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Stocks Slammed Lower For The Week (Or Why Can't It Be Tuesday Every Day?)

Tyler Durden's picture




 

After a few days of exuberant dead-cat-bounce, that credit and treasury markets largely chose to ignore, Russian headlines sent USDJPY (and therefore US equities) dumping hard into the red for the week (and the month). Tuesday was the week's big short-squeeze winning day (as one would expect) and then it was all downhill. Away from stocks, the USD ended the week modestly lower (-0.15%); treasury yields were mixed with some more notable flattening (5Y ~unch, 30Y -8bps); and commodities were very volatile. Copper had its 2nd best week in 7 months, oil its 2nd worst week of the year as gold and silver beat stocks and the latter remains the year's winner. A late-day buying panic (because why wouldn't you ahead of potential WWIII!) was led by a VIX ramming which managed to get the S&P briefly green for the week but it faded quickly into the close.

 

Year-to-date... the S&P dipped back under silver with gold the winner still...

 

 

Tuesday's ramplicious short-squeeze lived up to expectations but it was downhill from there...

 

USDJPY ran the show early until it hit its magical 102 level then weakness persisted in stocks and AUDJPY took over...

 

VIX was slammed to try and get the S&P back to green on the week and month...

 

Which managed to get the S&P briefly green for the week - but it tumbled into the last few monutes

 

But it left only the Trannies marginally higher for the month...

 

US equity markets have been very technical in the last 10 days or so...

  • The last week or so has seens the Nasdaq bounce perfectly off its 200DMA, rally to close just above its 100DMA, and then fade half way back today....
  • The Russell 2000 followed a similar path down to its 200DMA, up to its 100DMA, and now back almst back all the way to its 200DMA once again - down 3 days in a row.
  • The S&P broke its 100DMA, ripped higher through that and the 50DMA and came within a few points of record highs before fading today and testing back perfectly to its 50DMA
  • The Dow and Trannies remain well above the 50DMA but have dumped today to get back close

The S&P and Trannies remain green year-to-date but The Dow, Russell, and Nasdaq all notably red still...

 

Utilities just hit record highs and are by far the best performing sector

 

Treasuries saw notable curve flattening once again on the week - 5Y almost unch as 30Y yields tumbled 8bps...though note that bonds sold off after the European close

 

Credit markets rallied back modestly in the late day but notabnly diverged as Europe closed and equities bounced...

 

Copper had its 2nd biggest week in 7 months up over 2% as gold and silver outperformed stocks and bonds on the week... oddly, given all the tensions, oil prices slumped to the 2nd worst week of the year

 

 

Of course, don't be be too downbeat over the weekend - one more trading day and it's Tueasday again!!

Charts: Bloomberg

Bonus Chart: Bezos ain't laughing today...

 

 

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Fri, 04/25/2014 - 16:07 | 4696942 LetThemEatRand
LetThemEatRand's picture

Snowden's fault.

Fri, 04/25/2014 - 16:11 | 4696960 NOTaREALmerican
NOTaREALmerican's picture

The Snowden thing is depressing.   It's too bad he wasted his life for nothing.  

Fri, 04/25/2014 - 16:08 | 4696945 g'kar
g'kar's picture

I just sent Obamao an email requesting an executive order that all days of the week be named Friday.

Fri, 04/25/2014 - 16:08 | 4696949 Rainman
Rainman's picture

yah....they'll gladly pay me Tuesday for a beating today.

Fri, 04/25/2014 - 16:19 | 4697002 SheepDog-One
SheepDog-One's picture

'Flux' how are yer stawks today?

Fri, 04/25/2014 - 16:20 | 4697004 irishlink
irishlink's picture

Ron Insana back on CNBC to tell everyone he is not shorting anymore and the bull market has two years left. We have had the rotational correction and of course the huge amount of money on the sidelines meme is still good for a commentary on this channell.

Fri, 04/25/2014 - 16:28 | 4697033 Aknownymouse
Aknownymouse's picture

Q Bezos laughing hysterically

Fri, 04/25/2014 - 16:20 | 4697005 Relentless101
Relentless101's picture

Bezos villian laught is epic.

Fri, 04/25/2014 - 16:27 | 4697035 q99x2
q99x2's picture

Golden Schmolden. The rice I bought today went up ten time in percentage what gold went up.

Fri, 04/25/2014 - 16:31 | 4697059 Wait What
Wait What's picture

as Bezos takes all the revenue that mom and pop stores throughout america would otherwise generate, one has to wonder if he's not really Dr. Evil.

http://www.youtube.com/watch?v=BdvUR67nZs0

Fri, 04/25/2014 - 16:41 | 4697100 wmbz
wmbz's picture

The boyz on THE Street are not worried one bit! A mushroom cloud could go off across the pond tomorow, who cares. They know they have the "full faith and credit" of Jack Yellen and the un-federal reserve!

Fri, 04/25/2014 - 16:56 | 4697161 Yen Cross
Yen Cross's picture

  Ya, but the futures/CFDs were pumped right after the close. http://i.imgur.com/KPlkAcD.png

Fri, 04/25/2014 - 18:04 | 4697380 Market Rage
Market Rage's picture

Judging from today's action, I don't think these assclowns are done f-ing with the markets.   I think there's going to be another run at 1900.  The volume today just doesn't instill much confidence in my bearish case. 

Fri, 04/25/2014 - 17:16 | 4697241 Midnight Rider
Midnight Rider's picture

Wonder what Gartman thinks today. Was the last one "all clear for stocks now"? I've lost track...

Fri, 04/25/2014 - 18:57 | 4697533 nortie
nortie's picture

What a roller coaster today! Does anyone have an opinion of GrowLife Inc. (PHOT). It went down over 58% today after they halted trading. Does anyone think that it will eventually recuperate?

Thanks for your attention, Ladies and Gentlemen.

Fri, 04/25/2014 - 19:52 | 4697676 Flux
Flux's picture

Some stray thoughs ..

Wander over to seeking alpha and check out all the articles (and responses) by this cat:

http://seekingalpha.com/article/2089983-marijuana-stocks-this-year-april...

Personally, I would stay away from the pot stocks at this point. The new commercial regulation is under attack by existing grow ops in Canada ... which are largely controlled by a very well-funded Hell's Angels. And the RCMP keeps confiscating shipments.

It's a clusterfuck, but if you are in a gambling mood ... not a bad lotto ticket.

Best bets are:

Medican (MDCN)

Tweed (TWD.V)

Abbattis Bioceuticals (ATTBF)

and Pan American Fertilizer Corp ... maybe (pfe.v)

As for PHOT ...

Opinions are mixed.

Fri, 04/25/2014 - 19:16 | 4697579 The_Ungrateful_Yid
The_Ungrateful_Yid's picture

BTFD as usual

Sun, 04/27/2014 - 02:39 | 4700537 polo007
polo007's picture

According to Tullett Prebon Group Limited:

http://www.tullettprebon.com/Documents/strategyinsights/TPSI_009_Perfect_Storm_009.pdf

perfect storm

energy, finance and the end of growth

Summary

The economy as we know it is facing a lethal confluence of four critical factors – the fall-out from the biggest debt bubble in history; a disastrous experiment with globalisation; the massaging of data to the point where economic trends are obscured; and, most important of all, the approach of an energy-returns cliff-edge.

Through technology, through culture and through economic and political change, society is more short-term in nature now than at any time in recorded history. Financial market participants can carry out transactions in milliseconds. With 24-hour news coverage, the media focus has shifted inexorably from the analytical to the immediate. The basis of politicians’ calculations has shortened to the point where it can seem that all that matters is the next sound-bite, the next headline and the next snapshot of public opinion. The corporate focus has moved all too often from strategic planning to immediate profitability as represented by the next quarter’s earnings.

This report explains that this acceleration towards ever-greater immediacy has blinded society to a series of fundamental economic trends which, if not anticipated and tackled well in advance, could have devastating effects. The relentless shortening of media, social and political horizons has resulted in the establishment of self-destructive economic patterns which now threaten to undermine economic viability.

We date the acceleration in short-termism to the early 1980s. Since then, there has been a relentless shift to immediate consumption as part of something that has been called a “cult of self-worship”. The pursuit of instant gratification has resulted in the accumulation of debt on an unprecedented scale. The financial crisis, which began in 2008 and has since segued into the deepest and most protracted economic slump for at least eighty years, did not result entirely from a short period of malfeasance by a tiny minority, comforting though this illusion may be. Rather, what began in 2008 was the denouement of a broadly-based
process which had lasted for thirty years, and is described here as “the great credit super-cycle”.

The credit super-cycle process is exemplified by the relationship between GDP and aggregate credit market debt in the United States (see fig. 1.1). In 1945, and despite the huge costs involved in winning the Second World War, the aggregate indebtedness of American businesses, individuals and government equated to 159% of GDP. More than three decades later, in 1981, this ratio was little changed, at 168%. In real terms, total debt had increased by 214% since 1945, but the economy had grown by 197%, keeping the debt ratio remarkably static over an extended period which, incidentally, was far from shock-free (since it included two major oil crises).

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