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Trannies Trounced Most In 10 Months As Commodities & Bond Yields Bounce
Some very significant volatility intraday today. The Dow Transports lost around 2.7% today - the most since early January - as Airlines slipped (though held half of Friday's panic-buying gains). The Dow outperformed - but closed red - thanks to strength in Chevron and Exxon (adding 35 Dow points alone). All major US equity indices are red from pre-Thanksgiving's meltup exuberant close with Trannies and Small Caps worst. Momo names were hit, as was AAPL. All of this was driven, it appears, by a somewhat staggering (dead cat or not) bounce in commodity markets off overnight flush lows. Gold and silver screamed higher and oil gained 7% off its lows to close up 4.8% from Friday. Treasury yields also turned around notably intraday from down 1-2bps to closing up around 6bps at the long-end (after ISM beat). VIX briefly tested below 14 but the 330RAMP went the wrong way with VIX rising and stocks closing not off the lows.
Off last night's flush lows... commodities have exploded higher...
From Friday's close...
and from the initial OPEC 'no cut' leaks from the Venezuelans
The longest-streak in stock market history is over...
From Friday's early close, the equity tumble escalated...
and From pre-Thanksgiving's panic buying confidence-inspiring ramp close...
Of course AAPL's collapse was stunning but described by some clever chaps on CNBC as "perfectly normal" and "a great buying opportunity"
and Momo names suffered
Treasury yields bounced off Bullard low levels today and popped 5-6bps on the day in light trading after ISM beat
Credit markets are notably decoupling from stocks..
Is someone starting to trade the TSY vs Equity divergence?
The USD lost around 0.25% today, also helping commodities - having basically traded flat for th elast month
Charts: Bloomberg
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Trailing stops.
The fun will resume shortly.
UPS still sitting pretty. think of it as the anti-brick and mortar. They will probably have more delivery failures again this year, as more and more people decide to skip brawling with strangers over a tickle me elmo at walmart and order online instead. Fuel prices will have to stay low for a while for their bottom line to really benefit from it due to the way they buy their fuel, but the longer they stay low, the better their picture looks
UPS is already using UHaul truck rentals to deliver packages. I got a delivery today, the UPS driver said it was a pain to deliver packages with a UHaul truck that had no racks.
They delivered in a golf cart with trailor the other day.
Funny as hell in his brown uniform.
Stop loss is a beetch when most algos are painted with AAPL117 .... shit happens.
That's why god invented options.
tranny!! hehehe
Thought I heard the FAZmobile rev its engine briefly today.
Convert the Protection Rackets (AMZN, NFLX, CMG, etc) to gold and you can preserve your wealth and help ensure that we follow the semi stable path that restores integrity and investment signal to the market. There ate trillions in float scams, so convert whichever ones you hold (selling whichever is performing best vis a vis gold).
Surprised not to see a mention on ZH today re: Fed Head Dudley's self-parodying remarks, headlined by Reuters as "Fed rate hikes to depend on markets, not just economy", summarizing a speech that included "How much one pushes on the short-term interest rate lever depends, in part, on how financial market conditions respond to such adjustments."
It seems our silly Fed gets more and more cartoonish:
Dudley (Do Right) wants to rescue damsel (market) from (Snidely) Whiplash, but by basing his actions on this bad guy’s moves, he guarantees market whiplash, meanwhile it’s the Horse (algos) that really controls everything which, oddly, this NY Fed Head’s been riding, hence the verbal cha-cha to avoid “stepping in it” . . . (?!)
Kcs, sold half my iwm put position this morning. Still got the other half, but semi expecting a bounce somewhere in here due to a Draghi bounce. I think hes supposed to open his lying assed mouth sometime this week. Thinking jawboning from euroland is almost in need of cialis. Im not sure they can legally do QE like all the wall street addicts are used to. Your thoughts?
Look how fast one red candle can wipe out days of market rigging. Amazing how gravity works on earth.
What kind of brain did you put in my monster?
Oil trading like a penny stock. It's a new month so oil could go to $50 or right back to $100 in days.
Will there be any true demand based market catalyst? Of course not it's the market.
If we had a leader, he would tell the Saudi Fucktard we are going to pave a massive road for ISIS to USE to bring your ass down..
Carry on, by all means.