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iClock Runs Out On S&P 2000
With Bono's words still hanging in the air, the market's response to Apple's unveiling is simple: "we still haven't found what we're looking for." Some argue the weakness is AAPL-related, others point to AUDJPY fun-durr-mentals, but the bottom-line is the Fed hinted at more hawkishness, short-term bonds are weakening (long-end rally with notable flattening), VIX is rising and inverted (to 1-mo highs), and HY credit is getting ugly once again as it seems stocks are indeed catching on to the fact that the Fed will really be removing the punchbowl... S&P fell to 3-week lows as AUD collapsed (but EUR strength sent the USD lower on the day) and lost the crucial 2,000 level by the most since it was first breached.
A brief reminder from last night... other asset-classes get it...
This is Apple's reaction to the big unveiling...
What really matters...
S&P intraday correlation today: vs. AAPL: 84% vs. AUDJPY: 90%
— Not Jim Cramer (@Not_Jim_Cramer) September 9, 2014
But notice that its impact on the S&P was not followed through by AUDJPY - which after all is what matters...
as S&P 500 lost 2,000 by the most since its initial breach...
Leaving stocks down notably on the week... as Nasdaq plunges on AAPL
and now red post-Dismal Jobs data...
Credit was ugly today... and stocks once again appear to be catching down...
Stocks and bonds appear to have recoupled for now...
Treasuries saw notable flattening today... (5s30s back under 147bps - near multi-year lows)
FX markets but as stocks started to fade so the USD saw notable selling across the board...
which sparked some buying in PMs...
Copper and AUD weakness on the day was very notable - we suspect related to implied growth weakness from the huge CNY adjustment in China overnight
Charts: Bloomberg
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Big rally coming in treasuries... Hold on to your S&P 2000 hat and break out the S&P 500 hat.
Just modify your S&P 2000 hats to read 10 year 2.000%
problem solved.
Hey, peeps. THe markets are the markets. THey are one in themselves.
Are they real? Sure, within themselves. Thousands of people are involved with no political view or worry. It lives, it breaths and tries to sustain itself.
A boner in the ass of barney frank does not change a thing.
It is amazing that humans have got this far.
Thousands of people cannot keep up with millions of algos. Welcome to Homo Superfluous. Population: You.
Where's the fucking bonus chart!
With Bono's words still hanging in the air....
Bono is a tax cheat, hypocrite and a f**king liar!
The f***ing fraud is the ideal pitchman for Apple.
"Fed will really be removing the punchbowl." Not true Tyler(s)! They're getting their cold grey fingers ripped from the punchbowl!! Even a blind person can tell when the temperature changes in the room...So goes the Fed, as they see currencies around the world meltdown, yields on bonds gap up, and political tensions that don't need explaining. They are a deer in the headlights right now. We are at end game!!
That's what she said?...
I pooped again today.
send pics
Absolutely. I only upload pictures of my hairy ass to the icloud. In fact the sole purpose of my iphone is to take pictures of my hairy ass.
NSA: "WTF! This guy must be a terrorist. Who would only take pictures of their hairy ass."
Another bearded terrorist.
Hey, listen, I learned a long time ago to never take a good bowel movement for granted.
Reminds me of an old German proverb
"Gut geschissen ist halb gefruehstueckt"
or translated:
"a good crap ist half a breakfast"
bonus chart please
I am appalled and aghast that s&p lost 2000 today, where was kevin?
Here you go Frank, bonus chart: http://data.bls.gov/timeseries/LNS11300000
+1
part time and government workers make up our employment..
93 million not working, 50 million part time, and 50 million work for the government..
Must a been golfin.
In a nutshell I expect the S&P to meet yield and then go down with yield a bit. The skim requires that we move up and down in ways that keep up the appearance of solvency while shearing everyon on the crowded side of those trades.
oh to be in "the club" some day...
To be "the Club" janitor???
Or trade to be hit with "the club"?
Carlin said it best. "it's a big club and you ain't in it, bitch!"
Either that or it's a real small club and she is part of it, sucker!
Help me, Kevin Henry. You're my only hope.
I'm surprised the word "collapse" wasn't used in this article. It FEELS like ZH atricle. It LOOKS like a ZH article. But no "collapse". Curious.
Universal market mockery might be taking its toll. .. hard to say
Don't be a dream killer
If the Fed really is removing the punchbowl, then we really are in for a shitstorm, but I don't really believe the Fed shitstorm troopers are removing any punchbowl or raising rates, there's no way they could control that shitalanche.
+1....That's right Mr. Lehey." he he heeeee. Love it - ZH is the perfect platform for TPB.
It's just a number. There's always a higher number. (Duhhhh. Bullish.)
You give them way too much credit. They are world-renowned for doing the wrong thing at the wrong time. Only lately do we equate them with god-like powers and foresight.
Very VERY true sir.
They only do shit for profit and self serving their interests. What scraps they throw our way is deemed special.
They be the boss man and liquidators of the market. Try to keep up with them or get left behind.
You can pretend that your over valued stocks are really worth anything, all you fucking want.
Fear is the common denominator. And they know how to use it.
BUY THE FUCKING DIP!!!! TESLA IS GOING TO 500.
AUD is in trouble here... busted under the bottom of the range that it has been in for quite a while. Expect locals to come in and bash it in the next few hours.
When they come out with an iPhone 6 that has Siri buy and sell stocks for you it'll all go green, S&P 3,000!!!
Just buy, not sell.
If iPhones are so great why do they need to keep coming out with new models?
I think on an intraday basis Apple may have fallen ten percent (see below--huge move either way) and "they need a constant refresh because Killer is the Competition."
local news..'shares in Apple fell 10% today, which is normal on the day new products are unvieled'...I know the 10% is wrong but wow!..cheerleading???
So I guess that means a miraculous overnight ramp job? maybe the Hang Seng will magically leap 600 points again like last week?
And 12,000 Chinese troops and tanks and artilary just appeared on the Russia Chinese border.
i like bonio especially that song sundays a bloody sunday.
Big sales coming for pants with bigger pockets. Buy accordingly.
QE forever!!! Avbsolutely no way to stop now!!!! Remember its not the fall that kills you its the sudden stop!
The innovation at Apple died when Steve Jobs did.
The i-tards are just starting to realize this.