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Markets Forget The Weekend Is Over In Preparation For Turbo Tuesday

Tyler Durden's picture




 

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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Mon, 06/23/2014 - 16:09 | 4886774 The_Ungrateful_Yid
The_Ungrateful_Yid's picture

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.

Mon, 06/23/2014 - 16:58 | 4886982 Obchelli
Obchelli's picture

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.

Mon, 06/23/2014 - 16:09 | 4886778 101 years and c...
101 years and counting's picture

Wake me when the "market" returns.  This shit show is just pathetic.

Mon, 06/23/2014 - 16:30 | 4886872 Callz d Ballz
Callz d Ballz's picture

Just grab the POMO calendar and trade accordingly till this freak show is suicided. 

Mon, 06/23/2014 - 16:10 | 4886780 Squid Viscous
Squid Viscous's picture

the pause that refreshes...tomorrow higher, comrades!!

Mon, 06/23/2014 - 16:10 | 4886785 Stoploss
Stoploss's picture

Three on deck. Don't get caught short tomorrow.

Mon, 06/23/2014 - 16:15 | 4886807 NDXTrader
NDXTrader's picture

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

Mon, 06/23/2014 - 16:18 | 4886808 camaro68ss
camaro68ss's picture

Keep stacking bitchez

Mon, 06/23/2014 - 16:16 | 4886812 ENTP
ENTP's picture

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.

Mon, 06/23/2014 - 16:30 | 4886874 Yen Cross
Yen Cross's picture

    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.

Mon, 06/23/2014 - 16:34 | 4886885 ENTP
ENTP's picture

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.

Mon, 06/23/2014 - 16:34 | 4886886 ENTP
ENTP's picture

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.

Mon, 06/23/2014 - 16:38 | 4886906 disabledvet
disabledvet's picture

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.

Mon, 06/23/2014 - 16:59 | 4886989 NOTaREALmerican
NOTaREALmerican's picture

It would have to be a big correction just to get back to the post housing-bubble low.    That would cause TEOTWAWKI.

Mon, 06/23/2014 - 16:41 | 4886916 Rainman
Rainman's picture

5 trading days to just hang around til 2nd quarter 2/20 fees get pocketed. Bank on the obvious...!!

Mon, 06/23/2014 - 16:58 | 4886985 orangegeek
orangegeek's picture

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.

Mon, 06/23/2014 - 17:29 | 4887094 ENTP
ENTP's picture

Everybody knows when the Albino Hobbit is light on POMO, Belgium is heavy on it.

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