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Financials Lead Stocks To Recover Yellen Losses (Bonds & Bullion Unchanged)
Treasuries ended the day practically unchanged. Gold, despite some early weakness, ended the day unchanged. The USD ended higher on the day - extending post-Yellen gains but was essentially flatlining aside from concerted buying pressure from 3ET to 7ET. Copper kept falling (as did silver) and oil prices slipped lower. VIX pressed lower as stocks rallied out of the gate but VIX diverged notably after Europe's close to 15% with a few minutes to go. So, given all of that, where do you think stocks closed? Thanks to a pre-CCAR ramp in US financial stocks (which notably diverged from financial credit spreads), and an idiotic 0.5 vol smackdown in VIX, US equities managed to clamber their way back up to pre-FOMC levels before giving some back inthe late-day (with a mini-melt-up into the close). AUDJPY ruled the 'fundamental'-driven US equity markets from open to close.
What the fuck was that!! Thank you VIX
Spot The Odd One Out...
US financials led the post-Yellen re-exuberance...
Which dragged the blue-chip indices up to unch from FOMC before fading into the close...
And while much of this rampaging recovery from Yellen's mis-step is due to US financial stocks jerking higher into tonight's CCAR results - but credit wasn't buying it...
Of course AUDJPY ruled stocks all day...
And VIX diverged notably...
FX markets have been trading in fits and jumps - total flatline then chaos -
Copper crapped out again... (but wasn't yesterday's ramp the end of the problems? - That's what we were told?)
Charts: Bloomberg
Bonus Chart: The chart explains why Shinzo Abe should be stockpiling "Depends" (via Brad Wishak of NewEdge)
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S&P pumped by the NY FED day after day, same time, same place, same shit. Turning the US into Zimbabwe. IT can only end one way and all these fucktards are doing is building the diving board higher
End of quarter performance manipulations are SOP for the hedge funds < politely known as window dressing, goosing the 2 and 20 , painting the tape >
according to my new Trader's Almanac there are only 14 days in the year that you can short the market with more than 35% odds of success...
You can short it every day. You just can't leave the room.
i truly, honestly believe the only that matters to obama, congress, etc is the stock market. must be saved at all costs. even embarrassing ourselves and backing down in every "conflict".
Perhaps that is because the current Administration has no clue how to run an economy, so the only thing they can do is watch the Fed pump asset prices.
FedFUBAR.
if it looks like a duck (war) and quacks like a duck (war)...well, maybe we can call it a mongoose instead.
Just remember Bershire/Buffet - if I'm not mistaken from what I read 5 years ago (nothing now), Berkshire has $tens of Billion in put options written on specifically the S&P with the bulk expiriing in 2015.
Now you know where his famous expression "Weapons of Mass Financial Destruction" came from, why he is a fucking Whore, and why the S&P has to be Bought at all Cost.
I do wish Tyler would look into that scam correlation/causation.
And, like magic just as expected and happens every time, Yellen's flub is just a memory. Almost exactly recovered to the point within 24 hours.
America is really exceptional.
she got a mulligan just like Obozo on every other hole....except for the mrs. he hasn't touched that in years
Yup, truly amazing!
S&P 1900 by March Madness' end, S&P 2000 by Mother's Day.
S&P 3k by year end! Would it surprise anyone?
1925 by mothers day
another WTF day, everyone is taking all their disposable income and heading to Panera, Chipotle, B. Dubs, and Papa Johns, for the delicious vittles...
and JACK! in the box trades at 45 P/E (Greasy Joe T said it was a great buy the other day because: "everyone loves burgers" ...) lol, can't make this stuff up!
Was there any question? Seriously.. just buy the dips; it works 100% of the time. Especially off a FED induced dip into triple witching. The chance of us closing down today was basically zero which is around the same chance we have of not printing 2000 on the ES this year.
The longer this goes on, the worse the ending will be.