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Turbocharged Trannies & Tumbling Treasuries

Tyler Durden's picture




 

The Dow Transports has outperformed the Industrials by over 3% year-to-date (+1.9% vs -1.1%) as both the Trannies and Russell pressed new record highs today (as the Dow and S&P lagged on bigger-cap earnings disappointments). Treasuries lost ground with the front-end worst (5Y +6bps) but 30Y was unch leading to a significant further flattening in the curve to its 2nd flattest close in 17 months. The USD ended the day (and week so far) unchanged as a big drop in CAD was offset by a rally in AUD and GBP. Gold & silver dribbled lower all day and were smacked into the close; with copper flat to slightly lower on the day as WTI surged towards $97 (narrowing the spread to Brent to 1-month lows). It was recent business-as-usual in VIX as it leaked higher testing 13% once again and credit markets remain divergent from stocks (though the relative safety of investment grade credit was bid this afternoon). For those keeping track, today's market was brought to you by the letters USDJPY and the number 17.62.

 

The S&P and Dow remain red year-to-date but investors just can't buy enough Trannies...

 

As this morning's open saw a huge bid for them...

 

Spot The Difference - The JPY 500 continues to trade well... S&P 500 = USDJPY x 17.62...

 

VIX continues to press higher as stocks limp higher...

 

and Credit markets don't seem to be buying the dip...

 

The underperformance of the front-end in Treasuries is clear (and escalated in the last two days) in 2014...

 

5s30s are near their flattest in 17 months...

 

Oil surged as copper, gold and silver slid (with a late-day tumble in the PMs)...

 

The last hour saw the most selling of the day in PMs...

 

Charts: Bloomberg

Bonus Chart: Either the AAPL-Gold relationship has finally broken or we're going to see some fireworks one way or the other soon... (h/t @Not_Jim_Cramer)

 

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Wed, 01/22/2014 - 17:11 | 4356658 LetThemEatRand
LetThemEatRand's picture

Turbocharged Trannies -- Fast & Curious?

Wed, 01/22/2014 - 19:33 | 4357067 Boris Alatovkrap
Boris Alatovkrap's picture

Article is no cross dressing reference, no gender identity confusion, but is full of pornoGRAPHy.

Wed, 01/22/2014 - 17:12 | 4356660 buzzsaw99
buzzsaw99's picture

just another day in krony krapitalist paradise komrades

Wed, 01/22/2014 - 17:15 | 4356677 Deathrips
Deathrips's picture

Mr Yellens got a 10 year itch to scratch.

 

RIPS

Wed, 01/22/2014 - 17:25 | 4356710 new game
new game's picture

must be the 30 year welt-nice and raw by now. she will get to the 10 year.

Wed, 01/22/2014 - 17:16 | 4356678 eclectic syncretist
eclectic syncretist's picture

And Netflix is kickin' it old school after hours.  Might just break $400 per share, the piece of crap stock that it is.

Wed, 01/22/2014 - 17:18 | 4356691 Aknownymouse
Aknownymouse's picture

Probably if you put all your money in the following trash basket you would have had better than a 10 bagger over 2013: NFLX, AMZN, TSLA, TWTR FB

Wed, 01/22/2014 - 17:27 | 4356721 eclectic syncretist
eclectic syncretist's picture

I would not touch any of those LOL.  I see EBAY is up almost 10% after they reported non-GAAP beating by a penny, when they guided next quarter and year down.  Some dumbasses are going to get fleeced, that's for sure!

Wed, 01/22/2014 - 19:12 | 4357009 disabledvet
disabledvet's picture

QTTW, BLDP, FCEL, PLUG, KNDI...these have been incredible moves in well under just a few months...far larger than all those above save Tesla. "you're gonna need a lot of windmills" and I'm not talking Don Quixote here (with his trusty sidekick Tonto. No man is complete without his trusty sidekick. When is Robin going to join up with the Dark Knight anyways?)

no, i remain "not bullish" on the market. But that doesn't mean there aren't great companies that are exceptionally well run and not worth buying at some point.

Here's one that knocked the cover off the ball and got crushed today:

http://seekingalpha.com/symbol/FCX?source=search_general&s=fcx

take a good hard look at those gold production numbers gold lovers. "that's called tonning it." and, yep..."thanks for nothing" is the response.

So don't be confused about why gold and silver got crushed today. "That's a lot of profits...and a lot of product too."

At some point that ten cent a gallon gasoline will be rolling in from Venezuela too.

Wed, 01/22/2014 - 19:03 | 4356972 John Law Lives
John Law Lives's picture

"Probably if you put all your money in the following trash basket you would have had better than a 10 bagger over 2013: NFLX, AMZN, TSLA, TWTR FB"

 

Isn't that a sign of the times...

 

NFLX = sit on your duff and watch content mailed to you or streamed via the 'net...

AMZN = buy cheap stuff (much of which you may not need) and have it shipped to your door...

TSLA = buy an overpriced car whose battery pack can start a fire...

TWTR = be a "connected" zombie and send tweets (140 characters or less) to your buds all day...

FB = be a "connected" narcissistic zombie and show your FB "friends" what a great life you have...

 

What a FUBAR economy this is.

Wed, 01/22/2014 - 17:46 | 4356783 nakki
nakki's picture

Well they did make 48 million dollars last quarter not bad for a company with a market cap of 22 BILLION give or take. Its dot com part 2, where no one will work, buy Chinese chit from eBay and Amazon and watch Netflix all day long.

Wed, 01/22/2014 - 17:17 | 4356680 Aknownymouse
Aknownymouse's picture

Keith McCullough trash talking ZH again. That guy annoys me. Chirps too much. I guess once a hockey thug always a hockey thug. Heh Keith?

Wed, 01/22/2014 - 17:45 | 4356778 buzzsaw99
buzzsaw99's picture

McCullough is Bill Gross, minus the $2T AUM. lulz

Wed, 01/22/2014 - 19:19 | 4357037 disabledvet
disabledvet's picture

"2001? Never heard of it. 2008? Just a number. 1987? Someone else's problem." That the type of guy we're talking about? All I have to say is "i'm not going long the AUD or Cable either." And yes, that is to me a MAJOR cause for concern for US equities if in fact you have clients other than yourself.

Actually...especially if that client is you.

Been a great few months for Whale Watching fer sure...something that will continue I might add.

"Whales are whales, fishes are fishes."

Wed, 01/22/2014 - 17:18 | 4356692 Charles Nelson ...
Charles Nelson Reilly's picture

oh... yeah.... now it all makes sense?!?

Wed, 01/22/2014 - 17:19 | 4356696 Hindenburg...Oh Man
Hindenburg...Oh Man's picture

Another day, another NASDAQ 14-year high. 

Wed, 01/22/2014 - 17:23 | 4356707 Rainman
Rainman's picture

Record call options on the VIX ..... something's going to go schizo.

Wed, 01/22/2014 - 17:31 | 4356729 LawsofPhysics
LawsofPhysics's picture

Oh really?  Tell me more...

 

Might just have to drop some sacraficial cash on FAZ or TZA...

Wed, 01/22/2014 - 17:32 | 4356734 eclectic syncretist
eclectic syncretist's picture

Yeah!  Once the distribution winds down equities will start to fade, and then after that the real fun will start.  I sure hope miners don't get pulled down too.  Being patient sucks!

Wed, 01/22/2014 - 17:48 | 4356787 frankTHE COIN
frankTHE COIN's picture

Stop saying Suck.
You're only a few Posts down from LTERs , Turban wearing Trannies.

Wed, 01/22/2014 - 17:44 | 4356775 spankfish
spankfish's picture

<Peter Griffin laugh> Hehehehehe, trannies.

Wed, 01/22/2014 - 18:45 | 4356944 q99x2
q99x2's picture

Pay for your Trannies and give up your gold - bitchez.

The apocalypse cometh. The horsemen descendeth. The wind blew and the S'ht flew and there stood Ben's Bernanke.

Wed, 01/22/2014 - 19:23 | 4357044 disabledvet
disabledvet's picture

this thing is kinda cool: http://www.youtube.com/watch?v=xtpmrytlhKQ who needs an interstate highway system anymore?

Wed, 01/22/2014 - 21:19 | 4357427 Traianus Augustus
Traianus Augustus's picture

Trannies = Bennies Bitches!!!

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