Dow Down Most In 3 Weeks As Market Double Dump-And-Pumps

Tyler Durden's picture


Overnight saw China spook its markets by weakening the CNY (and breaking the trend again) and suffering a failed bond auction and that led on to weakness across Europe as USDJPY toyed with 102 and dragged stocks and peripheral bonds down. The US opened weak, saw the usual buying spree jerked higher by JPY then as the budge deficit hit (reducing room for monetization money) stocks tumbled to the session's lows and red fo rthe week. Of course that will never do and at around 330ET, as usual, the buying panic began (though in a tiny range). US cash equity markets saw a double dump-and-pump but were unable to scramble back to the green by the close. The USD closed unchanged as EUR tested once again down to Draghi spike lows. Gold and silver closed unch (with a midday dump of $175 miilion notional in gold futs); oil flatlined (iraq vs world bank) and copper slid (China). Treasury yields closed 2bps lower with the belly outperforming. VIX was slammed at 330 but stocks could not hold their gaisn as The Dow had its worst day in 3 weeks.



Cash markets double dump-and-pump'd


USDJPY was largely in charge but the beta of stocks is getting a little crazy...


VIX was slammed at the close to help but it didnt work...


FX markets were quiet


But EURUSD tested back down to Draghi lows...


Treasuries rallied modestly on the day but remain higher in yield on the week...


Oil shrugged off any concerns in Iraq... (and world bank downgrades) but copper kept tumbling


Gold was whacked around midday with a $175 million sell order... but rallied back


Charts: Bloomberg

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Wed, 06/11/2014 - 16:09 | 4845950 yrad
yrad's picture

....and where the fuck is Jon Corzine?

Wed, 06/11/2014 - 16:15 | 4845978 Berspankme
Berspankme's picture


Wed, 06/11/2014 - 16:18 | 4845989 Relentless101
Relentless101's picture

I keep feeling like its a win for humans agains machines when an index closes red. Just gives me that warm fuzzy feeling.

Wed, 06/11/2014 - 16:47 | 4846082 max2205
max2205's picture

Moody's lowers Canadian banks' outlook to negative


Affirming the ratings of Canada's largest banks, Moody's cuts their outlook from stable to negative, thanks to the government's plans to implement a "bail-in" regime (i.e., creditors to take a haircut) for systemically important lenders."The government's intentions are clear, and if a legislative framework permitting bail-in can be implemented, it will likely be negative for creditors," says David Beattie from Moody's.Among those affected: RY, TD, BMO, BNS, CM, NTIOF







........('(...´...´.... ¯~/'...') 


..........''...\.......... _.·´ 







Wed, 06/11/2014 - 23:59 | 4847423 litemine
litemine's picture

This is true enough, but, the lending laws are different in Canada. The Banks shareholders take the fall on bad loans and the Canadian Government will not Bail in public Money to support bad investments.                     This not what has happened on the Global Scene.......It's just too bad the Canadian Government devalues the $CAN. to allow manufacturer's  to be competitive .   With all the $US. printed the $CAN. should be worth much more , but then what would we do?   Create pipelines that move the Oilsands Oil across the country though refineries and reduce American Markups ?  Create Canadian Jobs and sales forces that could get a higher Value for our Oil? Have more royalties to pay down the Debt?  We have suffered the Buy American Products and havent learned yet to produce products for home.  Quebec was a clothing/shoe furniture powerhouse..........Get back to the basics. We sell too much raw material and have too many unemployed,  things need to change, time to throw off the chains and stand up .......Repair our INFRASTUCTURE. Stay out of NATO........we have enough Oil to sell..   The F35's, we do not need them and we would have them pointed the wrong way...........Defence of our Country, Peace Keeping (OK) but that is not what is happening..............Why do we defend the Petrol Dollar?   Canadian Treason. Monitor HAARP.......It gives some a headache, and it is not for the benefit of Canadians...........Open Season within Canada on any mercianaries/CIA operatives.............They are Warmongering and should be considered Attackers "DEFENCE"

Wed, 06/11/2014 - 16:23 | 4845992 BLOTTO
BLOTTO's picture

1/5th of the world is about to focus on the World Cup of football.

I would guess volume and general market interest is about to go dow(n)...

Wed, 06/11/2014 - 16:25 | 4846008 huggy_in_london
huggy_in_london's picture

earleist game in the uk is at 5pm so it actually may not affect things as it usually would

Wed, 06/11/2014 - 16:09 | 4845955 SheepDog-One
SheepDog-One's picture

100 point DOW down day.....inconceivable!!

Wed, 06/11/2014 - 16:10 | 4845962 Eyeroller
Eyeroller's picture

Situation in Iraq is spiraling out of control.

News outlets didn't give it top coverage till late in the day.

Damn, ruined the FED pump...  too bad Aunty Ponzi Munchkin.




Wed, 06/11/2014 - 16:17 | 4845985 kowalli
kowalli's picture

CIA have a good control and fun, don't worry

Wed, 06/11/2014 - 16:39 | 4845965 Eyeroller
Eyeroller's picture

Hubble, BUBBLE, toil and trouble...

Wed, 06/11/2014 - 16:11 | 4845967 NOTaREALmerican
NOTaREALmerican's picture

Listen....   It's the sound of Global Death Cross blaring from speakers on the Hindenburg Omen!  

Wed, 06/11/2014 - 16:14 | 4845976 q99x2
q99x2's picture

No Trannies! I'm bummed.

Wed, 06/11/2014 - 16:15 | 4845981 Australian Economist
Australian Economist's picture

Gold miner are having a bit of a rally, mine are up 15-25% past 7 days.

Wed, 06/11/2014 - 16:20 | 4845996 pound the vix
pound the vix's picture

Market will not drop until next week.  My largest SPY put position will expire worthless this friday.

Wed, 06/11/2014 - 16:30 | 4846021 disabledvet
disabledvet's picture

Somebody's Bank has Blown's either BofA or DB...or both.

If it's both that's Rhode Island and Manhattan...with Massachusetts and Illinois thrown in for shits and giggles.

Plan Ost is not off to a promising start either. "The Wermacht had more confidence"...not the least reason being they had an Army...not a big one mind you...but they did have an Army.

"And a very unsurprising level of motivation" ("Zee Fuhrer!")

Sorry but "hanging Central Command out to dry" sounds like a polirtical loser to me.

Wed, 06/11/2014 - 16:31 | 4846028 Son of Captain Nemo
Son of Captain Nemo's picture

Here's Cramer!....

And when it all goes to shit in a hand basket this M-F will tell you he told you so on 6/11/2014!!!

Wed, 06/11/2014 - 16:35 | 4846043 NOTaREALmerican
NOTaREALmerican's picture

Well, if it does and he said would, he'd be right.

Wed, 06/11/2014 - 16:43 | 4846062 bam
bam's picture

um.. this is the headline i see on CNBC


Rich men allegedly scammed: drugs, strip clubs, and charges

Wed, 06/11/2014 - 17:22 | 4846240 john39
john39's picture

those poor rich guys, just minding their own business... eh, never mind.

Wed, 06/11/2014 - 17:25 | 4846242 TheRideNeverEnds
TheRideNeverEnds's picture

you had not one but TWO chances to buy them on the cheap today; a gift from the gods.

Wed, 06/11/2014 - 19:07 | 4846489 JuliaS
JuliaS's picture

My market calendar has 2 types of days: Tuesdays and non-Tuesdays. Today was a non-Tuesday.

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