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Late-Day Buying Scramble Saves Dow's Year After Yellen Yanks Punchbowl

Tyler Durden's picture




 

Translating what Janet Yellen (and Lockhart) said today to stock investors....

 

Before we start - Trannies are trading 2% below the levels pre-EndQE3 and The Dow was rescued late on into the green YTD for 2015...

 

UNRIGGED!!!! Every time the Dow lost YTD green, VIX was smashed... and look at the close!!!

 

Stocks have now given up all the exuberant gains post March payrolls

 

Volume is back...

 

The epic late-day ramp was a desparate effort to get The Dow into the green YTD... managed to get Small Caps comfortably green (because you Fight The Fed)

 

Futures show the swings today more clearly...

 

On the week, Nasdaq remains the laggard, Small caps outperforming

 

The initial driver was the weak ADP print which sparked selling in the USD, then Yellen's comments really pulled the rug...

 

Shale stocks continue to slide post-Einhorn (even despite this morning's meltup in crude after DOE inventory draw). Worst still for the frackers, Gartman said "The frackers are going to ramp back up, there is no question at all"

 

Treasury yields are up 8 days in a row - the longest stretch of increases since 9 days in a row in March 2012. (note the big AAPL issue today whioch may be the driver of the recent weakness in US sessions as ratelocks hit an illiquid market)

 

10Y yield closes above its 200DMA...

 

The dollar slipped once again...

 

Commodities (except for Crude) saw muted activity today...

 

But crude pumped and dumped after the EOD draw...

 

Just as an aside, this is what happened in European bond risk today...

 

Charts: Bloomberg

Bonus Chart: What's worse than worst?

 

 

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Wed, 05/06/2015 - 16:09 | 6066919 Kaiser Sousa
Kaiser Sousa's picture

late day buying....

uh, yeah just like the everyday before....

Stawks as u all know r so much more attractive in the last 30 minutes of trading on the Dow....

FUCK OFF.

Wed, 05/06/2015 - 16:12 | 6066929 101 years and c...
101 years and counting's picture

"the last 30 minutes of trading.."  wtf is trading?

Wed, 05/06/2015 - 16:30 | 6067002 Ruffmuff
Ruffmuff's picture

Trading is gambling with a ton of bullshit piled upon your head.

Otherwise, Fuck that bitch!!!

Wed, 05/06/2015 - 16:50 | 6067018 swass
swass's picture

I don't think she yanked the punchbowl.  She simply told everyone drinking the spiked punch that she is observing they are drunk.  This is typically where the Wall Streeters pull out the speed lines of coke and go to town.

Wed, 05/06/2015 - 17:23 | 6067148 Sanity Bear
Sanity Bear's picture

please speak directly into the algorithm, Chairwoman

Wed, 05/06/2015 - 17:29 | 6067164 NotApplicable
NotApplicable's picture

Looks like somebody's going to get into trouble for taking a long lunch!

Wed, 05/06/2015 - 16:13 | 6066932 HedgeAccordingly
HedgeAccordingly's picture

do what works.. ..

Goldman On Q2 GDP Growth “Three Reasons to Keep The Faith" 

http://hedgeaccordingly.com/2015/05/goldman-on-q2-gdp-growth-three-reaso...

Wed, 05/06/2015 - 17:03 | 6067080 Butterflying
Butterflying's picture

My last pay check was $9500 working 12 hours a week online. My sisters friend has been averaging 15k for months now and she works about 20 hours a week. I can't believe how easy it was once I tried it out. This is what I do... www.jobs-review.com

Wed, 05/06/2015 - 17:45 | 6067201 prefan4200
prefan4200's picture

Does she rinse her mouth out after each time or just at the end of the day?

 

Wed, 05/06/2015 - 16:10 | 6066922 NoDebt
NoDebt's picture

I think it had more to do with the fact that rates are rising at an uncomfortably fast pace for Yellen, Draghi, et al.

Wed, 05/06/2015 - 17:02 | 6067075 negative rates
negative rates's picture

Well it sucks being them, the collapse is much harder to admit than the mkt or some other force raising rates.

Wed, 05/06/2015 - 16:12 | 6066926 Thisisbullishright
Thisisbullishright's picture

PPT comes to the rescue yet again, just like last week when there was a maybe 1% drop that was saved.  Then the next day the "market" ramped up higher.

If they can limit bad days to minimally bad and then good days to who knows how high they can keep this charade going for who knows how long...

ITS BULLSHIT!!

...very tired of it

Wed, 05/06/2015 - 17:50 | 6067210 Turin Turambar
Turin Turambar's picture

Not me.  I'm playing the Fed seesaw, and it's very profitable.  UVXY long today until about an hour to close then sold for profit and flipped to XIV.  Going to hold XIV tomorrow for a nice green Fed run up before dumping and switching back to UVXY for the weekend.  There is no market.  You have to go with the manipulation.  Heck, this is as much fun as I've had in a while NOT at a crap table.  :-O

Wed, 05/06/2015 - 18:17 | 6067273 Oracle of Kypseli
Oracle of Kypseli's picture

Great to have fun and collect in both directions. But, when it becomes 4 lanes going in and a footpath to get out, may wipe you out in a jiffy.

Wed, 05/06/2015 - 16:12 | 6066930 Keltner Channel Surf
Keltner Channel Surf's picture

21st century ‘leadership’:  instead of addressing issues through coordinated monetary, fiscal and legislative action, let’s ask largely unelected finance leaders to create asset bubbles & currency wars, then micromanage thru jawboning, preferably while markets are open for trading.

Wed, 05/06/2015 - 16:13 | 6066933 Rainman
Rainman's picture

House horny summer BTFAH homebuyers better lock down those mortgage rates now ... hehehehe

Wed, 05/06/2015 - 16:13 | 6066934 The Bell Rang
The Bell Rang's picture

I believe we hit a position A near today's close, should move up for ths B tomorrow, maybe Friday, then the C comes.....DOWN

Wed, 05/06/2015 - 16:13 | 6066936 kaa1016
kaa1016's picture

Late day ramp right after a bounce off of the 100 DMA. Closed below the up trend line from the Feb low. The market goes lower, will test 2040 on the S&P then we'll see what happens.

Wed, 05/06/2015 - 16:14 | 6066938 enforcer92677
enforcer92677's picture

grabbed a call about 1235.  This shit is going to scorch tomorrow.

 

Baby needs a new set of titties!

Wed, 05/06/2015 - 16:30 | 6066998 Thisisbullishright
Thisisbullishright's picture

Just wondering what you mean.

Wed, 05/06/2015 - 16:29 | 6066999 Thisisbullishright
Thisisbullishright's picture

Expand on this?...

Wed, 05/06/2015 - 17:22 | 6067091 enforcer92677
enforcer92677's picture

Sorry for the delay.  I expect volatility but a close to this week close to the close of last week.  I beleive we will see a green open or a strong surge upwards but am really expecting to go sideways by Friday.  I bought the call today around 1235 Pacific time and plan to sell it tomorrow or Friday at the latest.

 

Disclosure:  I have no one to buy fake breasts for.

 

addl: some chart/technical traders on another board I hang out at are calling for a big bounce up tomorrow and into the weekend.  I am wary of that prediction but decided to buy one call anyway.  

Another guy whose blog I watch is an elliot waver and he is calling for a sucker's rally starting today so I'm trying to capture some of that.

Wed, 05/06/2015 - 18:38 | 6067335 RogerMud
RogerMud's picture

no, no, about the titties. expand on the titties

Wed, 05/06/2015 - 16:14 | 6066942 Bastiat
Bastiat's picture

So is the Fed trying to slow the USD's drop?  If so, it isn't working so well.

Wed, 05/06/2015 - 16:18 | 6066955 Chuck Knoblauch
Chuck Knoblauch's picture

Refresh your Wi-Fi.

The government is frying your brain.

Wed, 05/06/2015 - 16:19 | 6066957 rejected
rejected's picture

The counterfeiter in charge has spoken,,, all praise the counterfeiter in charge.... rah, rah, rah

Bu l l s h e e t

 

Wed, 05/06/2015 - 16:20 | 6066962 Keltner Channel Surf
Keltner Channel Surf's picture

"A REDDER SHADE OF PALE"     by Procol Harum

(Wrote this for use after a correction, but may not live long enough, so here it is):

We skipped a full contango
Danced ‘cross the trading floor         
I was feeling kind of lovesick
Tepper called out for more
The Dow was humming harder
As her resistance flew away             
When we called out for another drink
Bernanke brought a tray

And so it was that later
As the Bloomberg told his tale
That the screen, at first just green
Turned a redder shade of pale

She said “There is no recession
And the growth is plain to see”
As she wandered through my Goldman slides
I would not let her be
One of sixteen investment virgins
With whom I was engrossed
And as her first trades were opened
They might have just as well've been closed

And so it was that later, as the Bloomberg told his tale
That her eyes, dark emerald green
Turned a redder shade of pale

{final organ solo}

And so it was that later
As the Bloomberg caressed her head
That the screen, at first just green
Turned a dripping shade of red

Wed, 05/06/2015 - 16:21 | 6066968 SERReal1
SERReal1's picture

It's all BS! Up 300 tomorrow....

Wed, 05/06/2015 - 16:23 | 6066976 unemployed
unemployed's picture

Treasury rates be up,   gotta go up to get people to go long term,  as the excrement starts toward the fan,  who wants to be invested long term at stinky yields?

Wed, 05/06/2015 - 16:25 | 6066984 Frank N. Beans
Frank N. Beans's picture

Worcestershire is worser than worst.  

Wed, 05/06/2015 - 16:28 | 6066996 MFL8240
MFL8240's picture

The American joke plays out once again in the bowls of Wall Street.  We are courrpted to the core!

Wed, 05/06/2015 - 16:29 | 6067001 ted41776
ted41776's picture

someone pissed in the punch bowl

Wed, 05/06/2015 - 16:33 | 6067008 Soul Glow
Soul Glow's picture

She didn't yank the punchbowl, she merely gave the Fed an oppurtunity to buy.  The POMO desk rolls on.

RAW HIDE!

Wed, 05/06/2015 - 16:34 | 6067009 thismarketisrigged
thismarketisrigged's picture

so fucking funny. 

 

just when it looked like the dow was heading for a 200 pt loss, the nasdaq was under 4900, coincidently, ''investors'' stepped in and bought stawks, because u know, noting like buying stawks at near all time highs, especially right before a jobs report friday, and a greece exit from the euro.

Wed, 05/06/2015 - 16:37 | 6067024 FuzzyDunlop21
FuzzyDunlop21's picture

Stocks are down because Yellen will raise rates. 10Y yield up because Yellen will raise rates. Dollar index down because... ?  

Wed, 05/06/2015 - 16:47 | 6067040 fremannx
fremannx's picture

10 year yields about to break above medium-term resistance

http://www.globaldeflationnews.com/10-year-u-s-treasury-index-yieldellio...

 

S&P 500 showing signs of impending collapse

http://www.globaldeflationnews.com/sp-500-indexelliott-wave-update-for-w...

Wed, 05/06/2015 - 16:54 | 6067058 Rainman
Rainman's picture

also...Whole Foodstuffs shits the bed after hours.

                          http://www.marketwatch.com/story/whole-foods-slumps-10-on-sales-shortfall-2015-05-06

Wed, 05/06/2015 - 16:51 | 6067049 Nue
Nue's picture

WAIT! She see's potenial dangers in stock valuations but No Bubbles?

What kind of high functiong Mental Retardation does it take to even make a statement like that? Either that or she's taken up Zen Buddhism and it's supposed to be one of those mental puzzles like "What is the sound of one hand clapping?" Crap I need a drink right now.

Wed, 05/06/2015 - 19:10 | 6067406 IndyPat
IndyPat's picture

And when Monk Nue took a drink of his whiskey, he became enlightened.

Sell all the things.

Wed, 05/06/2015 - 16:59 | 6067072 theeseer
theeseer's picture

I have the solution for Greece and the USA.  Put Disney in charge. Start the "Parthenon Ride" or for a mere $1000 entry free you can be a "Trojan warrior" next you can grow you own olive tree and wear a toga!! In the USA you can be an Obama style dictator for a day for $250,000 entry and rezone the White House and change it to 'White Castle Burgers". Tasty!!!

Wed, 05/06/2015 - 17:07 | 6067096 Weaponized Innocense
Weaponized Innocense's picture

Yea the end of day rally was when I woke up. Lol
I went to bed about 6:30 am. Night before last I didn't sleep much but on the couch by just closing eyes. Night before that I was awake all night. Yea and I didn't do naps or much of anything..... My a/c ~ I kind of locked it up on Sunday night and wasn't working so great.... I had to turn it off and go all whole house fan on the night I crashed sort of on the couch. It's working now. Yea I zonked out big time and am well rested now.
Yea that big green question mark of what happened here was me waking up. Guess I didn't get to see my max gains on the day today.

Wed, 05/06/2015 - 17:35 | 6067177 Weaponized Innocense
Weaponized Innocense's picture

Least I think it was Sunday night I locked up my a/c. I need a larger a/c. And I guess my 58° sleeping nights is over till next fall. Sure I'm still down there now that I unlocked my a/c. But u know I'm gonna have to sleep with less cover and at a warmer temp.
Damn I hate sleeping in warmer than 58°.

Wed, 05/06/2015 - 17:39 | 6067188 Weaponized Innocense
Weaponized Innocense's picture

Maybe this summer I will buy one of those cool ass mini a/c units u can put in the ceiling in a single room as it needs no exhaust. I need one for my bedroom so I don't have to freeze down entire house to sleep all yummy fucking brrrrr.

Wed, 05/06/2015 - 17:47 | 6067205 Weaponized Innocense
Weaponized Innocense's picture

I mean I really love freezing down my house in the night time so don't have to use a/c most months of the year besides the hellacious ones will start cooling home as sun sets. Figure it's cheaper and more functional. But yea when most peeps a/c's crank on in the hood because the afternoon gets hot.... My house is still cold from night before...if it is me just before dawn opening a window and sucking in that cold overnight with my whole house fan or using a/c when cold nights make a hot afternoon.... I'm not using that a/c when the entire hoods r running....

Wed, 05/06/2015 - 17:59 | 6067232 Weaponized Innocense
Weaponized Innocense's picture

I need to start cooling my core by swimming as then I don't need it so cool to sleep or w a/c to tolerate the heat as here she comes! She's in the horizon heading this way!

Wed, 05/06/2015 - 17:43 | 6067197 Spungo
Spungo's picture

THEN ADIOS, MUCHACHOS!

Thu, 05/07/2015 - 00:18 | 6068153 JoWazzoo
JoWazzoo's picture

What is US Macro?  Hello???????

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