"Markets In Turmoil" S&P 500 Loses 'Crucial' 2,000 Level As Bond Yields Slump

Tyler Durden's picture


Good news was bad news for stocks (and great news for bonds) today as GDP's best sent stocks reeling early on, only to ramp back magically into the European close. For the next 4 hours, the S&P 500 traded in a 1.5 point range. While stocks dumped and pumped, Treasury yields went only on direction, lower (30Y -3bps today and -8bps on the week). FX markets were less chaotic than yesterday with early EUR weakness leaking back as the US day rolled on (USD -0.15% on the week). Silver, gold, and oil rose on the day (though well off spike highs during the EU session as Russia 'invasion' headlines hit). Copper tumbled the most in over 4 months. While equity markets closed modestly lower (Trannies red on the week), VIX and Credit markets weakened somewhat further.

UPDATE: Once cash markets closed, futures surged with S&P pushing up to unchanged to yesterday's cash close...


Cash equity indices on the day - once again dump and pump into EU close.. then tread water in a very narrow range for the rest of the day...


Trannies remain red on the week but Russell back off its exuberance...


As Futures managed to get back to pre-"Invasion" headline levels... before losing them into the close...


But "most shorted" stocks did not get squeezed...yet...


Bonds and stocks are both bid still...


Treasuries were not buying the low volume lift off in stocks...


Credit... that is all.


FX markets were less crazy than yesterday... but USD remains lower on the week...


Gold, silver, and oil recoupled at around a 1% gain on the week...


As Copper tumbled the most in 4 months...


And Silver ripped and dipped but held some 'invasion' gains...


Charts: Bloomberg

*  *  *

For those who did not understand - "markets in turmoil" is sarcasm.... as even CNBC said "on this unusual 'down' day for stocks" we thought it appropriate.

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Thu, 08/28/2014 - 16:08 | 5155488 jubber
jubber's picture

Dow Jokes 17100  LOL

Thu, 08/28/2014 - 16:33 | 5155620 zaphod
zaphod's picture

"Markets in Turmoil"

Jeez, what are they going to say when the S&P breaks 700 again....

Thu, 08/28/2014 - 16:38 | 5155650 disabledvet
disabledvet's picture

I'm short Jessica Alba!

I hate to say that...but it's true!
I am really, really short!

Thu, 08/28/2014 - 22:24 | 5156897 BeanusCountus
BeanusCountus's picture

Something about "Trannies are red" makes me very uncomfortable. Stocks notwithstanding.

Thu, 08/28/2014 - 16:07 | 5155489 Godisanhftbot
Godisanhftbot's picture

 change the headline to read, 'Shorts lose more money trying to time a crash"

Thu, 08/28/2014 - 16:25 | 5155570 huggy_in_london
huggy_in_london's picture

Thing is... you saw a couple weeks ago, and you saw this morning that very soon there will be one headline that sends this down 40 or 50 handles.

Shorts will make their money in the space of a few days imo.  Meanwhile, longs continue to pick up the pennies in front of what is likely to be a very large steamroller.  At these levels in stocks its a dangerous game.

Thu, 08/28/2014 - 16:27 | 5155585 Market Rage
Market Rage's picture

The shorts are right this time.  Check back in a week.  

Thu, 08/28/2014 - 16:08 | 5155491 hobopants
hobopants's picture

Needs more turmoil.

Thu, 08/28/2014 - 16:27 | 5155587 Dr Strangemember
Dr Strangemember's picture

I like peas.

Thu, 08/28/2014 - 16:09 | 5155494 firewire888
firewire888's picture

hardly in turmoil, futures unchanged for day and above 2000 ah

Thu, 08/28/2014 - 16:37 | 5155644 Kilgore Trout
Kilgore Trout's picture

I was thinking the "Markets in Turmoil" thing was meant to be a little snarky. Subtlety is often lost on me, however.

Thu, 08/28/2014 - 16:08 | 5155495 youngman
youngman's picture

The copper down trade is wierd...and the big miners were all down today....I guess more proof the world is slowing down....

Thu, 08/28/2014 - 16:16 | 5155527 NoDebt
NoDebt's picture

"When the world is running down, you make the best of what's still around"

Alcohol helps a little.  Some tasty tunes (like The Police, for instance), and, of course, some friends or at least a loyal dog.

Oh, and guns.  If you live in an area you can shoot right from your front porch.

Thu, 08/28/2014 - 16:29 | 5155593 centerline
centerline's picture

Shooting from your front porch is something that is likely coming to all areas soon enough.

Thu, 08/28/2014 - 20:19 | 5156477 ThisIsBob
ThisIsBob's picture

Anybody I can see from my front porch is trespassing, so they've got a real big problem right there.

Thu, 08/28/2014 - 16:23 | 5155557 huggy_in_london
huggy_in_london's picture

AUD up on the day also...  wierd also  (scratch below the capex numbers and they were rubbish)

Thu, 08/28/2014 - 16:09 | 5155497 NOTaREALmerican
NOTaREALmerican's picture

DowBuck at 17k+ still buys allot of bread.

Thu, 08/28/2014 - 16:41 | 5155663 disabledvet
disabledvet's picture

Give me dividend or give me death!

Thu, 08/28/2014 - 16:14 | 5155526 centerline
centerline's picture

(heading into bunker now)....



Thu, 08/28/2014 - 16:17 | 5155536 Fuku Ben
Fuku Ben's picture

The geo-engineered sky is falling!

Quick, let the Fed prop it up

Thu, 08/28/2014 - 16:40 | 5155666 disabledvet
disabledvet's picture

I thought it was called "terra forming"...

Thu, 08/28/2014 - 16:19 | 5155540 JOHNICON
JOHNICON's picture

I love how a loss of 0.17% for the spoos is "the market in turmoil."  We're such pussies.

Thu, 08/28/2014 - 16:23 | 5155566 NoDebt
NoDebt's picture

But this could be "the big one", John.  This could be the first little tremor of the largest earthquake ever to hit the world's financial markets.  We could all be dead by Labor Day weekend.  This is serious stuff.

Recommendation:  get under your bed and stay there.  That's where I've been for the last 5 years, and look how well I've turned out!

Thu, 08/28/2014 - 16:47 | 5155692 SheepDog-One
SheepDog-One's picture

They absolutely could not tolerate a -.17 close to stand, immediately recovered it on the close. For fucks sake.

Thu, 08/28/2014 - 16:18 | 5155543 tommylicious
tommylicious's picture

Turmoil.  Buy 'em.

Thu, 08/28/2014 - 16:25 | 5155555 SheepDog-One
SheepDog-One's picture

Any hint of red in any index is now 'turmoil'.....for fucks sake.

Thu, 08/28/2014 - 16:23 | 5155569 RattNRoll
RattNRoll's picture

4 hrs of 1.5 point moves.....algos stuck

Thu, 08/28/2014 - 16:29 | 5155594 RiskyBidness
RiskyBidness's picture

Boy that gap between the 30y yield and the S&P is bigger than the gap between Michael Strahans front teeth!!

Thu, 08/28/2014 - 16:30 | 5155598 SheepDog-One
SheepDog-One's picture

It was quite easy to fix, all they had to do was close markets and then S&P went back over 2000....so simple.

Thu, 08/28/2014 - 16:35 | 5155635 disabledvet
disabledvet's picture

Meant to say S&P 2000...not Dow 20,000...of course at this point I'll believe anything save for "buying protection."

Long Talking Points!

We will will ourselves to recovery! It will be fanatastical!

Thu, 08/28/2014 - 16:39 | 5155643 blu
blu's picture

All this bad news war ebola whatever and that's the best they can manage? Buncha slackers. Why when I was a kid, we had bad news days like these, we were good for 2% up on the day or GTFO.


Thu, 08/28/2014 - 16:39 | 5155655 CHX
CHX's picture

there ain't no turmoil round here

Thu, 08/28/2014 - 16:44 | 5155683 SheepDog-One
SheepDog-One's picture

S&P looks primed to easily beat the next 100 point gain record during Sept. Full retard on steroids.

Thu, 08/28/2014 - 16:54 | 5155719 thismarketisrigged
thismarketisrigged's picture

this market is a fucking joke, and a boring one at this point.


they just keep making up fake ukraine headlines, so that they have another excuse to pump this market up another 50 s&p points when it all good again, even though the bad has never been factored in.


these bankers must fucking pay already, hang these fucking bastards

Thu, 08/28/2014 - 17:05 | 5155797 Bear
Bear's picture

Markets in Turmoil?

Looks quite normal to me ... ES at 1999 NQ at 4075 (3 pts from all time high) ... this is not Turmoil, except for the emotional state of the Bear

Thu, 08/28/2014 - 17:05 | 5155800 TheRideNeverEnds
TheRideNeverEnds's picture

They are panic buying futures into the close and rightly so; today may be your last chance to get some S&Ps with a 19 handle on them.


Take a picture, you may never see them at these low low prices ever again.

Thu, 08/28/2014 - 17:31 | 5155930 Squid Viscous
Squid Viscous's picture

just bot SPY calls, think they will keep it here, or higher until Alibaba, and then Rushahoma...

Thu, 08/28/2014 - 17:27 | 5155898 Yen Cross
Yen Cross's picture

  The after hour CFD's spiked higher than the losses today in ES, NDAQ, and RUT. What a fucking joke!

     Dow 30    17,115.00    17,079.57    17,115.00    17,087.00   ( +35.43)    +0.21%    21:15:01
     S&P 500    2,001.60    1,996.74    2,001.60    1,998.10    (+4.86)    +0.24%    21:14:11
     Nasdaq 100    4,076.10    4,066.27    4,076.10    4,067.70    (+9.83)    +0.24%    21:15:01

Thu, 08/28/2014 - 17:30 | 5155915 Squid Viscous
Squid Viscous's picture

Tyler please keep posting the "divergence" between stocks and 30 yr, fucking comical ... how can I arb it? would now be a good time to "jump in"...lol

Thu, 08/28/2014 - 17:47 | 5155981 Keltner Channel Surf
Keltner Channel Surf's picture

'Markets in Tinfoil' - stays lukewarm indefinitely, but never really gets hot or cold . . .

Thu, 08/28/2014 - 19:13 | 5156105 Miggy
Miggy's picture

Retracted. I am out of the market.

John 3:16

Thu, 08/28/2014 - 19:28 | 5156328 MeelionDollerBogus
MeelionDollerBogus's picture

13.70 on (tsx) HVU, 200.14 for SPY, 256.4956 = HVU1/10.55 x SPY
256.85 = trend

When SPY drops...
190 24.06
180 42.56
150 291.31
130 1318.31
100 20995.17
90 $63,805.92

Who knows how low it can go once rigged so all the big players are short & the sheeple are long, but, those are some fine high-climbing numbers for HVU (10.55x inverse on the scatterplot trend).

Given the variability of the relationship even a small bounce the wrong way with SPY, S&P500, Dow, is a much bigger bump with HVU,UVXY,VXX, etc., so if that last value ends up as $38,844 I wouldn't be surprised (x 0.6088 or -39% of projection)

Thu, 08/28/2014 - 20:01 | 5156429 ThisIsBob
ThisIsBob's picture

A top is in.

Thu, 08/28/2014 - 23:32 | 5157095 MeelionDollerBogus
MeelionDollerBogus's picture

Can't disagree, just would like to know who is stepping in to be the bottom.

Fri, 08/29/2014 - 00:47 | 5157219 juujuuuujj
juujuuuujj's picture

It begins. 

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