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Last Ditch Buying Frenzy Fails To Make It 9 Weeks In A Row Of Gains

Tyler Durden's picture





 

Despite every effort to sell as much JPY as possible to lift stocks and create the best run for the S&P since 2004, the algos failed (by pennies) but with solid gains nevertheless just to disprove all the good news is bad news believers - for now. While the NASDAQ managed a green close on the week (though underperformed today), stocks couldn't quite make it all back today but broke the 5-day losing streak. Treasuries ended the day unchanged and 10-13bps higher on the week. The USD dollar lost considerable ground this week (-0.5%) but it was safe-haven Swissy that stood out as the last 4 days are the best run in 5 months. Gold and Silver ended the week -2% or so and despite the intraday swings relatively flat today. All-in-all, stocks and JPY carry were in charge today as bonds and commodities were not playing at all. VIX dropped the most in 2 months back under 14% as the front-end drop removed the inversion.

 

It was a good try but a fail in the end...

 

 

Good to see stocks trading on JPY-carry fundamentals...

 

The NASDAQ managed a green close on the week but despite the best efforts, the rest of the majors were unable to recover...

 

But off the debt-ceiling lows, the index dispersion is growing...

 

Treasuries were sold, bought, sold, and then bought again into the close for a small gain... but weak on the week...

 

FX markets were volatile but the trend is clear - USD weakness - though the surge into safe-haven Swissy is very notable...to near its highest vs USD in over 2 years

 

Charts: Bloomberg

 


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Fri, 12/06/2013 - 17:18 | Link to Comment Ponzi Pontiff
Ponzi Pontiff's picture

I love it when gold goes down.  I love that "WHOOSH!" sound it makes as it creates stacking opportunity...

Fri, 12/06/2013 - 17:20 | Link to Comment Black Forest
Black Forest's picture

USDCHF is the outlier. I do accept bullion as trophy money.

Fri, 12/06/2013 - 18:47 | Link to Comment Yen Cross
Yen Cross's picture

    I would have called it a "c**t hair" but those don't exist anymore...  :-)

Fri, 12/06/2013 - 18:55 | Link to Comment W74
W74's picture

Just more proof they don't want to go into the weekend on a down note.

Fri, 12/06/2013 - 20:29 | Link to Comment spine001
spine001's picture

The world is in shambles, when you are playing in a race to the bottom, you are all trying to loose. What we see is garbage, noise result of algos fighting algos and no real information making economic sense at all.

When the currency wars are over, we will see the emperor without clothes, then the game will really start:

Bitcoin?

Other cryptocurrency?

A gold backed cryptocurrency?

If it is gold or silver, don't worry about currency, worry about keeping whatever it is you have that is of value to somebody else. Lets hope we don't get there.

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