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Markets Forget The Weekend Is Over In Preparation For Turbo Tuesday
Overnight exuberance on China PMI (which was entirely opposite China's Beige Book results) sent stocks to record-er highs but Europe's dismal PMIs corrected that into the US open. Better-than-expected US data (which under the surface looked anything but) did absolutely nothing to spur exuberance in stocks and aside from a little weakness early, it appeared stocks and bonds forgot the weekend was over as they traded in extremely narrow ranges all day. Trannies were weak (biggest drop in 10 days). The USD ended down 0.15% (with modest JPY strength and AUD gains). Treasury yields closed +1-2bps (in a 3bps range). VIX rose for the 2nd day (back to 11). Gold and silver flatlined as copper popped and oil slipped. Of course, why waste a perfectly good Tuesday by closing green today...
Stocks were dead... (aside from Trannies which dropped the most in 10 days). From the moment Europe closed (and POMO ended) - stocks went nowhere...
With AUDJPY in charge...
Bonds were dead...
FX was quiet with overnight AUD strength post China PMI the big news...
Precious metals were dead (but oil slipped despite bnews of the Baiji refinery being overrun and copper popped on China PMI)...
VIX did decouple a little... but they tried to slam it to ramp stocks into the close once again!!
Charts: Bloomberg
Bonus Chart: Nasdaq Double-Top - Or different this time?
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This market is way too stagnant, but the fucking fed will not let it correct. Come on yellen, you bowl cut looking motherfucker let it take it's natural course and dive.
After 7 consecutive up days s&p corrected -0.0001% now it can easily go up for 7 consecutive days on average 0.5%/day with most heavily shorted up 3% per day and pundits will tell you what else do you want we already had healthy pullback.
Wake me when the "market" returns. This shit show is just pathetic.
Just grab the POMO calendar and trade accordingly till this freak show is suicided.
the pause that refreshes...tomorrow higher, comrades!!
Three on deck. Don't get caught short tomorrow.
Pretty simple...they had to close red today or by end of the week we would be at 11 straight up days and things might be bubbly looking. Slight red today into the straight vertical ramp into the end of the quarter. I'm betting we touch 2000 by the end of the week
Keep stacking bitchez
We will continue the slow bleed up until something un-nerves the complacency. VIX below 11 indicates nobody is taking ISIS seriously, there is no real turmoil in Ukraine, absolutely zero inflation risk, Europe has been fixed by NIRP and no Chinese credit issue. When we wake up one morning and one of those things has expoded, the market will open, stops will trigger and it will cascade downward. Until then, bleed up, status quo.
I'm on the fence about which direction the markets take tomorrow. We have QOQ gdp, and durable goods on Wednesday, and I'm not on the "early release" list.
Agreed, I'm considering the "Turbo Tuesday" meme to be over after a few weeks ago when we sold off considerbly on Tuesday. TPTB know exactly that this market is built on sand and risk has not been priced in properly. It is when THEY decide (or have unwound their position) that we will be bombarded one morning with bearish headlines and when THEY don't BTFD we will know its risk on time.
Agreed, I'm considering the "Turbo Tuesday" meme to be over after a few weeks ago when we sold off considerbly on Tuesday. TPTB know exactly that this market is built on sand and risk has not been priced in properly. It is when THEY decide (or have unwound their position) that we will be bombarded one morning with bearish headlines and when THEY don't BTFD we will know its risk on time.
Even the bulls want a correction now.
We can still get a 1999 here. (Up 60% for no apparent reason/ P/E's hit thirty five on the S&P.)
it's not like we are lacking slack in the labor pool.
It would have to be a big correction just to get back to the post housing-bubble low. That would cause TEOTWAWKI.
5 trading days to just hang around til 2nd quarter 2/20 fees get pocketed. Bank on the obvious...!!
Yep - just a few more days before banksters get their bonuses so they can run out and get their bean waxed.
Mr Yellen is light on POMO for the rest of June, so it may not be as big a party this time around.
Everybody knows when the Albino Hobbit is light on POMO, Belgium is heavy on it.