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Late-Day VIX-Selling Panic Rescues S&P From Red Close Year-To-Date

Tyler Durden's picture




 

The major US equity indices all pushed into negative YTD territory today in yet another pump-dump-and-small-ramp deja vu day. Early strength gave way quicker today as Biotechs bounced off an early dump (but closed back below their 100DMA for 2nd day - first time in 18 months), momo names were crushed (down 10-14% post-FOMC), Citi was banged over 5% (on extremely heavy volume post CCAR), and the NASDAQ tested down (and bounced off) its 100DMA. Treasuries were mixed once again with bear-flattening the dominant theme. The USD ended the day unch on the week with EUR weakness offset by CAD and GBP strength. AUDJPY was in chgarge of stocks most of the day-session. Copper and oil improved as gold and silver slipped more (though bounced at the close). Late-day JPY pump, VIX dump rescued the S&P back to +0.03% return for 2014.

 

All major US equity indices back to unchanged or worse in 2014... the S&P 500 closed +0.03% YTD (Nasdaq, Russell and Dow all red year-to-date)

 

Whocouldanode that financial stocks were getting ahead of themselves?

 

As Citi was crushed...

 

But today saw Biotechs bounce off an early flush ending small green...

 

And high-beta Momos once again...

 

Since The FOMC, Nasdaq and Small caps have been hammered...

 

even as the broad indices bounced on a magical AUDJPY carpet ride as 330RAMP CAPITAL arrived...(note USDJPY was in charge in the pre-open but algos flipped soon after the US open when they could not garner any momo from USD).

 

As VIX-selling lifted the S&P into the green for 2014...

 

FX markets were very volatile but not if you look at the USD Index...

 

As Treasuries continues to bear-flatten...

 

Especially the long-end...

 

Charts: Bloomberg

Bonus Chart: Candy Crushederer...

 

Bonus Bonus Chart: Growth not so Value-able anymore....

 

Bonus Bonus Bonus Chart: Growth is now underperforming Value for 2014...

 

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Thu, 03/27/2014 - 16:13 | 4600076 Ahmeexnal
Ahmeexnal's picture

Aaaand it's gone!
First Crimea. Then Venezia and Catalonia.
And...Texas is about to secede from the US.

Thu, 03/27/2014 - 16:14 | 4600085 Obama_4_Dictator
Obama_4_Dictator's picture

God I hope so, I moved the Texas hoping beyond hope that it would. Very much a long shot, I know.

Thu, 03/27/2014 - 21:31 | 4601143 Redneck Hippy
Redneck Hippy's picture

Big petition-the-White House-drive to give Alaska back to Russia, along with Ms. Palin.  

Thu, 03/27/2014 - 16:26 | 4600129 slaughterer
slaughterer's picture

Bulls are all primed for the weekly option expiration tomorrow and EOQ window dressing Monday.  

Thu, 03/27/2014 - 16:13 | 4600081 Obama_4_Dictator
Obama_4_Dictator's picture

*Ripping my hair out

Thu, 03/27/2014 - 16:16 | 4600091 Aknownymouse
Aknownymouse's picture

My theory on the vix getting crushed is that hedges are lifted after funds are bailing

Thu, 03/27/2014 - 16:22 | 4600107 fooshorter
fooshorter's picture

VIX getting crushed is manipluation of highest degree.

Thu, 03/27/2014 - 16:48 | 4600197 gjp
gjp's picture

Shit, all this sound and fury and S&P still up year to date, within 2% of ATH, up 30% year over year?

And when did gold become a momo stock?  Didn't go up with them but sure is going down.

Sadly, I'd wager bankster fascists still sleeping well at night.

Thu, 03/27/2014 - 21:27 | 4601129 Redneck Hippy
Redneck Hippy's picture

If gold can't rally on Russia annexing Crimea, I'm afraid it's a lost cause.  Time to buy bitcoin?

Thu, 03/27/2014 - 16:57 | 4600227 SAT 800
SAT 800's picture

Well, since this post is about charts and trading; I'll put t he close out of my EURO/USD June '14 shorts on here. I bought the shorts back today for 1.3740; having sold them at 1.3942; for $10,000 P&L.

Thu, 03/27/2014 - 17:08 | 4600257 PlausibleDenial
PlausibleDenial's picture

Any help on this question is appreciated.  What are the factors that make the algos flip to a different carry trade?  Shit I barely understand carry trade more less why one carry is in favor.  Thanks guys.

Thu, 03/27/2014 - 17:31 | 4600344 flacon
flacon's picture

You have to ask a "quant" - because quite frankly I don't think anyone else knows. 

Thu, 03/27/2014 - 18:35 | 4600461 El Hosel
El Hosel's picture

Gee Wally,

I wonder what will happen next?

In the morning we get a perfect Goldiloks jobs report, futures up ahead of (of course )... Followed by another nice 80 point DOW squeeze up, then a "reality sell off"  to near unch....followed by a stick save VIX slap to finish off the day good and green.

Ahhhhhh, the resiliant US "Market"

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