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Stocks End Unch As ECB Rumor Trumps Quadruple Whammy Data Miss
Despite the best efforts of ECB QE rumor-mongering, US equities could do no better than end unch (though Trannies are no rallying on lower oil prices). The early tumble on a quadruple whammy of bad macro data (misses for Service PMI, Dallas Fed, Pending Home Sales and IFO) was ramped into the European close and beyond after Reuters dropped a QE-headline. The initial jump in stocks was ignored by bonds but once they recoupled, bonds, stocks, and JPY moved in sync for the rest of the day on low volumes and extremely low liquidity.Treasuries rallied from overnight weakness to close very modestly lower in yield. Early weakness in oil (under $80) was rapidly recovered as despite USD weakness (-0.2% on the day), gold, silver, and oil ended down modestly (and copper higher after the cornering news). VIX continues its path of ignoring recent equity exuberance ending the day modestly higher.
Some final buying panic tried desparately to get The Nasdaq green for October...
as Trannies continue to surge off the Bullard lows...
Trannies jumped 0.5% today as the rest of the market was flat to slightly lower...
The full day...
Trannies now love lower oil prices...
The initial jump in stocks was ignored by bonds but once they recoupled, bonds, stocks, and JPY moved in sync for the rest of the day
VIX continues to be relatively bid compared to stocks as hedgers are careful into Wednesdat's final QE FOMC meeting
The USD weakened, led by EUR and JPY strength...
Treasury yields drifted lower most of the day from overnight weakness to end just 0-1bps lower.
Copper popped on cornering chatter, Oil dumped and pumped and ended in sync with PMS...
Oil banged thru $80 but was raopidly rescued back...
Charts: Bloomberg
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Is it time for another Bob Janjuah letter to clients telling them the market weakness was not due to Ebola but rather loss of faith in central bankers and politicians. The mere mention of the letters Q and E in a sentence, not necessarily next to each other, lifts the markets.
Yes, Bob, got it, loss of faith in policy response it is, how could anyone not see that?
How many hours absent free QE crack before markets collapse into full panic withdrawal vomiting and poop spraying?
Upto 21 days incubation period for QEbola.
Mr. Efficient Market will be sulking and screaming for more cowbell til Wednesday
LIES DAMN LIES
It ended Sharply Unchanged.
SPX, DOW, RUT fail to capture 50dma, put in ugly candlesticks. RUT looks like a real sick puppy.
The PPT is barely holding but for how long?
everything on hold till FOMC over
meets tomorrow and wednesday
I took profit on my ZBM5 shorts put on 10-22; of apprx. 3990; since I don't really understand what the bonds are doing; I put the thing on in the first place because when a maket makes a sudden violet move like that one did; that was sthe vertical jump in June /15 long bonds, it always over does it; but it seems stable now, so I just exited. Losing money on mty S&P shorts; my timing on this has been terrible; still hanging in there, but not for much longer. minus about 1600$ on paper; waiting for a down day, or one when I'm paying attention, and cover the position. Been busy today.
Why do rumours of ECB QE make US stocks go up? Shouldn't US money be now fleeing to Europe to catch the wave of European QE thereby making US markets go down?
walking QEad, s05, to be continued....