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Some Folks Were Selling: "Great" Job Number Sends Markets Into Turmoil
Only one thing for it really...
Stocks did not 'love' the great headline jobs data... worst day for S&P and Dow since Jan 5th
Bonds did not 'love' the great headlines jobs data - Treasury yields soared 10-13bps on the day and 20-25bps on the week (2Y +11bps on the week) - 2nd worst week for bonds sine June 2013's Taper Tantrum - note that 30Y rallied 3bps off the highs as stocks accelerated lower...
Commodities did not 'love' the great headlines jobs data
Global currencies did not 'love' the great headlines jobs data - best week for the US Dollar since September 2011
But apart from that... everything is awesome?
AAPL in The Dow... awesome
Nasdaq 5000... so long ago now...
On the day - the S&P and Dow had their worst day since Jan 5th...
All major indies are now red for March... (and the week)
All sectors back into the red now on the week...
Year-To-Date, Trannies are comfortably red, Dow dropped back to practically unch...
On the week, Treasury yields were smashed higher...
The US Dollar surged all week...
Commodities faded all week as the USD strengthened (apart from oil) but once crude woke up to what China did, it dumped...
Who could have seen this coming?
cost of funding?
Fundamentals...
One last thing - for everyone confused at how everything can be sold? Where did all the money go? Where did it rotate to? The answer is very simple - it's not real money - its leveraged carry trades and the expectatons for a rat hike dramatically raise the risk of those positions and this that leverage is reduced and credit extinguished... it does not "go" anywhere...
Charts: Bloomberg
Did I mention the full moon?
— Not Jim Cramer (@Not_Jim_Cramer) March 6, 2015
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"rat hike" ...nice one
We margin called some folks....
1% down, 99% left to go. We have a LOOOOONG WAY DOWN from here.
Today’s NFP figure is extremely encouraging and bodes very well for Hillary’s 2016 presidential run. I hope that Hillary will continue President Obama’s work and light a fire under this recovery. I think Hillary Clinton has exactly what it takes to heal America – she’s tough on jobs, tough on foreign policy and tough on gun violence. I encourage all young progressives to get behind the Hillary 2016 campaign early and spread the word, because the threat of right wing rebellion in this country is becoming every greater as conspiracy theories spread like wild fire across the unregulated internet.
well, that one went off like a wet squib.
"...expectatons for a rat hike..."
Looking forward to the next Presidential election, Tyler?...
[PS: There's STILL no way the fed hikes rates (or rats)...]
The rats raise rates.
@MDB: Notice how no one even counters your troll-lemming-like posts anymore? Sorry to be the one to tell you, MDB, but you've crossed the "event horizon". You're now in the Zerohedge "black hole".
Accredited Spaghetti= MDB
MillionDollarBonus,
You are an inspiration to our right wing rebellion and are welcome to join us. We'll be able to use some of your humor down in the trenches.
Hey MDB:
You left off the /sarc tag!
I was thinking the same thing, but I could be wrong.
he/she don't need no steekin' sarc tag...his moniker says it all...MDB een posting his/her siilly bullshit long time...just for our amusement
Get behind her? Whats that bulge in Hillary's pants?
Depends
I miss the deer in headlights. The only thing better would be the deer kicking and stomping on the etrade baby. Come back soon, deer.
The "market" is now totally dependent on the FED's free money this we all know, what I am wondering was this planned or an unintended consequence?
I don't know how anyone can talk about fundamentals anymore with a straight face.
It really is a complete joke now.
Yes, and because of that, we already know how this will end:
Yellen will issue some statement that says, "No, no...everything is fine and we wouldn't DREAM of raising rates."
Then, the markets will go back to sleep.
We've seen this movie before.
Every time Tylers bring the deer back we rally.
The web we weave once we practice to deceive. Markets live only for low "rat". LOL
A lotta cheese was lost!
Chedder. A lotta Chedder was lost. FYI
Sinclair's TRX now sub $0.50. A penny stock for a penny operator.
w/ the Feds meeting, is there a firm embargo on FedSpeak for Mon & Tues, or can someone whisper sweet nothings? Though, have we ever failed to ramp leading up to a meeting, particularly one culminating in a Yellen presser? Or, did the landscape change at 8:33 (or sooner for HFTs)?
No worries, the Apple watch will save us. A whole generation who never wore a watch before will start wearing one now because they can't tell time on their phone.
Hey Doc, I think you're correct Re; yields dropping back down across the curve. The market is so long $usd currently, that I can see equities continuing to sell off into the March Fed. meeting,[T-10's consolidating] then the Fed. being dovish and "rinse~ repeat", until something blows up, and everyone runs like crazy into bonds.
Have a good w/e. Stay frothy my friend...
+1000
bwaaa haaa haa haa!!
this millenial is guilty as charged... has never worn a watch.
then again, he's never owned a piece of iShit, either.
curious conundrum AAPL finds itself in.
I wear a $12 sportsmans guide plastic military watch. Had it for about 5 years just changed the batteries still keeps perfect time. Have two spares for SHTF days. I think I'll put a gold apple sticker on the band to make it in style.
so our Recovery is doing good then right?
didn't you catch Steve LIESman on CNBS? just jizzin' in his jeans
Bullard. Monday.
Someone from the FED needs to speak?
I can't believe they actually let it go down a day. Is this supposed to prove something to us naysayers?
yer where was the 'self help' declaration?
The punch bowl has been removed.
The 'market' hasn't gotten the message uptil now, and maybe still hasn't..
The smart money started getting out right after Xmas, I was there when it was being discussed
by a whole troop(pride ?) of billionaires on New Years Eve.
Only schmucks are in this 'market' now, don't be a schmuck.
It hasn't been removed, they've just quit filling it.
http://research.stlouisfed.org/fred2/graph/?id=EXCSRESNW,
couple more down days then a v shaped bounce rocketing to new highs. i learned this over the last 6 years of non trading.
And it will continue to be this way until they either break supply chains or somebody in the whole rehypothecation-derivative-reverserepo-buttfuckery daisychain turns up so insolvent that they default on their obligations.
You already bought the dip, right?
RIGHT!!!!???
At a retirement party for Dallas Fed’s Richard Fisher, Janet Yellen didn’t know what to expect when he was handed a Karaoke microphone, and chose a track by Brownsville Station/Motely Crue:
Sittin’ in the Fed meeting, thinkin’ it's a drag
Listening to Janet drone on just ain't my bag
When the opening bell rings, you know it's my cue
Gonna meet Plosser on Floor number 2
Hikin’ in the Boys room, hikin’ in the Boys room
Janet, don't you fill me up with your rules
Everybody knows that rate hikes ain't allowed ‘til June
Checkin' out the stalls, thought I saw a flash of beard
Lookin’ ‘neath the door, nah, ain’t no Bernanke here
Thank god it’s safe – our mother lode
A secret trading desk right on top of the commode
Lift-off from the Boys room
Yes indeed, we were tightening from the Boys room
Ah, Janet, why don’t ya just ride off on your broom?
Everybody knows that rate hikes aren’t allows ‘til June . . . 2019
One more time!
Hawkin’ ‘em from the Gents’ room …
Early start to Happy Hour?
He does this everyday for a while now. Its actually entertaining.
@KCS: Thanks for remembering Brownsville Station. Here are a couple of their other "greats"
https://www.youtube.com/watch?v=9MmurICdeGk
https://www.youtube.com/watch?v=eZShVsRM_-c
Thanks for the nostalgia. Not sure if 70s tunes make the best parodies cause Top 40 peaked then as a genre, or if, being age 8-17 in that period, early memories give them a fun nostalgia element. For younger ZH-ers, got a Beyonce vs. Goldman Sachs parody next week you might like (damn youngsters!)
KCS is the BOMB! The man trades intraday & swing. He, offers "free advice"...EVERY DAY.
Any trader would be well advised to listen to : Keltner Channel Surf trade ideas.
Traders should be "tack smart" before they commit to/or consider changing their risk profile.
Wow, thanks YC (can't recall -- you owe me money, right? :) Not sure my advice exceeds any others in this crazy Fed-controlled market. Hope you survived all this dollar/yen craziness. Never touch currencies, seems lots of experience would be required, as in RUT.
with rates moving higher ... kiss off refinances ... say hello to bankster loan officer layoffs
Anyone else notice how they kept it at VWAP for the first hour to let out the big players? once they were gone there was no floor in the market. Plus who bought 5000 on the NQ? numpties.
Also wondered why they didn't make it back to VWAP at their favorite 1:30-1:45 time to dump and re-short, but I think you called it spot on: big boys got out while the gettin' was good.
Dont mind admitting I tried a few times to buy the dip in order to get out at VWAP but only succeeded near the close when I bought the unfilled gap at 66.50 (ES) for +3.It is a consistently profitable strategy so no big deal. Such is the life of a day trader.
You're not alone, my friend, SO tempting when you realize you missed an initial move, but I always have a shitty day on big moves when more of my trades are counter-trend.
Red for March and red for the week is the same thing, isn't it?
cramer said this isn't a bubble...
No mention that gold didn't love the jobs data either?
You only need four letters to guide your trading next week: B.T.F.D.
Gold is indifferent.
nah, i'm gonna wait another week ... i only trade with 6 letters
BTFATH
Selling the news. To the moon on Monday!
It's like a weekly soap opera.
THe "heel" (aka the free market) needs to "win" once in a while so the show must go on.
Sellers beware, the bulls aren't going to roll over and die easy. A retest of the ATH is definitely on their agenda. And even if they don't accomplish that, bounces in bear markets are notorious for how they rip up cubs chasing lows.
We financially sodomized some folks!
Don't worry! She'll print up some more Yellen Jooh Bux over the weekend to run the emini market on Monday. The BIS has her back!
I think we are now officially in the theater of the absurd. Good news is bad for the market and bad news is good. The reason of course is Fed intervention. The new iWatch is so-so. What the Fed says or does will move the market thousands of points. So, it is no longer about business. It is about government and that bodes poorly for all of us.
The Fed sent Greenspan to CNBC this morning to take some air out of this hyper-inflated market.
The higher it goes the more they get worried. Higher to fall from.
It probably has much more to go so it's a bit more comfortable.
Early this week looks like a "throw-over".
This whole thing from S&P 666 is nothing but a grand carry trade and sooner or later must be settled.
Last one out turn off the lights if the power is still on!
Are the greater fools all in?
last one out by a nano-second
CES
Feb 2010 to Feb 2015 +11.5m jobs
Household
Feb 2010 to Feb 2015 +9.7m jobs
Why does the CES show nearly +2m more jobs created?
Setting up for a huge rally on Monday...
Fed jobs data says they must keep interest rates at zero. You know why? They would have already been raised if government numbers were taken into account.
Oh noez...it's frowny Friday!
Is the Fed going to leave a stinker on Obumerangs door step?
precious metals down. BTFD for sure.
jobs data totally inconsistent with reality....at some point credibility will break (with mainstream, not with us, we already snapped). perhaps it was today?
adding apple to the DJIA just puts icing on the cake. talk about an overpriced buffoon-bubble of a stock. unless they can put an iwatch on every gen-x wrist and start selling iphones to squirrels, it will be hard to engineer significantly more growth to apple, yet it is priced as a growth stock. putting it in the djia at its apex will just exaggerate the deep hole that DJIA falls into when we revert to reality.
looking-glass time, baby. buckle your seat belts and keep stacking.
That was a quick drop wow.
BTFD and have some calaphate with dinner
If the market hasn't priced in some increase in rates to this degree, then there's the world of downside to be had.
In my view, the intensity of the blow 'allocation' is going to be a tough allocation to get off of.
Does the Fed need any more proof that ZIRP is woking just as they intended - creating wealth?
i know right... the Fucking Fed is the shit! that ZIRP works GRREEAAATTT!!!!! Now get out there and SPEND you stupid BITCHES!!!!!!! HAHAHAHAHAHA!!!!
Frankly, I couldn't figure out WTF happened to the Cramer Zombies today. I mean they were quite content a few days ago to Pay 211.97 for SPY in the Up market. They could have bought same today for 207.41. I thought they bought dips.
Size 11/4,237
WTF? Just BTFD dumb ass zombies. Oh well. And my heart was broken not to see Cramer lead with today's market. Like last time peak - he WAS telling everyone that the marlet was just awesome last night.