do a January test, the drop will happen, they will talk it down. December numbers will hit in January, December numbers will be a big miss & revision down. Taper is moved out to March. Feb will be Obama vs. Republicans, debt limit will be rolled over to after both chambers rotate in regionals.
And gold down again. Remember that post ZH had about that little up-bar in the middle of a huge downtrending channel?
Yeah, that one.
They need a Hilsenramp.... STAT!
Taper off.
Everybody's so conditioned to perpetual up days that -.43% and VIX at 15 seems like earth-shattering volatility...
No shorts around to squeeze? Uh oh...
Anyone seen Hugh Hendry?
Cold.
He is busy buying SSYS, VJET and other "trending" items
I pulled the trigger and shorted this bitch of a market today. Here's hoping I didn't just blow myself up.
The problem I imagine with shorting is you never know when the FED decides to cut liquidity until it is too late. I wouldn't short anything with the FED around shoving money in everyones pockets and bra straps.
Gold "ended the day lower"?
Putting it mildly, don't you think.
Tomorrow Numbers will be inline or missing exuberant expectation after ADP beat and today's number and unemployment will tick up which will give Fed cover to Not Taper in December. Futures will already be up by 70-80 points by NFP number. And will rally more afterwards. If there is a huge beat like 250K market will rally anyways with CNBC salivating as how great things actualy are and there is no bubble manana...
Thank god this is not the "owrst" post yet on ZH!
Doesn't anyone, especially the Tylor do a spell check on their work before they push that Submit button?
Just a sputter before another 40 or so days of gains... followed by the big one on January.
Hedge accordingly.