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Oil Tanks As Stocks Drift On Range-Bound Volumeless Day

Tyler Durden's picture




 

Stocks saw their lowest range day of the year so far today - and one of the lowest volume days - with today's laggard yesterday's big winner Russell 2000. Financiasls surged today and Energy dropped to worst performer on the year. Treasuries drifted sideways to very modestly lower in yield even as the USD weakened (led by AUD, CAD, and GDP strength). USDJPY and stocks were generally well coupled once again. Gold and silver leaked higher but today's biggest mover was WTI crude which tumbled back to around $101 (-1.4% on the week). High yield credit spreads flatlined with late weakness but HYG (the HY bond ETF) was notably weak all day. A late-day VIX smackdown tried to take the S&P cash into the green (mission accomplished) and new record highs - but it failed. Not exactly the high conviction, break to new highs push so many had hoped for as everyone eyes Friday's NFP (and ignores today's ADP and ISM Services - and China's Composite PMI).

 

VIX was slammed to try and save the day green for the S&P...

 

A low range and low volume day for stocks

 

As broad equity indices went sideways to lower... The Dow suffered thanks to Exxon and Visa ( accounting for all 35 points between them)...

 

USDJPY was in charge...

 

Financials had a big day despite the market going nowhere but energy was monkey-hammered to the worst-performer of 2014...

 

We thought this might interest some... it's been a mixed year for the fantasy five...

 

Treasuries trod water...

 

Gold and Silver rose modestly but WTI was the big loser...

 

This is oil's biggest 2-day drop since the start of the year...

 

Credit markets appeared to weaken after playing catchup to stocks though the HYG ETF was weak all day...

 

We are sure today's lack of collapse will be viewed as extremely bullish... we are not so sure.

Charts: Bloomberg

Bonus Chart: For the last f**king time!!! No, the fundamentals are not picking up...!

 

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Wed, 03/05/2014 - 17:08 | 4513485 slotmouth
slotmouth's picture

BTFUNCH

Wed, 03/05/2014 - 17:29 | 4513585 Soul Glow
Soul Glow's picture

Buy the fucking obvious top in stocks!

Wed, 03/05/2014 - 18:53 | 4513946 Kirk2NCC1701
Kirk2NCC1701's picture

Tanks a lot!

Wed, 03/05/2014 - 17:08 | 4513489 wallstreetapost...
wallstreetaposteriori's picture

I have a feeling that a mass genocide headline in the news would push the S&P well over 1900..

Wed, 03/05/2014 - 17:25 | 4513562 PontifexMaximus
PontifexMaximus's picture

Only?

Wed, 03/05/2014 - 17:39 | 4513635 LawsofPhysics
LawsofPhysics's picture

Oh, do tell, I love stock tips...

Wed, 03/05/2014 - 17:09 | 4513494 NoDebt
NoDebt's picture

Bonus Chart: For the last f**king time!!! No, the fundamentals are not picking up...!

Here's an Obamaphone.  Call somebody who will listen to you.  I've been saying August of last year was the peak and we've been sledding downhill since then.  Nobody cares.  Least of all "the market" (if there is such a thing).

Wed, 03/05/2014 - 17:12 | 4513506 CrashisOptimistic
CrashisOptimistic's picture

Well, those weak ADP and ISM numbers were not ignored by the only thing that matters -- oil. 

The media narrative is . . . if oil is up, it is because of booming economy and demand, and if oil is down, the Bakken is a miracle of new production.

The truth is . . . if oil is up Libya and Nigeria are murdering more people so the flow is less, and if oil is down it is because of bad macro data.

Wed, 03/05/2014 - 17:21 | 4513551 gafgroocK
gafgroocK's picture

 

 

 

I think you are talking to Trading Machines and that's why there is no response...

Wed, 03/05/2014 - 17:17 | 4513511 TheRideNeverEnds
TheRideNeverEnds's picture

Macros are hitting lows as the market makes new highs, the worse it gets the more Yellen will increasing QE which is a done deal at this point its just a matter of how high she will raise it and when she will do it. 

 

Now we are waiting to see how bad the employment situation is.  I am thinking if it is terrible we only go up around 1%, if its consensus maybe up 1.5% and if its good we will be up 2-3%.   With the reasons being; MOAR, any day now..., and green shoots respectively.  

 

Down is not even an option.  

Wed, 03/05/2014 - 17:17 | 4513527 skwid vacuous
skwid vacuous's picture

Today was a "Z day" after the "Putin blinked" rally, tomorrow we resume the ramp-up, forward comrades

Wed, 03/05/2014 - 17:18 | 4513532 FieldingMellish
FieldingMellish's picture

Good to see the fundamentals picking up... what?

Wed, 03/05/2014 - 17:19 | 4513533 starman
starman's picture

Hard hat area!

Wed, 03/05/2014 - 17:18 | 4513536 fijisailor
fijisailor's picture

New York resident files class action suit over gold market manipulation,

http://www.businessinsider.com/r-london-gold-fix-banks-accused-of-manipu...

Wed, 03/05/2014 - 17:57 | 4513708 Soul Glow
Soul Glow's picture

Bart Chilton's on it!

Wed, 03/05/2014 - 17:23 | 4513557 Soul Glow
Soul Glow's picture

How to Fight a War, by Ben Bernanke

If Russia gets uppity, tank the price of oil and float US equities to spite them.

Wed, 03/05/2014 - 17:25 | 4513564 thismarketisrigged
thismarketisrigged's picture

never saw this posted on here, but its real funny, prob made by a zerohedger.

 

http://www.youtube.com/watch?v=ygPuoHloTPY

Wed, 03/05/2014 - 17:26 | 4513565 Its_the_economy...
Its_the_economy_stupid's picture
Oil Tanks As Stocks Drift On Range-Bound Volumeless Day

 

Channel Sweeping...noise. Get an education, see below. (I recommend a tall beer to begin.)

 

http://www.youtube.com/watch?v=dLCsMRr7hAg&index=2&list=FLSIcLl4SLNDiPv4...

Wed, 03/05/2014 - 17:42 | 4513646 LawsofPhysics
LawsofPhysics's picture

Will a product of some old ripe pears we had lying around work (had almost a half ton, so we added some sugar and yeast and forgot about the mix for about a month, then distilled it in a straight pot-belly still)?

Wed, 03/05/2014 - 17:26 | 4513569 Poor Grogman
Poor Grogman's picture

Oil must fall further for the revolution to be termed a complete success.

Wed, 03/05/2014 - 17:27 | 4513571 disabledvet
disabledvet's picture

I showed up to buy the steel mill for a dollar and unfortunately was out bid.

Sure...the thing hasn't been running since 1912...but talk about great brick work!
"With all the fixin's" still inside!

Well...back to work...

Wed, 03/05/2014 - 17:30 | 4513578 mac768
mac768's picture

Just imagine who is behind the oil and gas price suppression....

I just wonder how long they can hide in the shadows

and by the way, there is no such thing as a free (gas) lunch:

http://www.telegraph.co.uk/finance/newsbysector/energy/10384186/Peter-Vo...

 

Wed, 03/05/2014 - 17:34 | 4513612 Soul Glow
Soul Glow's picture

Even the IEA says oil production will peak by 2015 at the latest.  They can't hide in the shadows much longer.

Wed, 03/05/2014 - 17:33 | 4513610 The worst trader
The worst trader's picture

Oil going to $80

Wed, 03/05/2014 - 17:56 | 4513694 Soul Glow
Soul Glow's picture

If oil goes to $80/b the DJ is going to 12k, and before that happens Ol' Yellen will Un-Taper.

Wed, 03/05/2014 - 17:39 | 4513634 superflex
superflex's picture

Down goes Foreman!

Wed, 03/05/2014 - 17:59 | 4513719 Soul Glow
Soul Glow's picture

Do I go long the VIX now?  

Or do I just keep stacking silver?

Wed, 03/05/2014 - 19:24 | 4514073 PowerPlayer
PowerPlayer's picture

I get that everyone wants to blame weak economic numbers on the weather, but how in the hell does anyone know?  I thought markets were supposed to dislike uncertainty.  No one can tell you whether the economy is good or bad, so why on earth would you want to buy stocks at all time highs.  This whole market is a joke.  

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