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Russell 2000 Slumps Into Red For 2014; Gold Best Year-To-Date

Tyler Durden's picture




 

The Russell 2000 closed down almost 4% from last Thursday's early close - its worst week in 3 months (and in the red year-to-date). The Nasdaq miraculously scrambled back to unchanged from Payrolls but all major indices closed red for the week. Away from stocks, the USD closed unchanged (with notable CAD weakness and JPY strength). Treasury yields tumbled 13bps on the week - the most in 4 months. Gold and silver rose 1.3% on the week to new 4-month highs (6th green week in a row) as WTI Crude slumped back under $101 (-3.3% on the week). VIX rose around 2 vols back above 12 as "most shorted" stocks plunged over 5% - the biggest weekly drop in 25 months!

 

The "most shorted" stock double-top appears to have confirmed... with the worst week in over 2 years!!

 

Gold is the best performing asset of the year as oil tumbled (and silver overtook stocks)...

 

From last Thursday's early close, US equity indices were very mixed... with one clear biggest loser...

 

Which leaves the Russell 2000 in the red for 2014...

 

But Nasdaq managed to surge back up to almost unch from the actual Payrolls print..

 

A gentle reminder...

 

Treasury yields tumbled 13bps on the week (the biggest drop in 4 months)

 

The USD Index closed almost unchanged but JPy strengthened (carry off) and CAD weakness...

 

Gold and silver rose a fascinatingly similar 1.3% on the week as oil prices tumbled...

 

VIX was slammed lower to give the impression of confidence in stocks into the weekend but credit was notably not buying it at all.

 

Charts: Bloomberg

 

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Fri, 07/11/2014 - 16:06 | 4948160 NOTaREALmerican
NOTaREALmerican's picture

Looks like a good time to invest.

Fri, 07/11/2014 - 16:28 | 4948240 max2205
max2205's picture

AMZN sqweeeeezzzzed +5% on drones delivering crap to you

Fri, 07/11/2014 - 16:08 | 4948170 orangegeek
orangegeek's picture

RUT down 4% this week.  The rest?  Down a smidge.

 

yellen's manure spreading to keep markets up is getting thin

 

share buyback season ramps next week

Fri, 07/11/2014 - 16:30 | 4948246 madbraz
madbraz's picture

Much like the wounded deer who cannot cope with winters' snow, much like the dead bank who never sleeps and cannot pay the 6% dividend on its ponzi preferred, this too shall exhaust...

Get ready to meet your new daddy...sub 2% economic growth for as long as your eyes can see.

Junky junk cannot pay 5% interest when the land is baren. A mathematical impossibility...

Shaddy accounting meet upper boundary constraint...nice to meet you, proceed with hara-kiri preparations

Fri, 07/11/2014 - 16:11 | 4948179 disabledvet
disabledvet's picture

What's the gold to whale oil ratio look like?

Fri, 07/11/2014 - 17:40 | 4948434 RealityCheque
RealityCheque's picture

1oz to 3 blow-holes.

Fri, 07/11/2014 - 16:15 | 4948192 techstrategy
techstrategy's picture

We can end the BS if those who frequent this site would simply convert your consumer float/trading scams (NFLX, AMZN, TSLA, LNKD, etc) into physical cash and gold.  Use their bubbles against them.  The suppression of gold cannot succeed if we convert the trillions of scam financial assets into it...  If we raise physical cash and buy gold (and GLD DOES work for these purposes because excess demand leads to new basket creation and indirect physical delivery demand), trading games will implode and investment signal will return...

Fri, 07/11/2014 - 16:58 | 4948317 NoDebt
NoDebt's picture

No, not my NFLX, too!  I'll take your advice on everything else, but you're not getting My Precious.

Fri, 07/11/2014 - 16:57 | 4948318 NotApplicable
NotApplicable's picture

You seem to be under the impression that there are real markets left.  Jon Corzine says you're wrong. Just ask Gerald Celente, who also tried to use the bubbles against them.

Fri, 07/11/2014 - 16:20 | 4948209 LawsofPhysics
LawsofPhysics's picture

...and still the miners can't catch a break.

Fri, 07/11/2014 - 16:35 | 4948261 Roger Shermanator
Roger Shermanator's picture

Looks like the miners gained backed basically everything (not quite the highs of the day) they lost in yesterday's late day reversal/sell-off.

Fri, 07/11/2014 - 16:22 | 4948218 Tsar Pointless
Tsar Pointless's picture

The summer lows for the S&P, Dow, and NASDAQ, on the other hand, were put in yesterday.

It's all uphill from here until at least the autumnal equinox.

Fri, 07/11/2014 - 16:58 | 4948321 NoDebt
NoDebt's picture

You're probably right.

Fri, 07/11/2014 - 16:22 | 4948219 fiboman
fiboman's picture

A possible pathway for gold and miners...

http://goldenopportunitytrading.blogspot.com

Fri, 07/11/2014 - 16:36 | 4948263 Hindenburg...Oh Man
Hindenburg...Oh Man's picture

The morning bear trap was set...at about 945 AM

Fri, 07/11/2014 - 16:43 | 4948279 Keltner Channel Surf
Keltner Channel Surf's picture

Yikes!   Time to open a fresh pair of disposable contact lenses, as I read the headlines above as “most snorted stocks” and “God and silver rose a fascinatingly similar 1.3%”    (At least my hearing is intact, as it appears a famous sports hero is returning to Summit County, OH [Akron, not really Cleveland], where I reside, so I may need to do research on who this guy Lebrawn is . . .)

 

Regarding the Russell (my favorite masochistic trading weapon of choice), even if the 50 DMA is breached, the 200 DMA lies just below, smiling like a Cheshire Cat,  with every algo from Cuyahoga Falls to Poughkeepsie fully loaded with short-busting electric cattle prods.  Should THAT level get decisively left at the altar, well, then we can talk about true market ‘weakness.’

Fri, 07/11/2014 - 20:15 | 4948819 Ben Ghazi
Ben Ghazi's picture

TZA and "Phyzzz"     Bitchez

Sat, 07/12/2014 - 09:36 | 4949698 Keltner Channel Surf
Keltner Channel Surf's picture

Possible a RUT collapse could finally spark a “correction” (love that term – ‘oops, it seems the last 5 yrs of prices were in error’), at the same time, with Yellen slated to speak twice before our hapless leaders next week it’s just as likely we’ll see unbridled levitation as she doves her IRA toward an early Fed retirement (few see her lasting long-term).  So, while I wish you good luck, remember “TZA” stands for ‘Touches Zero Annually” (then they just reverse split it back up).

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