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Hubris Hangover? Stocks, Bonds, & Bullion All Red

Tyler Durden's picture




 

For those who bought the breakout to 5,000 in the Nasdaq...

 

We are sad to report that The Nasdaq Composite was unable to trade back above 5,000 today...

 

An early dip into the red for the week was rescued, then another dip after Europe closed took all but The Dow into the red for the week... but then  as the USD strengthened and bonds sold off, stocks rallied to end green for the week...

 

But closed red on the day

 

Today's weakness started in the European session as selling the QE news and Greek funding issues, extended when US opened (unusually) and then extended losses as Bibi spoke... the lows were put in as Europe closed...

 

VIX jumped the most in 3 weeks back above 13 once again... (toipping 14.6 intrday)Hubris Hangover?

 

Bonds and stocks have recoupled from the Yellen dovishness and Actavis rate-lock pressure...

 

Treasury yields trod water for most of the day but pushed higher in the afternoon - now up a notable 12-14bps on the week (2Y +6bps) and steeper...

 

The USDollar ended the day modestly lower, following a similar SELL EUROPE, BUY US pattern to unchanged for the week... Swissy is being sold this week and SEK notably bid...

 

The Brazilian real was monkey-hammered once again - now down 3.2% in the last 2 days to fresh 11-year lows over 2.9330

 

Commodities were mixed with prices charts looking more and more like EKGs than ever... Note the drop as China opened in all commodities... Silver and oil are now anti-correlated once again...

 

Crude did what it does - this time was a dump-and-pump as we await the API inventory data (dump if history is right)...

 

Charts: Bloomberg

 

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Tue, 03/03/2015 - 17:12 | 5851308 koncaswatch
koncaswatch's picture

Mr. Market will exact his revenge eventually. Is it now?

Tue, 03/03/2015 - 17:14 | 5851326 Automatic Choke
Automatic Choke's picture

no, not yet.  it turns out that I am the benchmark that "they" are using.....when i finally throw in the towel and BTFATH, then they will crash it.  I'm not ready yet, so you have to wait.

 

Tue, 03/03/2015 - 17:18 | 5851343 Ruffmuff
Ruffmuff's picture

Tuesdays are becoming a little chopfest.  I guess we can blame it on the weather, whether or not you believe it.   The weather is so shitty I consider buying a nail gun for personal and professional use. 

Tue, 03/03/2015 - 17:34 | 5851397 Rainman
Rainman's picture

no, today the blame goes to ' small penis size anxiety ' ... dudes busy measuring their peckers.

             http://www.theguardian.com/lifeandstyle/2015/mar/03/the-results-are-in-study-reveals-average-penis-size

Tue, 03/03/2015 - 17:35 | 5851417 i_call_you_my_base
i_call_you_my_base's picture

This probably crippled wall street as all the brokers frantically went out to purchase rulers.

Tue, 03/03/2015 - 17:36 | 5851420 ParkAveFlasher
ParkAveFlasher's picture

aaaand APPL is up $.28.

Tue, 03/03/2015 - 17:41 | 5851442 negative rates
negative rates's picture

Problem kids becoming problem adults.

Tue, 03/03/2015 - 17:43 | 5851448 LawsofPhysics
LawsofPhysics's picture

Damn, so I really am above average.  This confirmatin has been a long time coming.

Tue, 03/03/2015 - 17:58 | 5851498 Rainman
Rainman's picture

yah, Granma Yellen isn't the only one scared of deflation.

Tue, 03/03/2015 - 17:48 | 5851474 Harbanger
Harbanger's picture

During deflation, cash is still king.  Gues who cleans up when everything drops in price?

Tue, 03/03/2015 - 18:04 | 5851530 gbcirino
gbcirino's picture

starts with a G? :D

Tue, 03/03/2015 - 19:46 | 5851860 Harbanger
Harbanger's picture

Yes, GS and those with access to cash including the pizza guy with thick bedding.

Tue, 03/03/2015 - 18:18 | 5851589 roadhazard
roadhazard's picture

And just WHEN will this "price drop" be starting. Even my POBox fee went up.

Tue, 03/03/2015 - 19:44 | 5851854 Harbanger
Harbanger's picture

It already did for most.  What's your house worth compared to 2006? depends on where you live within the matrix.  We talk about a stock market crash?  What does that mean?  It means a loss in nominal value of your shares, which means cash cleans up.  This is a temporary short term trend.  If you don't believe the market will crash then you would be in the market.  As far as a currency collapse of the USD, it's still off in the distance and won't happen until all other fiat collapses.  Maybe at the same time or shortly thereafter, but not yet.

Wed, 03/04/2015 - 19:34 | 5855715 roadhazard
roadhazard's picture

My house value going up or down does not matter to me as I will never be selling.

Tue, 03/03/2015 - 17:22 | 5851358 HonkyShogun
HonkyShogun's picture

Mr. Market is bound in the basement wearing a gag-ball and latex suit.

Tue, 03/03/2015 - 17:32 | 5851401 i_call_you_my_base
i_call_you_my_base's picture

I think you have the roles reversed.

Tue, 03/03/2015 - 18:09 | 5851550 HonkyShogun
HonkyShogun's picture

I used to think so to, but alas, the forces of nature haven't asserted themselves some time.

Tue, 03/03/2015 - 19:47 | 5851861 Creepy A. Cracker
Creepy A. Cracker's picture

The latex suit is wearing Mr. Market?

Tue, 03/03/2015 - 17:14 | 5851311 giovanni_f
giovanni_f's picture

This is treason. We must find the responsibles and bring them to justice.

Tue, 03/03/2015 - 17:19 | 5851334 FireBrander
FireBrander's picture

"WASHINGTON (AP) — In a major victory for President Barack Obama, the Republican-led House relented on Tuesday and will back legislation to fund the Homeland Security Department through the end of the budget year, without restrictions on immigration."

So that's the Tuesday Headline defeat of the Right.

Wednesday:

"Supreme Court tosses out Republican ObamaCare challenge; calling it frivolous and without merit".

Tue, 03/03/2015 - 17:19 | 5851347 Callz d Ballz
Callz d Ballz's picture

For those of you who thought you made a difference last fall, please see exhibit A ^^^^^^^^

Tue, 03/03/2015 - 17:20 | 5851351 giovanni_f
giovanni_f's picture

A constantly rising stock market is a basic human right. The hallmark and foundation of our fabulous recovery from the shadows of the crisis. A falling stock market is un-American.

Tue, 03/03/2015 - 19:48 | 5851863 Creepy A. Cracker
Creepy A. Cracker's picture

Not buying stocks is a terrorist activity.

Tue, 03/03/2015 - 17:21 | 5851355 max2205
max2205's picture

And AAPL gains 1 billion (0.2%).....what? That's not news!?

Tue, 03/03/2015 - 17:30 | 5851392 Mentaliusanything
Mentaliusanything's picture

What does this AAPL company do for shits and giggles?

Looks like the capitalisation of a large countries GDP.

Oh and I am reliably told the "Dis Nigger Market don't get it till the interest rate Gun gets held to the Head"

Tue, 03/03/2015 - 22:09 | 5852398 sapioplex
sapioplex's picture

Which way to the white women?

Tue, 03/03/2015 - 17:23 | 5851366 TeethVillage88s
TeethVillage88s's picture

Listen people, FireBrander hits the point.

Tue, 03/03/2015 - 17:41 | 5851440 LawsofPhysics
LawsofPhysics's picture

So, same as it ever was then?  RED=BLUE.  Abosolute power corrupts absolutely.

All fine and good until all those paper claims on real goods and services start seeking them out.

could be a while.

Tue, 03/03/2015 - 17:59 | 5851504 JR
JR's picture

FireBrander,

It’s become erroneous to label the House of Representatives as “Republic-led” for it’s the combination of sellout Republican leaders and the lockstep voting of Democrats in the Senate and the House that passes the legislation. (Boehner, a turncoat, only needs to get proposals to a full vote of the House and the spirited opposition from determined conservatives will be overwhelmed by the Democrats.)

Republicans aside, it is Democrats who look in the mirror and say, "My job is more important and support of the Democrat agenda is more important than the United States of America." For to support the sweep of an alien tsunami into America’s communities with no end in sight - taking American jobs, spiking crime rates, adding substantially to the welfare rolls, squeezing the budgets of schools and healthcare and prisons and burdening maxed-out Americans further with living subsidies - it’s no debatable subject that McConnell and Boehner are bought, paid for and delivered by the banking cartel that would have American society split, divided and vulnerable to their social and economic tyranny.

It is no accident that both political parties are now controlled by the ruling cartel, which is why no matter how the people scream and protest, elected officials have no fear of their public. The partial shutdown of the government could have been facilitated by either McConnell or Boehner refusing to allow an open vote on the budget proposals.

A political party system this corrupt needs to be burned out and replaced. Failing this, a revolution is in America’s future.

As for Wednesday’s upcoming ruling, should this court throw it out, the states are waiting in the wings. A positive ruling for Obamacare only improves the chances for revolution.

Tue, 03/03/2015 - 17:13 | 5851323 Kaiser Sousa
Kaiser Sousa's picture

hey has anyone purchased real money from JM Bullion b4???

if so how was the experience?

waiting for the takedown on Fridays fraudulent employment numbers to make the next stack...

if their gonna be this fucking stupid about the p[hony paper prices i'll just nibble away as no need to rush in with large orders...

http://www.kitco.com/charts/livesilver.html

thanks.

Tue, 03/03/2015 - 17:15 | 5851331 Automatic Choke
Automatic Choke's picture

 

I always use APMEX.  They seem pretty reliable, and I've had no trouble with many different transactions, both buy and sell.

 

Tue, 03/03/2015 - 18:11 | 5851562 Kaiser Sousa
Kaiser Sousa's picture

i been dealling with APmex exclusivley except when i hit up the local dealer...

but JM has some really cool generics...the Morgan replica looks great...

thanks again.

Tue, 03/03/2015 - 17:20 | 5851349 saints51
saints51's picture

Apmex to me is expensive. Never used JM Bullion but have heard good things about them. I usually use provident or gainesville coins. If not those 2 my local coin shop if I am in neighborhood. Unfortunately I have had a severe boating accident and my metals are lost. Hopefully FEMA saves the day.

Tue, 03/03/2015 - 17:57 | 5851496 astoriajoe
astoriajoe's picture

I've heard certain .gov agencies are adding armored subs to their portfolios.

Tue, 03/03/2015 - 17:33 | 5851403 pudge94
pudge94's picture

If you buy in small bites and keep your order as close to $100 as possible for the free shipping, JM Bullion works wonderfully.

Tue, 03/03/2015 - 17:33 | 5851406 MPS4
MPS4's picture

I've used both APMEX and JM Bullion. Both were good. APMEX ships about twice as fast as JM.  Neither will sell Silver for less than $20 an ounce, unless youre buying monster boxes. Even when spot dropped to $15.50 they kept their prices at or above $20 and raked in the extra spread. both stay within 0.30-0.40 an ounce of each other, depends on the day. Check your local craiglist for local owners who need to sell.  I've picked up quite a few ounces below spot that way.  

 

Tue, 03/03/2015 - 17:46 | 5851445 silverer
silverer's picture

Schiff Gold is reasonable.  Premiums over spot price was competitive.  And they did better than that on the silver on less than monster boxes.

Tue, 03/03/2015 - 18:30 | 5851641 Automatic Choke
Automatic Choke's picture

agreed, but monster boxes and 100 oz bricks are usually pretty reasonable at Apmex.

Tue, 03/03/2015 - 17:36 | 5851422 bracemaker
bracemaker's picture

I have. Very satisfied.

Tue, 03/03/2015 - 18:06 | 5851540 actionjacksonbrownie
actionjacksonbrownie's picture

I have bought from JM and lately have been buying from Silver Gold Bull. Both have been good experiences but I prefer the ease of purchase with the latter.

Tue, 03/03/2015 - 18:09 | 5851553 Kaiser Sousa
Kaiser Sousa's picture

thanks to u guys for responding...

gonna give em a try...

 

ps: Fuck off to the asshole who for some unknown reason likes to follow me around with his down shots...asshole.

Tue, 03/03/2015 - 18:14 | 5851578 Meatballs
Meatballs's picture

Jmb is great.  No probs. 

Tue, 03/03/2015 - 17:14 | 5851324 Keltner Channel Surf
Keltner Channel Surf's picture

Hard to imagine worse intraday trading in a 1st Qtr as the past 5 wks:  one 30 sec window entry in first few mins that must be reversed within 10, then slow burn dip-buying machines that take 6 hrs to melt back up, selling volume miniscule, like a single flea tryin’ to topple a St. Bernard but, smiling, drunk on his own brandy collar, he keeps rumbling forward, w/ biscuit-breath, oblivious.

Tue, 03/03/2015 - 17:24 | 5851372 saints51
saints51's picture

Feb 9th is when it started for me. Since Feb 22nd crude has liked this box we are in. January was on fire for CL.

Tue, 03/03/2015 - 17:43 | 5851452 Keltner Channel Surf
Keltner Channel Surf's picture

Been a Sisyphean market, gotta re-read our Camus paperbacks, soon as your trade comes near the target, it rolls back toward B/E.

Tue, 03/03/2015 - 17:59 | 5851505 saints51
saints51's picture

Hit a T1 at 1:1 then BE +1 on all other contracts. Every now and then you catch a runner. Buddy of mine I trade with says you see we missed this runner. It looks like a runner because we been sitting in this range for 3 hours. 30 ticks is not a runner lol. Old man gets anxious. I tired to tell him you are going to have a heart attack.

Tue, 03/03/2015 - 17:32 | 5851402 saints51
saints51's picture

Crude just flew up 40 ticks in 45 seconds lol.

Tue, 03/03/2015 - 17:15 | 5851328 disabledvet
disabledvet's picture

Nice volume on the oil chart.  Always a good sign.

Tue, 03/03/2015 - 17:17 | 5851340 saints51
saints51's picture

But what about my new tshirt saying " Nasdaq 5000 - I bought at the top". This can not happen.

 

whoever said the NQ phrase yesterday +100000. So true and would be willing to get one made.

Tue, 03/03/2015 - 22:12 | 5852406 sapioplex
sapioplex's picture

LOL.  Dammit...lemonade almost came out of my nose. Damn you.

Tue, 03/03/2015 - 17:18 | 5851344 Soul Glow
Soul Glow's picture

Janet's still learing how to VWAP, hold on.

Tue, 03/03/2015 - 17:27 | 5851383 Keltner Channel Surf
Keltner Channel Surf's picture

David Bowie learns to swing trade:

Still don't know what I was looking for
And the swings were getting wild
A million two-way streets and
Every time I thought I nailed a trade
It seemed the result was not so sweet
So, I bought the false breakouts
‘Cause I’ve never caught a glimpse
Of how the others must see a fake-out
I'm still too green to pass that test

R-r-r-r-ranges
Learn to fade the trading ranges
You want to be a richer man?
R-r-r-r-ranges
Turn and fade the strange r-r-ranges
Don't tell them to break up and out of it
Price may change me, but I can't chase price

Tue, 03/03/2015 - 18:33 | 5851645 Fun Facts
Fun Facts's picture

CB open market operations have reduced the "markets" to a pinball machine.

Might as well shitcan all the voodoo charts and funnymental analysis. An ouija board would likely yield better results.

The only thing that matters is whether the West Creek Operations Center is on the buy or the sell button.

Tue, 03/03/2015 - 19:42 | 5851843 sandhillexit
sandhillexit's picture

IF this is how the market responds when Bibi visits and gives us his unsolicited and self-serving advice, could someone from the 92nd St Y please ask him to stay home?  

a neighbor, kveching from the cheap seats.  

 

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