This page has been archived and commenting is disabled.

US Equities Give Back All PBOC Rate-Cut Gains

Tyler Durden's picture




 

As we already noted, Draghi's comments had no impact whatsoever on US equities overnight but when the PBOC rate-cut news hit, AUD surged and so did US equity futures... all the way into the US Open (and OPEX pins). From that moment, the selling began and as Goldman noted, the rate cut was only "slightly useful," which was later confirmed by the PBOC mouthpiece Xinhua saying "this is not a signal of a big liquidity ease." Stocks have retraced all their gains...

 

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 11/21/2014 - 14:29 | 5474401 Dr. Engali
Dr. Engali's picture

Aaaand... the bottom is in. It has been a nice methodical stair step down to this point.  

Fri, 11/21/2014 - 14:34 | 5474413 malek
malek's picture

ZH moves markets!

Fri, 11/21/2014 - 14:36 | 5474420 NoDebt
NoDebt's picture

"My broker is Zero Hedge and Zero Hedge says...."  <room falls silent>

(Old E.F. Hutton commercial)

Fri, 11/21/2014 - 14:52 | 5474471 Snoopy the Economist
Snoopy the Economist's picture

Thanks for the memory jog - I have been trying to remember the company that this commercial was based. This is an example of great advertising when 30 years later people still use the line.

Fri, 11/21/2014 - 15:42 | 5474673 macholatte
macholatte's picture

 

all the way into the US Open

 

Hold on.... is a tennis match dictating stock moves now?

 

 

Fri, 11/21/2014 - 15:04 | 5474521 Dr. Engali
Dr. Engali's picture

I use that line all the time. 

Fri, 11/21/2014 - 14:34 | 5474404 NoDebt
NoDebt's picture

But the lower rates remain even after the thrill is gone.  I feel sorry for all those retired Chinese widows who have to live with lower interest on their life savings.

In other news... anyone notice the half-life on these stimulus announcements is now down to a handfull of hours?

Fri, 11/21/2014 - 14:34 | 5474418 WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

Sum Ting Wong ?

Fri, 11/21/2014 - 14:36 | 5474421 Bunga Bunga
Fri, 11/21/2014 - 14:55 | 5474491 Drummond
Drummond's picture

Draghi is all mouth. Every week its - i might do this, i might do that. Does he actually do anything? Nope. How the fuck can global markets still react to anything that comes out that gobshites mouth? Every time he opens his mouth delays the day my PM's are worth their true value and its getting personal now. Fucking prick paedo (allegedly).

Fri, 11/21/2014 - 15:06 | 5474526 walküre
walküre's picture

Draghi can't do anything. But his talking is the narrative for the manipulators to turn the markets up. The participants are being played like monkeys.

Fri, 11/21/2014 - 15:11 | 5474539 Drummond
Drummond's picture

Mario Draghi > Fergal Sharkey

Fri, 11/21/2014 - 14:39 | 5474434 badger10
badger10's picture

Looks like a blow off top. The way I look at the China banks rate increase is that they are in big trouble. We have to much debt everywhere!

Fri, 11/21/2014 - 15:03 | 5474486 walküre
walküre's picture

Why are they increasing rates on deposits? Because Chinese are taking money out of the system. Not quite a bank run yet but gathering steam.

Their rate cut is going to do nothing for the economy. Coal, copper and steel are all telling the story.

Defaults already happening and more looming. Debt quality goes in the shitter.

PBOC is like that Chinese artist spinning plates on sticks...

 

Fri, 11/21/2014 - 14:42 | 5474440 jubber
jubber's picture

small consolation for anyone short the ATH from last night ....and woke up fucked

Fri, 11/21/2014 - 15:05 | 5474520 walküre
walküre's picture

do not short, do not go long unless maybe ES

everything else is up and down like a yoyo

Fri, 11/21/2014 - 14:44 | 5474443 monopoly
monopoly's picture

Anyone short last night for any rational reason has a death wish.

Fri, 11/21/2014 - 14:45 | 5474444 theyjustcantstop
theyjustcantstop's picture

did china's cb's, and oligarcs make a killing in the market, as americas cb's do on pomo min,'s, and dudley's statements?

 

 

Fri, 11/21/2014 - 14:47 | 5474450 Hohum
Hohum's picture

But..but..I need an ATH.  Coke and hookers for the weekend, you know.

Fri, 11/21/2014 - 14:48 | 5474455 monopoly
monopoly's picture

And it is amazing that with the Euro trashed and the dollar soaring that gold is as strong as it is. Maybe a bottom is in this time. Maybe.

Fri, 11/21/2014 - 14:47 | 5474459 TheRideNeverEnds
TheRideNeverEnds's picture

This just shows the risk is all to the upside.  You can close your eyes and buy them here; we are going higher. 

Fri, 11/21/2014 - 14:56 | 5474492 Kaiser Sousa
Kaiser Sousa's picture

give back all the gains???
see Dow chart v-shaped ramp in progress...
fucking joke.

Fri, 11/21/2014 - 14:58 | 5474501 Yen Cross
Yen Cross's picture

  The usdx hasn't retraced any of the Draghi jawboning.

Fri, 11/21/2014 - 15:19 | 5474577 Comte d'herblay
Comte d&#039;herblay's picture

er.......,.erm.........uhh......nevermind.

Fri, 11/21/2014 - 15:48 | 5474690 disabledvet
disabledvet's picture

Prepare for air strikes against Putin.

Do NOT follow this link or you will be banned from the site!