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"Unrigged" Close Buying-Panic Saves S&P 2,000 For Long Weekend

Tyler Durden's picture




 

For the 6th week of the last 8, Treasury yields declined with 30Y pressing to 3.05% (and 10Y 2.32%) handles to 15-month lows. US equity markets saw volume crater as the early high-stops were run in the EU session and low-stops run in the US session before the ubiquitous EU close ramp lifted futures to VWAP and S&P cash to 2000.xx where it stayed for the rest of the day in a wholly unrigged way. Trannies ended the week red and Russell the best. The USD Index closed at 13-month highs (up 7 weeks in a row). Despite USD strength, gold and silver rose 0.5% on the week but oil was the big winner +2.4% (testing $96) as copper tumbled 2%. Credit markets closed at their wides (as stocks closed at their highs). Interestingly, once the Sept POMO schedule was released, TSYs sold off on the day to close red (but end 4-7bps lower on the week). VIX closed unch today but the ridiculous late-day panic-buying spree in futures grabbed stocks back above the crucial 2000 level for the S&P. Year-to-date, Treasuries lead +16.75% as the S&P (+8.5%) overtook gold (+6.7%) in the last few days.

 

Stocks top gold YTD for the first time this year but bonds are winning...

 

From Cameron's Speech this morning, futures sold off and rebounded...

 

Driven by VIX...

 

and GBP!!??

 

But most (aside from Trannies) remain green on the week...

 

Even as Treasuries continue to rally (note the weakness into the close though)

 

As the divergence grows...(just this week)...

 

 

And credit's not buying today's buying panic close...

 

FX markets were quiet today but chatter of large orders this afternoon sent the USD to the highs of the day/week - highest in 13 months

 

Though Cable surged into the close...

 

But gold ansd silver cloed green on the week, oil suged and copper purged...

 

Charts: Bloomberg

 

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Fri, 08/29/2014 - 16:12 | 5160072 IANAE
IANAE's picture

good times...

Fri, 08/29/2014 - 16:19 | 5160090 Say What Again
Say What Again's picture

Who would want to pay-up for stock into the close of a long weekend when there is so much geo-political risk on the horizon?   You would think they would be hedging into the close, which would at least stall any rally in ES.

I know the algos are behind the execution of the trades, but the money is coming from someone's account to buy into the close.  Why would someone pay "all-time-high" prices for equities prior to a long weekend?

Fri, 08/29/2014 - 16:20 | 5160108 jubber
jubber's picture

Well yes you would think so, but I tried that last week and it gapped up 60 points Sunday night !!!!!!!!!!!and all shorts got their balls handed to them on a plate

Fri, 08/29/2014 - 16:24 | 5160115 Say What Again
Say What Again's picture

And I doubt that the rally into the close is driven by retail coming in to buy up stocks,  They might be doing that, but it takes one or more entities with very large accounts to do what we are witnessing.

My personal opinion is that much of this rally has been driven by sovereign entities.

Fri, 08/29/2014 - 17:39 | 5160361 Squid Viscous
Squid Viscous's picture

 -unless nukular war, or a terr'rrist attack, futures will be green tuesday am, so why not "risk- ride" this whore of a market?

Fri, 08/29/2014 - 19:13 | 5160705 Say What Again
Say What Again's picture

The sad truth about this market is that you're probably right. So I'll start working into all the popular ETFs on Tuesday, knowing that, just like Nocolas Darvis said, once we get to these alltime highs, the market will just keep going up. 

Will you tell me when the MOMO, BTFATH, mania is over, and I need to get out?

Fri, 08/29/2014 - 16:21 | 5160109 DavidC
DavidC's picture

Say What Again,
I agree. A long weekend in the US, bad figures out all across the world, the end of the month and low POMOs again next month. I would have expected (well, that's naive these days!) a stall as well...but no.

DavidC

Fri, 08/29/2014 - 17:36 | 5160355 Rouge Trader
Rouge Trader's picture

Fucking unbelievable. I presume it might be some entity who bought the /ES at 2005 (BTFATH!) and wanted to reduce their cost basis into the weekend. 

Fri, 08/29/2014 - 17:18 | 5160291 Squid Viscous
Squid Viscous's picture

need good headlines for the sheeple to digest for next three days... ?

Fri, 08/29/2014 - 19:22 | 5160732 SilverIsMoney
SilverIsMoney's picture

Exactly what it is..

Fri, 08/29/2014 - 16:25 | 5160081 NOTaREALmerican
NOTaREALmerican's picture

It's good to have an appreciating currency like the DowBuck.  You can buy allot of gasoline with a DowBuck.

Fri, 08/29/2014 - 17:21 | 5160305 FreeMktFisherMN
FreeMktFisherMN's picture

not sure why you get downvotes, as far as, stocks should be much higher not due to rising intrsinsiv value really as much as simply it should take a lot more worthless fiat to buy them. 

Fri, 08/29/2014 - 16:16 | 5160084 techstrategy
techstrategy's picture

Just sell high multiple float/option manipulation stocks every day and convert to physical cash outside the banking system and physical gold.  Use their funny money to buy real assets and target the most manipulated stocks.  Do not sell any puts or buy any calls in those names and the option games will unwind hard.  TBTF will have to go to war with the growth cartel...  Meanwhile, if you want to invest, get out of the skimming/scalping operation known as the market and invest locally in people you know and trust.  Invest in the real economy...

Fri, 08/29/2014 - 16:18 | 5160091 jubber
jubber's picture

Those Pricks on CNBC everyday this week "it will be a nail-biting last half hour onto the close to see if we can close at new all time highs"

 

No mention once of the VIX , last half hour manipulation etc ever, it's just buyers desperate to get in  FUCKING AAAARGHHHHHHHHHHHHH!!!

Fri, 08/29/2014 - 17:15 | 5160267 Squid Viscous
Squid Viscous's picture

time for the hampsteins! i'm on the 430 jitney, tweet me! (my boss says I'm still a putz so I had to work until 4pm) ... but, what a great country we took over!

Fri, 08/29/2014 - 16:17 | 5160094 DavidC
DavidC's picture

Please, somebody, make this stop!

DavidC

Fri, 08/29/2014 - 16:18 | 5160097 NOTW777
NOTW777's picture

last 2 days, the last 30-45 minutes "investor joe" comes in rushing to buy blocks of 750k - 1 mill SPY - just gotta have some for the weekend

 

 

Fri, 08/29/2014 - 17:55 | 5160428 Rouge Trader
Rouge Trader's picture

More 'Investor Joes' next week makes lots of sheep for culling. 

Fri, 08/29/2014 - 16:19 | 5160100 Truffle_Shuffle
Truffle_Shuffle's picture

Finally! Something positive to talk about over the holiday weekend.  Aint nothin' gonna stop us now!

Fri, 08/29/2014 - 16:20 | 5160107 HUGE_Gamma
HUGE_Gamma's picture

How about Soybean Oil.. going to be giving it away with this harvest

Fri, 08/29/2014 - 16:23 | 5160119 firstdivision
firstdivision's picture

Can never have enough sterling archers, buy the spike.

Fri, 08/29/2014 - 16:24 | 5160120 chirobliss
chirobliss's picture

Wow!! That was some pretty shameless shit at the close. And just to think, people actually were prosecuted for doing that during the 90's.

Fri, 08/29/2014 - 16:26 | 5160128 HUGE_Gamma
HUGE_Gamma's picture

they still investigate LIBOR/SILVER PM fixing.. but its ok with equity markets

Fri, 08/29/2014 - 16:56 | 5160127 Squid Viscous
Squid Viscous's picture

lol - more "divergence" - instead of re-thinking your premise... full speed ahead there's an iceberg out there somewhere?

Fri, 08/29/2014 - 16:26 | 5160130 FieldingMellish
FieldingMellish's picture

Shades of 1929. Dow closes at peak just before Labor Day.

Fri, 08/29/2014 - 16:38 | 5160174 Squid Viscous
Squid Viscous's picture

is that wood-yi allen? sick little kike...

Fri, 08/29/2014 - 16:41 | 5160182 FieldingMellish
FieldingMellish's picture

Sick? Yes. Little? Yes. Kike? No, he gave up his religion many years ago.

Fri, 08/29/2014 - 16:54 | 5160215 Say What Again
Say What Again's picture

@FieldingMellish -- You caught my attention, so I went back through the historical charts.  The peack was 9/3/29, and starting on the 4th of September, the DOW started the sell off.  By Oct 29, 1929 the DOW had lost 45%.

But of course, this can never happen again, because the FED has everything under control.

Fri, 08/29/2014 - 17:11 | 5160270 FieldingMellish
FieldingMellish's picture

Oh good. So we have another day then...

Fri, 08/29/2014 - 17:00 | 5160226 Squid Viscous
Squid Viscous's picture

oh, I see - it's back to a "religion" now... ok, most jews don't seem very religious to me, but it's a good alibi...

Fri, 08/29/2014 - 16:27 | 5160131 Patriot Pete
Patriot Pete's picture

And the SEC pulls a Sgt Shultz impression with; I know nothing!

Fri, 08/29/2014 - 16:31 | 5160139 Squid Viscous
Squid Viscous's picture

If there was no insider trading, then those two pony-tailed CNBS clowns would have a tough time piggy backing on "illegal" trades,

Fri, 08/29/2014 - 16:31 | 5160137 Tsar Pointless
Tsar Pointless's picture

"And credit's not buying today's buying panic close..."

So when do you give up and realize credit is wrong? Or, at the very least, that every *market* is rigged, as you say (and I concur) - thus rendering any analysation and commentary.

Sooner or later, you just sound like the old man who constantly complains about the way things are now , lamenting the loss of the "good old days".

This is the new normal. Deal with it and move on. You'll be happier and healthier for it.

Shut down ZeroHedge and do something fun and exciting with your life. Do it for yourself.

Fri, 08/29/2014 - 16:33 | 5160149 NOTaREALmerican
NOTaREALmerican's picture

It's an outlet for those with economic morality OCD.   

Fri, 08/29/2014 - 16:38 | 5160150 Squid Viscous
Squid Viscous's picture

I concur, tired of this retarded "but bonds aren't buying it!!!" for the last 4 years, fucking comical... buh bye ZH...and thanks for banning me like 5 times you fucks,

 tyler turden is probably a 5 foot 8 little fag... let's fight!! fight club!! I'm a tough guy!! lol...go fuck yourself, closet homo

Fri, 08/29/2014 - 16:40 | 5160178 NOTaREALmerican
NOTaREALmerican's picture

Yet....  here we are?

Fri, 08/29/2014 - 16:42 | 5160183 Tsar Pointless
Tsar Pointless's picture

Why in the fucking hell do you asshole mother fuckers always have to use language of 10-year-olds? Keep your fucking goddamn gay-hating bullshit to your fucking self.

Go fucking do the civilized world a favor and die, you stupid fucking idiot. Or else grow up.

Fri, 08/29/2014 - 17:30 | 5160206 Squid Viscous
Squid Viscous's picture

you seem like a very erudite fag yourself, did I touch a nerve? It's OK to be gay now, just don't flaunt it...

you fucking pussy, lot's of tough talk for a comment that wasn't even directed at you...

Fri, 08/29/2014 - 18:01 | 5160390 Keltner Channel Surf
Keltner Channel Surf's picture

Heard a theory that holidays create more stress than they prevent – hmm …  

I recall how squiddy-boy welcomed me here with “fuck off and die”, apparently because I mentioned a technical factor.  He said those using TA were “tools” and “part of the problem”, then claimed he bought the low E-mini print (using fundamental analysis ?!).  Even more comically, that morning we had a bad economic report, a big dip, and then a magical turnaround at 10:35.   

Based on his posts, probably 14-yr-old who stole his daddy’s Ameritrade password.  Tyler doesn’t need to ban him, as it’ll be algebra homework and texting marathons starting next week . . .

Fri, 08/29/2014 - 18:39 | 5160484 Squid Viscous
Squid Viscous's picture

what? i thought we were cool K.C.S. ... makes me sad- and I've never traded E-minis or claimed to bottom or top-tick anything, except for HLF at 26, held it for like 3 bucks lol... 

not for nothing but what have you added to ZH, besides your "i'm such a great TA guy, in hindsight" - haven't noticed any insightful comments from you re: geopolitics, economics, or...well ...anything

maybe you should find a blog just for "expert" TA guys like yourself? that would be more fun, no?

  

Fri, 08/29/2014 - 18:50 | 5160607 Keltner Channel Surf
Keltner Channel Surf's picture

Tsk-tsk, Calamari-man.  Didn't your parents teach you not to make fun of the less fortunate?  A commoner like myself can't be expected to grace ZH's pages with the geopolitical insight you're capable of, but at least grant me my occasional flair for a limerick:

A clever young gold bug from Spain

gulped eight shiny coins on a train

“I’ve kept thieves at bay,”

he started to bray

… that is, 'til he felt a strange pain

Fri, 08/29/2014 - 16:47 | 5160156 Ham-bone
Ham-bone's picture

...comments section of ZH has turned truly ugly.  May be time for ZH to shut it down!

Fri, 08/29/2014 - 17:10 | 5160264 NOTaREALmerican
NOTaREALmerican's picture

The pessimists are turning on each other.  It the last phase when the anti-hopium supply is completely gone. 

Fri, 08/29/2014 - 19:10 | 5160694 LooseLee
LooseLee's picture

Ha. You sound like HITLER's right hand man!

Fri, 08/29/2014 - 19:27 | 5160745 SilverIsMoney
SilverIsMoney's picture

"This is the new normal. Deal with it and move on. You'll be happier and healthier for it."

You're marching right into your own slavery my friend... take your happiness. I'll side with the truth and wait for reality to catch up.

Fri, 08/29/2014 - 16:38 | 5160172 huggy_in_london
huggy_in_london's picture

fuk it... loaded up on puts now.  

See you on the other side....

Fri, 08/29/2014 - 18:33 | 5160579 Tegrat
Tegrat's picture

I had new orders in yesterday after close. It executed .05 within my price. Swish! 

Fri, 08/29/2014 - 19:49 | 5160813 starman
starman's picture

The world is a liar! 

Sat, 08/30/2014 - 12:13 | 5162359 AdvancingTime
AdvancingTime's picture

While I'm very negative concerning the economy it seems no suggestion of weakness no matter how subtle can exist because it may begin to unravel the already fragile consumer confidence. We should remember this is a long game and the ride may get wild.

Those in power don't want to enter the weekend or a holiday with a bad market. While I think the market is way to high and distorted it is difficult to time a top. More on the reason for bears to be cautious in the article below.

http://brucewilds.blogspot.com/2014/04/bears-have-little-reason-for-conf...

Sun, 08/31/2014 - 03:00 | 5164162 gianakt
gianakt's picture

Everyone is waiting for the final 5th wave to complete at 2034, but what everyone forgets that the last roughly 20 percent correction in 2011 started from a failed fifth wave. Which would have occurred this past week.

Do NOT follow this link or you will be banned from the site!