This page has been archived and commenting is disabled.
Volume Collapse Sparks 5th Day In A Row Of Nasdaq Gains As Oil Plunges
S&P futures traded the lowest volume of the year today (for a non-holiday trading day) and volume has slid consistently lower as this rally of the last 8 days. The S&P outperformed today (up over 0.5%) as yesterday's oil-is-falling-so-buy-Trannies meme reversed into oil-is-falling-so-sell-Trannies which ended the day almost unchanged. The Nasdaq made new 14-year highs, up 5 days in a row. Treasury yields dropped notably early on then surged higher as US stocks opened (30Y +8bps on the week). The USD index also surged today (up 0.55% on the week) to new 11-month highs as EUR and CHF weakened notably. Commodities in general were clubbed like baby seals with copper, silver, and WTI hammered (but not Brent) after the inflation/housing data leaving oil under $95 - its lowest in 7 months. Gold fell much more modestly (but ended below $1300). AAPL closes at all-time high. VIX and HY Credit diverge notably from stocks after Europe closed.
Volume has collapsed as stocks rallied...
Once again Europe's close stalled the rally...
As geopolitics means absolutely nothing...
VIX diverged notably from stocks after Europe closed...
and so did credit... so if - as CNBC suggest - that professionals are buying what retail is selling - then who the fuck is buying massive protection of HY credit - and why?
Treasury yields dumped and pumped... most of the damage was done between the US open and EU close (not on the macro data release)
FX markets were a one way street as USD demand surged... biggest USD rise in 3 months today
everything cracked when the data hit but oil and silver worst...
WTI was hammered but not Brent...
Charts: Bloomberg
Bonus Chart: AAPl closed at record high - just shy of all-time intrday high...
»
- 6906 reads
- Printer-friendly version
- Send to friend
- advertisements -
+95 SPX in 7 days, everything's cool
Cool.........as my azz.
If anyone thinks the language about clubbing baby seals is overdone, take a look at the Kitco Spot Silver Chart for today. Brained like a baby seal with a Louisville Slugger. Not Amused.
Past indicators and statistics mean nothing. The market contains a new, persistent buyer. With infinite funding.
Why aren't you amused? When the price of silver drops does your stack of silver shrink?
Baseline in the markets are a 45-degree angle up on algo trading. When there is no volume you can see its natural state.
Comatose ever rising markets feeding the ever present bullshit narrative about US economic strength. This is what purgatory must be like.
yes and in hell you have to watch CNBC at full volume, Clockwork Orange style , while the market gurgles higher every few minutes
The market is primed for its next bull phase. Low volume creating record highs. No overhead supply and a cooling off of Russian disputes.
BTFATH
I would like to hear you on Friday again.
"(Reuters) - China has allowed three more banks, including a foreign lender, to import gold, sources with direct knowledge of the matter said, as the world's top gold buyer gears up for its strongest effort yet to gain pricing power of the metal.
The move, which brings the number of firms allowed to import gold into China to 15, comes ahead of the launch in September of a new international bullion exchange in Shanghai with which China hopes to become a price-discovery centre.
China and other Asian gold trading centres such as Singapore are calling for more localised pricing of the precious metal as they seek alternatives to the so-called London fix, the global benchmark for spot gold prices, which is being investigated by regulators on suspicion that it may have been manipulated.
Standard Chartered (STAN.L), Shanghai Pudong Development Bank (600000.SS) and China Merchants Bank (600036.SS) were given regulatory approval recently to import gold, five sources with direct knowledge of the matter told Reuters.
"We were given the license earlier this month. We haven't started importing yet but we will soon," said a source at one of the three banks, speaking on condition of anonymity as the news has not yet been publicly announced.
Standard Chartered, only the third foreign bank to be allowed to import gold into China, declined to comment. The other two banks did not immediately reply to requests for comment.
Trading data from the Shanghai Gold Exchange (SGE) - the platform for all physical trades in China - show Shanghai Pudong Development Bank was ranked among the top 10 trading members every month from January to July, while China Merchants was among the top 10 for five out of seven months.
"We are active traders on the SGE and have been waiting for the gold import license for more than a year now," said a source at China Merchants Bank.
Allowing more banks to import is a sign of willingness by regulators to open up the market, especially to foreign firms, but the move does not necessarily mean import volumes into China would increase significantly in the near term given current weak demand.
China has increased the pace of liberalisation of the gold market over the past year, with the approval last year of the country's first gold-backed exchange-traded funds, extended trading hours and the granting of import licenses to foreign players."
First credit default swap ETFs have arrived ... amusing.
http://www.zacks.com/stock/news/144056/First-Credit-Default-Swap-ETFs-Hit-the-Market
"The SGE international board will allow investors worldwide to trade gold in renminbi, which undoubtedly will lead to higher trade volumes on the SGE. The gold industry is fully prepared in East Asia for what might be a pricing shift, following the great physical shift of recent years - most notably 2013. According to analyst Kenneth Hoffman:
Several massive gold vaults have already been built in Singapore, Hong Kong and China proper to house all the metal moving from West to the East. Funds, traders and analysts are all gearing up in the East to analyze and trade gold, with its center of movement now firmly in Asia."
https://www.bullionstar.com/article/east%20asia%20geared%20up%20for%20rm...
Little odd that oil would plunge on news of "the great housing recovery."
Refinery stocks have to be jumping for joy...along with the chemical complex in general. Lear just bought the top grade auto leather company out of Quebec for a ton of money. "Comes standard now"?
I mean seriously...peg the dollar at twenty bucks an ounce for silver and get the pain over with. Coal is not coming back anytime soon. The USA is swimming in energy product...plus we've had one of the coolest summers on record.
Long "extended warranties."
disabledvet,
Coolest summers on record? Depends where you are I guess.
http://www.ncdc.noaa.gov/sotc/service/national/statewidetavgrank/201407-...
Does the really low volume mean anything else than basically just showing us the manipulation by the automated trading to take it higher? Or does the decreasing volume day by day indicate something else as well....
Volume can indicate reversal. Think of it like a car dealership selling at higher prices while selling fewer cars. Eventually there is a lack of buyers, so the trend reverses and prices fall in large spikes.
I see the volume on this daily thread has collapsed up as well. Same shit different day.