Stocks Suffer Worst Week In 2 Months As Black & Yellow Gold Surge

Tyler Durden's picture


Best week for WTI crude in 6 months (to 9 month highs). Worst week for the Dow Transports in 2 months (3rd worst in 10 months)... and while 5s30s flattened to its equal lowest since January 2009, 10Y Treasury yields ended the week just 1bp higher in yield. Late day VIX smashing was trumped by rumors of the death of Iraq's PM Maliki (which was later denied and sent VIX reeling lower again). The USD ended the week modestly higher (+0.2%) with GBP strength and EUR weakness the main theme. Silver and gold were bid (safety and CCFD unwinds) with the best week in 3 months. Copper and iron ore were down for the 3rd week in a row. "Most shorted" stocks rose for the 5th week in a row (notably decoupling from the broad markets's weakness in the last few days). So it seems that the market does not trade on bad news; it trades on fake rumors.


Gold took back the lead over stocks for the year but oil is the big winner (along with bonds)


A glance at the day shows low volume weak opening that was largely anchored by AUDJPY once again.


The late-day VIX slam failed as Maliki-dead rumors hit the desks...


Who could have seen that coming?




On the week, the Nasdaq was just unable to keep its winning streak going and Trannies were worst (3rd worst week in 10 months)


As Most shorted stocks were up 5th week in a row - diverging from the broad market


Of course the big news was crude oil, testing up towards $107; but gold and silver were well bid as a combination of safety and CCFD unwinds pressured PMs higher and copper/iron ore lower



Treasuries roundtripped on the week with 10Y practically unchanged (leaving 5s30s at the flattest since Jan 09)


GBP (blue) rallied notably this week on theback of the Mansion House speech hawishness and EUR fell 0.75% against the USD...


Charts: Bloomberg

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Fri, 06/13/2014 - 16:08 | 4854675 TabakLover
TabakLover's picture

The last 15 mins today: pure horseshit.

Fri, 06/13/2014 - 16:18 | 4854711 Headbanger
Headbanger's picture

Fuck it! 

Bartender.. Line em up!

Fri, 06/13/2014 - 16:57 | 4854832 flacon
flacon's picture

I think I'll only trade 14 minutes a week now... Friday 3:45 - 3:59

Fri, 06/13/2014 - 16:24 | 4854734 NoDebt
NoDebt's picture

"Trend Trading to Win!"

AKA, you better buy what the Fed wants you to buy or suffer the consequences.

Fri, 06/13/2014 - 16:09 | 4854677 Cognitive Dissonance
Cognitive Dissonance's picture

Nice stick save for the market at the end. You definitely want to be holding even more equities going into the weekend. After all, the 'bad guys' are only 30 miles from Baghdad.

Fri, 06/13/2014 - 17:01 | 4854847 PontifexMaximus
PontifexMaximus's picture

Who would/could care about 30 miles when we have Janet & Mario!

Fri, 06/13/2014 - 19:07 | 4855224 TheRideNeverEnds
TheRideNeverEnds's picture

Why would you not be long going into the weekend?  One of three things is going to happen.


Escalation = Bullish

De-escalation = Bullish 

Nothing = Bullish

Sat, 06/14/2014 - 10:28 | 4856423 Chief Kessler
Chief Kessler's picture

"The Eurozone is crashing" Dyler Turden - 2012
We luv ya but.....half yer stuff is horse shite, which sells ads of course...schmeckel

Fri, 06/13/2014 - 16:09 | 4854678 Flakmeister
Flakmeister's picture

Yes, this was my best week in some time....

RBY and PBT, bitchez....

Fri, 06/13/2014 - 16:10 | 4854680 canonball
canonball's picture

Belgium will just give each terrorist in Irag a billion dollars in treasury notes to hold instead of a gun

Fri, 06/13/2014 - 16:48 | 4854815 Non Passaran
Non Passaran's picture

And some derivatives as W of Financial D

Fri, 06/13/2014 - 16:15 | 4854704 DirkDiggler11
DirkDiggler11's picture

The markets are this point are better than a comedy, plain laughable.

Fri, 06/13/2014 - 16:16 | 4854707 JRobby
JRobby's picture

Reality bites?  Nahhhhhh! Pump it!

Fri, 06/13/2014 - 16:20 | 4854719 starman
starman's picture

I am in shock! its Friday and its green!

Fri, 06/13/2014 - 16:30 | 4854747 s2man
s2man's picture

Thanks for the summary, then the details, Tyler.  Nice format.  Give it a catchy title and make it a regular.

Thanks again, s2

Fri, 06/13/2014 - 16:36 | 4854770 Kaiser Sousa
Kaiser Sousa's picture

you want to see how half way unmanipulated markets behave, just take a look at the phony paper Silver chart today....fought off the usual bullshit at the annointed hours and then an orderly rise....

and then there's the fucking Dow...every sell off met by the Fed obvious fucking prop...ha, fucking ha...

a fucking joke....

Fri, 06/13/2014 - 17:00 | 4854846 alexcojones
alexcojones's picture

All these charts and graphs look like Modern Autism Art to me.

Fri, 06/13/2014 - 17:06 | 4854875 devo
devo's picture

Markets levitate at the close; gold gets crushed at the close. Yet still nobody can prove manipulation.

Fri, 06/13/2014 - 17:16 | 4854920 lordlyking
lordlyking's picture

FOFOA just got crushed by some fine proof at the freedgold blog. Get into the freed gold extra subs page. no prisoners taken, just email proofs.

Fri, 06/13/2014 - 17:26 | 4854946 devo
devo's picture

Gold just spiked in the last seconds. Not too suspicious or anything.

Fri, 06/13/2014 - 17:31 | 4854956 Make_Mine_A_Double
Make_Mine_A_Double's picture

I always thought it would be the X Factor (unquantifiable external event) that would crash this glass house stawk market.

Give it a few days and let's see if AQ can roll Baghdad. That'll bring in Iran balls to the wall as the Shiites get compressed down South and potentially bring Iran and the House of Saud eyeball to eyeball (Kuwait won't stand for a weekend).

And than....put some farts in the toaster because shit could get real real if that comes to pass (with oil prices streaking)

Sat, 06/14/2014 - 10:31 | 4856433 Chief Kessler
Chief Kessler's picture

Pleeze, Iran would make it balls to the kurds only

Fri, 06/13/2014 - 19:34 | 4855295 RaceToTheBottom
RaceToTheBottom's picture

The FED will never allow GOLD/SILVER to win.  It is in their charter to fight it with any tool they have

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