Russell Tumbles Most In 3 Months; S&P Retraces All "Great Jobs Report" Gains

Tyler Durden's picture

The Russell 2000 had its worst day in almost 3 months. The S&P retraced all of its gains from the 'great' jobs report (on heavy volume). The Dow desparately clung to that critical indicator of economic wealth/health - 17,000 & Treasury yields slipped further - back below Thursday's lows. So every headline-writing muppet that correlated equity strength with a belief in the headline jobs data is now shown up as once again - as we noted on Thursday, it appeared bond traders read the jobs report and stock traders read the headlines. Is good news, bad news - or are equities actually comprehending that the jobs report was actually bad news away from the propaganda. Gold rallied back close to unchanged, silver dropped. The USD sold of early gains back to unch. TWTR dropped for the 3rd day in a row as camera-on-a-stick bounced 5% as options started trading. "Most shorted" stocks dropped their most in 3 months. VIX rose over 1 vol  to 11.5 (its highest close since June and biggest %age gain in 3 months).

 

All Thursday's gains are gone... what does that mean about the jobs report?

 

As the cash indices tumbled today led by The Russell's worst day in almost 3 months...

 

And The Dow battled 17,000 all day... (9 bounces) - market of stocks - or mainpulated index of propoganda? you decide...

 

Of course bonds were screaming last week...

 

Today's weakness - once again - was driven by more weakness in USDJPY as the carry pair continues to trade flat for the last 5 months...

 

Treasuries rallied all day with notable flattening

 

The USD strengthened overnight but was sold ince Europe opened - to close unch.  (not CAD major weakness on big drop in PMI)

 

Commodities were all sold and were slammed around the US open... but gold rallied back to almost unch by the close...

 

 

Did "Most Shorted" stocks just double-top?

 

Charts: Bloomberg