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Silver Soars As The Dollar Dumps Most In A Year; Stocks Surrender Payrolls Gains
Following Friday's post-payrolls exuberance, the US Dollar crashed by the most in over a year today and stocks retraced most of their gains with only European data (weak) to base any momentum ignition on. Today's stock weakness turning point coincided with the bankruptcy headlines of GTAT but the divergence to USDJPY and bonds set the scene for stocks' demise. Trannies were today's laggard (after leading Friday) along with small-caps as The Dow clung to 17,000 and S&P closed marginally red. EUR strength led USD weaker and the plunge accelerated into the US close (eradicating all payrolls gains). USD weakness sparked commodity strength as gold (up most in 3 months), copper, and oil all rose and silver surged 3% (most in 4 months). VIX rose 0.8 to 15.3 as stocks closed ugly (not "off the lows" for Trannies and Russell) with a flush in financials.
Surprise!! Stocks catch down to bonds and JPY...
The mid-afternoon ramp was all about the machines lifting to VWAP for institutional-sellers...
Dow clung to 17,000... but lost in the end
But on the day, stocks rapidly folded off the highs... coinciding with the GTAT news.
Ugly close led by financials...
As they retraced most of the post-payrolls gains...
The USD retraced all the payrolls gains...
and was a one-way street today (lower) - following the best day in 15 months on Friday, today saw the worst drop in a year...
USD fell against all the majors... Sell The Rip day in USDs...
USD weakness lent support to commodities with silver surging on the day recovering all losses from Friday...
Treasury yields have retraced the entire jerk higher from payrolls...
When you wake up in the morning and your momo darling AAPL-derivative stock is worthless....
Charts: Bloomberg
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No stay down.. damnit! Want to order more at these prices!
(silver, not "dollars" of course)
Monster box can still be had under $10,000
Silver, bitchez!
It feels good to say it again.
Ho Lee Fuuk!!!
Yeah, we're still in the 17s...
Anti-viral, anti-bacterial, anti-microbial silver soars.
Ebola spreading.
Hmmmm.
And the silly buggers say you can't eat it...
This may be the most hysterical write up I have ever seen. Some people were covering trades and getting ready for the next smash. Too funny.
Not according to the chart. It doesn't look anything like shot covering. It looks like, and you have to take into account the last 10 days for context, that the bottom is in and the big money is in and the marginal but well informed longs are buying back in. It was a buying rally; not a short covering rally. You can tell for sure, tomorrow when you look at the open interest for today and yesterday. (i'ts published a day late).
Everyone took a 5 minute break from smashing the dollar higher. Maybe it takes a few days. Janet has to sucker some pm longs and some market shorts back in. The direction is clear and has been for some time.
Same as it ever was.
Make sure they pay their taxes on that short sale mr treasury secretary!
It's the law!
Not sure I agree SAT. I think PM's are headed lower. With a negative deposit rate in the EU, and certainly more coming globally, control of the financial system MUST include no gains in PM's. Doesn't that make sense? Charts are useless these days and Bo Polny will be made to look silly, even though his chart analysis is probably accurate but for a different era.
We're Germany circa 1938-39 and both Europe and Russia are Russia circa that same time frame.
So far sounds about right.
AG "SOARS" .47 -- still in 17s.
soars?
And I bought Cardboard at 16 cents a ton. It SOARED to 22 cents a ton.
I got 2 tons!
(apologies to Steve Martin--> http://www.youtube.com/watch?v=G4GRKNw19Jo
" new means of production."
We can drive down both cost and price of "storage" (meaning cardboard boxes.) just substitute the cardboard for plastic (save California where Jerry Brown has made this illegal.)
Exactly, Zuuma. Get used to ZH's exaggerated adjectives. "Skyrocketing" is a 1% increase. God knows what phrase they'd use if the PM dollar-denominated prices actually rose substantially. More hype than anything.
Returning to last week's level is NOT soaring.
This headline made me think for a second that silver went back up to $28.
"Soaring" eh?
More like "soring".
Agreed. Bought a decent chunk late Friday but wouldn't be upset if it stayed low for a little while longer.
Well, I think we can say the US stock market has revealed its position in the boom bust cycle now; it's very nervous, very toppy, very unable to make any new highs; and what doesn't go upl always goes down.
I think it's time to remind outselves of the most common last words of airline pilots recorded on cockpit voice recorders; when they see the mountain that was in the cloud, for instance; the words are "Oh Shit". I think that's what the Stock Market indexes are having; they're having their "Oh Shit" moment. It's time to stop believing that the FED can support stock prices; just like it was never a good idea to believe that turbine engines could deliver 125% thrust, if you really, really wanted them too.
Need it to stay down till x-mas
Based in the last 3 years, you should get a nice discount around X-mas as only the paper markets run into year end.
this is based on the false internet wisdom that there is a paper market and a physical market; there isn't.
Well when you lay off 55.000 folk you do get some serious payroll gains!
Forward Murcia!
Ah, good 'ol VWAP. Haven't seen much mention of him around here in a while.
Volleyball, With Arbitrageurs Playing
Cramer says sell GTAT, buy GPRO... boooya
I don't know, I thought he was a lot funnier on Seinfeld.
I agree, Kramer had better investment advice. Like vintage raincoats and recycling glass bottles
Would watch CNBC if they actually had "Kramer vs. Cramer". That would be a hoot.
Great visuals.
Halloween .... werewolves ...
U.S. IT workers dropping like flies in a freezer.
Expecting some H1-B visa reform post election.
To hire some slaves from India and China.
No benefits for them.
No jobs for you.
Great news for the Company.
Any U.S. IT serf voting for anyone other than Independent in November.
Is certifiably nuts!!!
“It seems the Russell’s been in a bit of a RUT lately.” (drum roll, cymbal hit)
“Take my IWM … please !” (triple snare tap)
“I got my mother-in-law 5 shares of IWM for her birthday.” (double rim shot). “IWM sagged so low, even her breasts couldn’t find it.” (rude trombone hee-haw, cymbal)
“Even Yellen said small caps are ‘stretched.’ (mouth harp twang) She should know -- has to stretch just to reach her office doorknob.” (canned laugh track)
Its the great pumpkin, Charlie Brown !!!
/keep stackin Bitchez...
The knife has hit the floor.
Yes; basically; in fact it bounced.
To da full moon...(soon). Its waxing. And I'm waxing up my Silver Surfer board.
Dude it's $17 an ounce that is not soared, it's very beaten down. I need to get a few tubes ASAP!
One of my favorite silver deals is peace dollars that you can buy for scrap plus $1. Can anyone tell me what that works out to? I really need to buy silver this dip.
$14.40 each with the $1 premium
you can't touch a peace dollar for 14.40...
I don't want to...he does^
It was also tied for the biggest POMO day of October today.
$1.4-1.7 Billion
Probably just one of those innocent co-incidences.
SHEESH!
Silver surged a full dollar in one day. Poop!
Wishing it would go back down - I pigged-out on it in the last 2 weeks, but I'm still feeling piggly-wiggly on silvuh.
Right now I'm feelin' like a hetero at a same sicks wedding!
The top is in when a Chinese insurance company buys the Waldorf Astoria for $ 1.95 billion.
Think Japan and the disastrous Rockefeller Center deal, circa 1980s.
http://www.bloomberg.com/news/2014-10-06/hilton-to-sell-nyc-s-waldorf-astoria-or-1-95-billion.html
Agreed. I was startled to see this anouncement. The Lords and Masters are bailing out of the sinking ship.
....or $1000 wicker tea trays.
"Tea-Tray" Index Suggests The Next Financial Apocalypse Is Imminenthttp://www.zerohedge.com/news/2014-10-05/tea-tray-index-suggests-next-fi...
Its all good.
When silver goes up $15 in a day, then you can use the world "soar". If I need drama, I just go to King World News...
I have a suggestion for you - buy the number of silver ounces that is commensurate with your I.Q. Let's see - that should be about 1/10 ozt.
Listen peabrain, I've read about a gazillion headlines over the last 3 years at King World News and I'm just friggin' beaten down by the bullshit. Going from 48 to 16, that's a dump in any market. Frankly, my average is still around $16 but that's not fuck-all for holding onto the shit for the last 7 years. Yeah, I'm sure today is great for the charts but it could take a dump again tomorrow.
So I simply don't need screaming headlines like "soaring" anymore or coiled spring or dramatic moves or about to explode or whatever. What was worth $100K just 3 years ago is now worth what 35K? And that doesn't even include inflation.
There is no prerequirement to make KWN your homepage.
I used that as just one example, man. Don't take shit so literally. It doesn't matter which PM website or expert one wants to cite. It's all been the same advice, though KWN sets the tone for hyperbole.
King World News is for insecure dopes that constantly need artificial reassurance they're doing the smart thing by stacking.
So, if your doubts are getting the best of you, and your gut checks are getting gut-wrenching, why don't you just find a hobby to distract you from it all? Like Marjong or maybe 3D Gun Printing?
You've got an envious stack - quit your bitching. The house-of-cards dollar is going to make you come out on top eventually.
Dude: do you drop your house/auto/life insurance because you never use it? I doubt that you will. You need to think about gold/silver as an insurance "policy", against a currency collapse. Has your insurance premiums gone down in price? I suspect not. Did you buy silver at $48? I doubt you did (I didn't). I bought some when it broke $20, and I also bought some at $16.75. My average cost is about $8+, now. Some of my silver dollars (and dimes/quarters/halves) I've held for 40 years. Big deal. Did I sell some silver bullion in 1980 at $50, yep. Did I sell some silver bullion some at $45 a year ago, yep. It is almost impossible to buy US coins without paying a sharp premium now, because they are not made anymore. I trade my bullion as the price goes up/down. I witnessed a "currency" collapse first hand in Vietnam in October 1968. You can easily check that out. That collapse was caused by the US government when it changed the Military Payment Certificates Series 1 to Series 2 (MPC). The Locals were caught flat-footed and the MPC that they held was worthless over-night. Best kept government secret during the entire Vietnam War (I was in-country from Dec 66 to Mar 69). Instantly the Locals were crushed financially, as their entire economy was based on MPC. I am sure that generals and leaders were spared, but general population was fucked. The template for that scenario has been tried, and is proven to work, flawlessly. Will it happen tomorrow, next month, in my life-time, who the fuck knows. Keep stacking, hold it in your hand, and pray it does not ever happen here, because, if it does, it will get, very, very ugly. Keep the faith, and don't let the bastards fuck with your head.
Appreciate your comments. Can't disagree with your macro analysis. Still, we must face that the same drop in the DOW as silver has experienced over this 3 year period would mean DOW 17,000 goes to DOW 5800. I"d call that a crash by any other name. Yep, at some point we all acknowledge this system will implode and it's critical to have the bullion. I wasn't as nimble as you were to sell some 3 years ago, so I beat myself up on that. The cash could have been used to buy down here.
Anyway, my reason for "bitching" was just the stupid "soaring" headline. One day does not make a trend.
Well, in defense of the article; the chart for the day is called "Soaring". it just crossed out all the down and sideways price traces for the last 10-12 days in a few hours. It calimbed all day at a roughly 45 degree angle; which is sustainable; and almost certainly significant.
Yeah, Sat, I get that but soaring for me is when I'm better off than all the screwballs "all in" the stock market.
omergosh, silver SOARS dozens of yen!!
Huh, who, what...Silver isn't going to zero....GAAAAAAARTTTTMANNNNNNN!
As predicted here, the dollar will pull back for a few months but then resume its ride into the stratosphere...
http://www.globaldeflationnews.com/category/stocks/usdollar-charts/
As for the Dow and the S&P 500, they will continue the trek downward...
http://www.globaldeflationnews.com/category/stocks/dow-jones-charts/
http://www.globaldeflationnews.com/category/stocks/sp500-charts/
For bears like me, the takeaway from Today is that US stocks fell, even with the dollar dropping big. I'm looking for a significant correction in stocks, at the least.
I'm looking for Detroit "only worse."
see EV-D68 and polio...it is everywhere now and may get worse even without Ebola. Stawks could dump any time now...could lead to deflationary spiral immediately.
The biggest take away from this post.
Hmm. All my other comments were deleted.
dolla dolla bill yawl!!! i got wal-mart pregnant necka !!! have u seen the euro??? YEN !@)!!!
lb gotta watch out fo dat 50 !!!
TREASURE BATH!!!!!!
https://www.youtube.com/watch?v=rrmxa_NOou0
I really am going to take a goddamned treasure bath. Loves me some silver and gold. Already have enough to fill a tub or two. Patiently waiting...
LOL !!! Typical ZH .... silver move a few points and they use the word " soars " for the sake of sensationalism. Thats why I don't come here so often anymore.
You didn't read it first from me last night.
/sarc
Can't idiot headlines like "Silver Soars" be revised by a Mod? How about "Silver Struggles Upwards...Again". I'm sorry, but I don't see silver soaring at a plus move of 49 cents.
"Soars" to $17 & change..?
Your joking, right?
Laugh or cry, not sure...
Thank you all.
Today confirms last Friday stocks were a freshly "dead cat bounce".
Maybe with a tinge of Ebola and Enterovirus (EV) D68.
Please read this EV-D68 may be the new POLIO.
Doctors Target Virus as Link to Solve Polio-Like Illness
Many CasesTo Greenberg’s surprise, almost every doctor on the call, from Boston to Chicago to Los Angeles, had seen at least one case of unexplained paralysis in the past several months, and some had seen as many as 10.....
Similar LookWhile there were some variations, most images from medical scans of those with paralysis looked strikingly similar, with the connection between the spinal cord and the muscles killed off with little chance of rebuilding the bridge -- just like seen in scans of those infected with polio, Greenberg said.
“There were remarkable similarities,” said Van Haren, who was also on the doctors’ conference call. “They sounded like interchangeable cases.”
EV-D68.
http://www.bloomberg.com/news/2014-10-06/doctors-target-virus-as-link-to...
Silver "soars" to $17.50...