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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

Your rating: None

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Mon, 07/07/2014 - 16:09 | 4932884 The worst trader
The worst trader's picture

Turbo Tuesday? Or turdsday?

Mon, 07/07/2014 - 16:11 | 4932896 Oracle 911
Oracle 911's picture

It is Monday, but who cares?

Mon, 07/07/2014 - 16:54 | 4933051 max2205
max2205's picture


Mon, 07/07/2014 - 16:18 | 4932925 There is No Spoon
There is No Spoon's picture

VIX<11 tomorrow

Mon, 07/07/2014 - 16:27 | 4932953 Eirik Magnus Larssen
Eirik Magnus Larssen's picture

Extend and pretend grows more difficult every quarter.

Mon, 07/07/2014 - 16:13 | 4932910 Dr. Engali
Dr. Engali's picture

Is it Friday yet?

Mon, 07/07/2014 - 16:18 | 4932919 TheRideNeverEnds
TheRideNeverEnds's picture

The spoos closed down almost .25%, basically a crash we need an emergency meeting of FED!

When can we expect Obama to make a public address to calm the masses?  Im freakin out man... 

Mon, 07/07/2014 - 16:17 | 4932922 thismarketisrigged
thismarketisrigged's picture

this is all u need to know about what a joke this fucking market is.


today, july 7th, was the dows biggest loss since june 24th.


what was that loss. 44 fucking pts on an index trading at 17,000 plus.

Mon, 07/07/2014 - 18:21 | 4933359 Eyeroller
Eyeroller's picture

What would they define as a crash?  Dow to 1600? 


Mon, 07/07/2014 - 16:20 | 4932934 Keltner Channel Surf
Keltner Channel Surf's picture

Nice to be able to ride the Russell elevator down w/o stopping at every floor, but after a nearly V-shaped ramp to flirt with the March highs, I suppose some backing and filling was expected.  A coin flip as to whether we'll get another leg down on Tues or an initial morning scare followed by a partial retracement in advance of the latest FOMC jottings.  2013 Russell algos would have today's carnage rebuilt by noon, but the 2014 version -- I'm not so sure . . .

Mon, 07/07/2014 - 16:24 | 4932941 lasvegaspersona
lasvegaspersona's picture

But Ky Ryssdal (NPR Market Watch news reporter, ....I was bored so I tuned in...just this once...so get off my case) said it was a 'bofo' report. In his defense he did just do an interview with his majesty Obama the day before so maybe he felt in an accomodative mood.

I doubt the Third Reich had a more cooperative press.

I mean seriously, I knew in the early AM there were serious issues with the jobs data. 500,000 full time jobs lost!!! Yet NPR mentioned only that 'wages had not increased'.

I know that the press is largely behind the president but how do these folks plan to regain their integrity when the gasket blows?

Goebbles killed himself (and his kids) I suppose remorse and fear enter the equation. The press has abandoned all pretence of accurate reporting. I could still forgive them if they just admitted that they are now Pravda and Isvetia rolled into one and all real reporting has been handed over to 'amateurs' on the web

Mon, 07/07/2014 - 16:23 | 4932943 IronShield
IronShield's picture

OMG This is horrible,  a crisis,  an end to all... Squirrel...

Mon, 07/07/2014 - 16:41 | 4932992 jmcadg
jmcadg's picture

It's just not like the old days. Give me volatility. Give 1000 point swing days. Give me gold and silver falling off a cliff (so I can back up the truck) then soaring like an eagle (silver or gold, I'm easy). I always thought S&P was Spunking (on a good day) and Puking (on a bad).

The more manipulated, the more boring the markets are. Thanks Janet you fuckin' killjoy.

Mon, 07/07/2014 - 16:50 | 4933032 Rainman
Rainman's picture

Supercyclone and 7.1 earthquake jitters ..... you know what to do tomorrow, bitchez. 

Mon, 07/07/2014 - 17:06 | 4933077 NDXTrader
NDXTrader's picture

Just a planned down day to try and scare some little peeps out...TPTB were buying all day for the spurt higher into manufactured, "fantastic", non-GAAP earnings

Mon, 07/07/2014 - 17:43 | 4933243 Soul Glow
Soul Glow's picture

Turn the machines back on!

Tue, 07/08/2014 - 06:56 | 4934707 atoast2toast
atoast2toast's picture

Volume was 10% above avg, not exactly heavy. Poor analysis and usual hype betraying lack of real understanding.


Boy who cried wolf.

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