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Late-Day Stock-Buying Panic "Proves" Jobs Data Was "Great"
Stocks end the week on a weaker note roundtripping off premature exuberance into the European close after jobs data that missed expectations (or did they). Of course the kneejerk response took the S&P and Dow to record highs before the weakness set in. Thanks to a late day panic-buying rip though, Nasdaq and Russell 2000 close the week unch - no need to call Mr. Bullard. Treasury yields collapsed today, ending the week down around 3-4bps. The USD sold off today to close the week up 0.6% with JPY and AUD the weakest against the greenback on the week. Gold (and silver) rallied to close the week almost unchanged. Interestingly, despite VIX's best efforts (almost breaking under 13), stocks rolled over this afternoon (then ripped). Oil prices pushed modestly higher early on and ended the day around $78.50. The ubiquitous Friday late-day buying panic ripped everything higher - on absolutely no news - "proving" that the jobs data was great (expect, why were safe haven bond and bullion so heavily bid?)
This happened...
On the week Trannies surged and thanks to some late day mania, Nasdaq and Russell managed to creep back into the green
From the Payrolls print...
Treasuries and stocks decoupled into the European close... then stocks caught down...
VIX and Stocks decoupled this afternoon
Treasury yields collapsed today to end the week lower...
The Dollar rallied on the week but ended red today...
Gold and silver soared today. Gold into the green on the week...
Big Reversal in gold
Charts: Bloomberg
Bonus Chart: Abe has a problem...Japanese stocks have given up the JPY track
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Now I understand why the Japanese are making all of those robotic sex toys. They are selling them to Wall Street. When the algos get spent around 3:30, they crank up the robotic vagina and away we go! Money shot!
Easy $1 on Tna for 30 min.....just like the good old days at 3:30
2,100. Here we come!
my roomate's step-mother makes $75 hourly on the internet . She has been without a job for 5 months but last month her paycheck was $20377 just working on the internet for a few hours. Get More Info... www.Yelptrade.com
there seems to be a late day buying panic every day. Thank god some one is keeping this ponzi going.
Who needs POMO when their are daily ramps anyway
Painting the tape.
It is nice to know we pay for the SEC.
No red days allowed.
Late day buying panic???? - how about late day PPT Activity.
My silver stayed flat this week.
silverware?
It's Friday!!!
better still....
It's Jobs Friday ! ! !
"You will always be able to buy a house with a black tulip bulb."
Mania indeed.
That black tulip bulb is like 375 years old now.
Face it, it's beyond black and now counts as 'dust'.
Actually the EOD buying seemed to be the beginning of the right shoulder of a multi-day Head and Shoulders pattern. This all actually seems to be lining up to the larger Megaphone pattern called previously on ZH that the S&P would reach around 2030. Per previously posted on ZH, we should start heading to 1800 or lower.
another 52K added to disability in october
almost 1.2 million past year
http://research.stlouisfed.org/fred2/series/LNU00074597
We're going to test SPX 1860's again sooner or later, probably sooner.
we'll be going a lot lower when the recession hits ... won't be long
When it tests, the bulls will be thinking "double bottom"; the bears will be thinking "H&S neckline." Then the market will do whatever it does, lol. Personally, I wouldn't buy here to save Grandma...
Certainly appears very not broken!
The S&P is up 11.5% in less than a month.
short it!
Going into the weekend less than balls to the wall long is foolish. There is all the pent up deescalation in the middle east and any number of central banks can come out with more money printing schemes.
Oh so true. Don't wanna miss out. 10 plus percent up in a few weeks surely need more. So easy.
Keep moving. Nothing new to see here.
I remember these 12:20 pm, end of the day rallies in the early or mid 90's. Major selling all day long and sometime after 20 past 12 (pacific) the buying moved in and the whole complexion of the trading day was changed.
It was then, I first realized how crooked the market was. (well, I had some suspicions in the 60's)
That 3 handle on the thirty strikes me as a big deal.
"Once breached straight to one percent" I say.
Who's Next? I say. Dominos. Would you like to play a game, Doctor Wolfram?
http://www.reuters.com/article/2014/11/07/us-ecb-noyer-idUSKBN0IR0ML20141107
IMF, US encourage Japan, ECB monetary stimulus
PARIS (Reuters) - The International Monetary Fund and the United States encouraged the European Central Bank and the Bank of Japan toward greater monetary stimulus on Friday and urged governments around the world to do their share to cultivate growth in their countries.
Calling the world economy "fragile, brittle and fragmented", IMF Managing Director Christine Lagarde told a conference of central bankers in Paris it was "perfectly legitimate and appropriate" for the ECB and the BoJ to take unconventional steps to combat low inflation and economic stagnation.
U.S. Federal Reserve Chair Janet Yellen said central banks "need to be prepared to employ all available tools, including unconventional policies, to support economic growth and reach their inflation targets," especially where governments have withdrawn fiscal stimulus.
The comments came a day after the European Central Bank ordered its staff to start preparing for bolder measures if needed to fight slowing inflation, on top of a range of rate cuts, asset purchases and lending operations already agreed.
However, Indian central bank governor Raghuram Rajan said whether "more stimulus is the answer" was a good question. More economic reforms were equally important, he said.
Lagarde said governments with healthy budget positions should do more to support growth, describing as insufficient a German announcement of an extra 10 billion euros in spending on public infrastructure over the next three years.
"In this part of the world, we have to repeat over and over that monetary policy cannot be the only game in town, and that there has to be a combination of sound fiscal policies, use of fiscal space for those countries that have fiscal space in order to support growth and rejuvenate that growth," she said.
"Clearly, the announcement that was made yesterday was in the very small ballpark of what will be needed in order to do that."
ECB Governing Council member Christian Noyer said central banks, including his own, should be prepared to buy public debt if needed to avert deflation or a run on sovereign bonds.
"Such an action may be vindicated if there are risks to macroeconomic or financial stability or even if self-fulfilling runs on public debt may be a threat to market access, or lastly to avoid the deflationary consequences of a public debt event," Noyer told the conference.