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Stocks Green Despite Big Blue; Greenback & Black Gold Red
If only stock indices only included stocks that were green... IBM's 80-point weight on the Dow disappointed some but that was no problem for the index-pushers who needed the S&P 500 to tap its 200DMA. The only thing that mattered to stocks today was EURJPY... and that managed to get the S&P 500 'almost' to its 200DMA (but noit quite) and ensure a green close for the Dow. The USDollar slipped lower all day (-0.4%) led by EUR and GBP strength. Gold ($1245) and silver gained on the day but even with a weak USD, oil and copper dropped (with oil very volatile). US Treasury yields drifted lower by 1-2bps (thin trading) decoupling from the post-European close exuberance in stocks. HY credit decoupled from stocks initially (post-Europe) but as stocks ramped so did spreads and VIX continues to run ahead of stocks (under 19 today) as it appears hedges are being lifted. Of course, AAPL was a big help, up over 2% pushing back towards its magical $100 ahead of this evening's results. S&P futures volume was dismally low.
First - spot the rally days in the S&P 500 (based on the lower pane only)...
And so...
On the day, stock indices were green (except the IBM-stunted Dow)
And from Bullard's QE4 comment...
and Financials and Tech are underperforming off the Bullard bottom... with Homebuilders squeezed higher
VIX notably ahead of stocks...
And while HY decoupled initially, it ramped pretty rapidly as stocks surged...
Treasury yields dipped lower on the day... rallying after Europe closed...
Decoupling from stocks...
The USD drifted weaker all day too (led by GBP and EUR strength - and AUD ahead of the China GDP tonight)
But stocks only cared about the fun-durr-mentals of EURJPY (notably decoupled from USDJPY)
USD weakness helped PMs modestly but not copper and oil...
With some notable volatility in oil prices today... but that's nothing new...
Simply put - someone really wanted the S&P back at its 200DMA to 'prove' recovery was back on.
AAPLtastic... testing up to $100 and the 50DMA
Charts: Bloomberg
Bonus Chart: When machines read Chipotle's earnings report...
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Next stop on the S&P: 2000, once again.
We're witnessing the biggest collective exercise in wishful thinking in history. Deliver us oh mighty printer! from the evils of reality, and the prospect of markets free and fair.
I'm convinced we may retest the high. 2040 or 2050 in the next 2 or 3 weeks. Possibly with an intraday touching higher.
Convinced we may, or convinced we will?
I think "convinced we may" is functionally an oxymoron.
Good thing there's ZERO ebola news to kill this awesome party.
I suppose I do qualify as an oxy moron. Convinced we will. :-)
didn't someone swear up and down ES would not test 200DMA again during the lows of pre-market trade last week? something about shitting in his office chair if it happened? I don't recall who, or why, but I thought i was kinda funny, like there was some such thing going on as the repricing markets to reality. it'll never happen because the whole global economy ostensibly requires perception to remain in the "getting better, looking good" rather than "in a coma, on a lifeline, in a hospital bed, and we can't withdraw it without the patient dying."
Yellen killed Tyler's doom boner
wait a sec... wasn't everyone on this site bearish on equities about a week ago?
how many ZH accounts does Jim Cramer have?
my neighbor's half-sister makes $63 /hour on the internet . She has been out of work for 10 months but last month her pay was $16551 just working on the internet for a few hours. More Info... www.job-reports.com
Chipotle to the moon! Apple to Mars!
Disposable phones and expensive food will save us!
They'll use a bounce in IBM tomorrow to keep the indices green after other components take a dive.
No manipulation here, nothing to see, move along!
AAPL 50 day may prove resistance unless the cover is knocked off the ball...otherwise heading to 88.50 ish
join us next time on ...
RIGGED.
Not quite as exciting markets today, more boring than the 1% headlines suggest, QQQs and SPY steadily grind higher, while you missed most of IWM if you got in much after the first 15 min., or got out much before the last 15 min (though those trading a short RUT day were acceptably happy and well-rested for tomorrow). Likely pre-APPL hopium in the higher-beta areas.
"Low volunteer melt ups. "
Deadly for shortsellerrs yet again.
At some. point longs will lose again tho.
Yeah, it seems clear from closely watching the charts that the big houses are using this week's ludicrous $4 Billion in QE spread across today, Tues and Thurs to ramp to convenient re-shorting points. Big volume at key moving averages and pivot points, but prices freeze and go nowhere. If this theory holds, aside from any 'surprise' news events, the best days for a re-correction would be Wed or Friday, or after lunch on the two remaining POMO days.
APPLE is such a drama queen
why can't they release at 4:01pm?
The stat arb space is blowing up. Partly, the post-QE transition from low to medium vol bled the quant market neutrals... you need real chaos for vol to not hurt in this space.
Worse, the oil price action is a counterintuitive factor blowing up just about everything not nailed down. Oil has been typical a safe-haven play in the commodity space. Not anymore.
Short-term momentum trading is slaying it, BTW.
For all the muppets who still believe in free markets..... a hardy F U right between the butt cheeks.
Sincerely
The Fed and friends.
So many colors in that headline, And such diverse charts. excellent.
Attention aluminum hat squads!
Attention aluminum hat squads!
I suspect IBM stock is one of the proxies the Fed uses to support the market, so watch for something or anything that will support and recover the stock price here over the next 90 days.
... unless, well, as part of the ending of QE, this is already just what the Fed has done and STOPPED supporting IBM.
Low oil prices,stock market saved and rember an election in 2 weeks.
its truly amazing how the s&p last week was close to going under 1800, and at 1822 ''investors'' have all the sudden started buying and lifted it back up to the 1900 level.
amazing how these '' investors'' never want to let the ''market'' fall so they can get stawks cheaper, they r always buying every fucking dip
what a mother fucking joke
Bear rally, nothing more. The markets will decline further this week as the deflationary spiral sucks more naive and gullible investors into the vortex. The days of BTFD are over.
http://www.globaldeflationnews.com/sp-500-indexelliott-wave-update-for-w...
http://www.globaldeflationnews.com/dow-jones-industrial-averageelliott-w...
that might have been the most controlled 10% sell off in my 20 yrs as an investor. almost like someone needed to check off the "10% market correction" box to keep moving forward, like the market was being controlled by someone... oh, wait...