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Sudden Selling Panic Sends Stocks Reeling On Dollar's Best Week Since Lehman

Tyler Durden's picture




 

VIX Smashed, Euro Trashed, Bonds Cashed, Stocks Dashed... and Markets BREAK!!! 1517ET BATS BYX HAS DECLARED SELF-HELP AGAINST NASDAQ

 

In case it was unclear from all the positive spin post-Yellen speech... (h/t @jonvthvn)

 

On the day - it was very quiet with some excitement around a hot CPI and not-hot Janet Yellen

 

Everything might have been awesome for The Nasdaq and Small Caps high-beta buffonery, but Trannies werer trounced on the week...

 

Sectors were very mixed on the week...

 

While cash looks relatively stable... the serious swings in the equity markets are much clearer when looking at futures...

NOTE - just look again at the week in cash and the week in futures... now look at VIX!

 

VIX was smashed to an 11 handle - lowest since early December...

 

Before it started to rip back higher and so th emarket broke...

 

Treasury yields ended the week higher - jumping notably after today's CPI data...(but note the flattening of the curve - 5Y notably underperforming 30Y)

 

The USDollar rose well over 3% this week - its best week since Lehman...

 

Led by a 4%-plus collapse in the Euro - its worst since Lehman...

 

The USD strength kept commodities under pressure (with copper worst)... higher than expected inflation - sell Gold!

 

Crude had another magical v-shaped recovery week...

 

Charts: Bloomberg

Bonus Chart: Did the Microsoft curse strike again?

 

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Fri, 05/22/2015 - 16:07 | 6122705 silver_stacker
silver_stacker's picture

 

The green shoots ran out of steam...the PPT must have left the office early for the holiday weekend. Have a great Memorial Day weekend everyone! http://www.marketwatch.com/#

 

Fri, 05/22/2015 - 16:11 | 6122718 MonetaryApostate
MonetaryApostate's picture

Abandon ship!

Fri, 05/22/2015 - 16:26 | 6122774 Hype Alert
Hype Alert's picture

They know what's coming and they want their protection cheap!  Smash the VIX. 

 

Look at the volume on VIX calls today....

Fri, 05/22/2015 - 17:40 | 6122968 Headbanger
Headbanger's picture

RUN FOREST !  RUN!!

Fri, 05/22/2015 - 17:50 | 6122995 Hype Alert
Hype Alert's picture

Nah, BTFATH.  Only one winner per cycle.

Fri, 05/22/2015 - 21:43 | 6123498 JoWazzoo
JoWazzoo's picture

VXX set a new annual record low today.  The prior record was set yesterday and the prior record to that was set the day before.  3 days - 3 record lows.  Heh

Fri, 05/22/2015 - 22:44 | 6123614 IntercoursetheEU
IntercoursetheEU's picture

VXX is always like that, a perpetually sinking ship with brief moments of great performance. Kind of like the US dollar.

Fri, 05/22/2015 - 16:20 | 6122753 HedgeAccordingly
HedgeAccordingly's picture

speaking of lehman ..

Lehman Brothers Sues Three Financial Firms Over Soured Mortgage Loans

http://hedgeaccordingly.com/2015/05/lehman-brothers-sues-three-financial-firms-over-soured-mortgage-loans.html

Fri, 05/22/2015 - 16:09 | 6122709 CarpetShag
CarpetShag's picture

But were biotechs buggered?

Fri, 05/22/2015 - 20:39 | 6123349 Stoploss
Stoploss's picture

Klonopin took care of that.

 

Fri, 05/22/2015 - 16:10 | 6122715 John Law Lives
John Law Lives's picture

I figured a green close was a certainty before the weekend.  Maybe the algos shut down early to avoid the rush out of town... ;->

 

Fri, 05/22/2015 - 17:00 | 6122865 saints51
saints51's picture

If it was a euro only holiday this Monday , you could blindly just place longs at the pit open. Watch next time Euro has a holiday and the US is normal trading. 9 out of 10 times low volume ramp sessions.

Fri, 05/22/2015 - 22:14 | 6123559 JoWazzoo
JoWazzoo's picture

BFD on the week.  Tightest range in 100 years.

Fri, 05/22/2015 - 16:10 | 6122716 IntercoursetheEU
IntercoursetheEU's picture

and now a .23 drop in the S&P is a panic. Strange times my friends.

Fri, 05/22/2015 - 16:15 | 6122739 HungryPorkChop
HungryPorkChop's picture

I didn't think it was possible the algo controlled S&P could ever go negative before a holiday weekend?  Just seems impossible.  Maybe they're just playin' with us and the S&P will be up 1% on Tuesday to give us that post-holiday lift?

Fri, 05/22/2015 - 16:47 | 6122826 Stormtrooper
Stormtrooper's picture

Somebody plugged the machine in backwards.  Shit happens!

Fri, 05/22/2015 - 16:11 | 6122719 jump_mutha_fukah
jump_mutha_fukah's picture

Got long Puts into next week as of two days ago...probably too long in the puts....probably gonna regret it, but hey fuck it, it's only fiat

And fuck you Yellen

Fri, 05/22/2015 - 16:15 | 6122738 Keltner Channel Surf
Keltner Channel Surf's picture

Think they'll flirt w/ new highs early Tues on SPY and QQQs, but when they see RUT lagging everything will make a quick dump for the 50 MAs, perhaps as a resting point, perhaps for more.  Pre-holiday air-pillows, nothing more.   Good luck to you

Fri, 05/22/2015 - 16:32 | 6122787 jump_mutha_fukah
jump_mutha_fukah's picture

I'm hoping for a trapped long scenario over the weekend...maybe a nice 200-300 gap down...is that too wishful of thinking?

Really hoping this break in the acending triange on the daily from 5/14 till today was the rollover for IWM. 4hr RSI turned south on Tuesday and they have been fighting to keep the RUT up ever since. Every large volume trade today on the Rut was a sell with the typical low volume algo ramps back up only to be met by large sell volume. We tested and broke the 50day today on IWM before the bounce...maybe we get back and retest the 100 day again...markets look weary, Trannies sucking wind, seems like a bit of a buyers strike.

One thing is certain, we will get a break either higher or lower next week...this drift has worn out its welcome. Good luck to you as well.

Fri, 05/22/2015 - 16:42 | 6122794 Keltner Channel Surf
Keltner Channel Surf's picture

If this range continues another week, I'll throw in the towel and put in an application at Kohl's, cookware department.  Just love the soft plastic grips on the OXO accessories, can't be harder to sell than this market ...

(Worst case might be the Daily Keltner top, Russell ninjas will be gunning for it, think they'll fail)

Fri, 05/22/2015 - 16:44 | 6122815 jump_mutha_fukah
jump_mutha_fukah's picture

I've already got an application put in for pool boy at Old Yellers place....if I can score an early release, it might be worth the stretch....

early release of the minutes that is....ha!

Probably have to keep this in mind before shoving off to work every day though

https://www.youtube.com/watch?v=sHjlM5A1jME

 

Fri, 05/22/2015 - 17:03 | 6122858 saints51
saints51's picture

lol!!!!

Just becareful in those instruments. I use to trade them and just couldn't do it anymore. I usually only mess with crude as I found it more respectable if that even exists in todays false markets. I will say the past month and a half in crude has reminded me of ES with the last 30 minute ramp a thons.

On a side note: They have been ramping crude right after pit close. Hence low volume ramps. Just my observations this week. people were starting to catch on.

Fri, 05/22/2015 - 18:34 | 6123117 jump_mutha_fukah
jump_mutha_fukah's picture

Thanks for the warning, but....I'm a bit masochistic, nothing like the pain and pleasure of trading 3x ETF options....if you are going to lose, at least lose big and make it sting. /s

Fri, 05/22/2015 - 18:43 | 6123131 saints51
saints51's picture

I hear ya buddy. Go big or go home.

Fri, 05/22/2015 - 17:06 | 6122872 Squid Viscous
Squid Viscous's picture

she must have one of those mungo - crane type chair lifts to get her deformed body in and out of the pool, if you get certified to operate could be a nice bonus?

Fri, 05/22/2015 - 16:45 | 6122817 Squid Viscous
Squid Viscous's picture

what about Home Depot... Cramer says they are crushing it, must be room for some new hires?

Fri, 05/22/2015 - 16:53 | 6122844 Keltner Channel Surf
Keltner Channel Surf's picture

They keep the A/C higher at Kohl's, and have a nice spoke pattern, unlike HD's 55 aisles.  As a trader, I like to pace nervously to and fro, I'm not used to walking far from a central location ...

To J-M-F:  only person getting early minutes release is Liesman, which is why futures jump at 1:57, while CNBC clerks type in the graphics

Fri, 05/22/2015 - 16:59 | 6122862 Squid Viscous
Squid Viscous's picture

LOL! you really have it planned out, far be it from me to dissuade you...

Fri, 05/22/2015 - 22:24 | 6123580 JoWazzoo
JoWazzoo's picture

This week had the tightest range on the DJIA in 100 years.  SPX was about the same.  10-4 on the throw in towel.

Fri, 05/22/2015 - 22:19 | 6123566 JoWazzoo
JoWazzoo's picture

SPY set 2 freaking records this week.  How many you want? :-)

Fri, 05/22/2015 - 16:15 | 6122737 SmilinJoeFizzion
SmilinJoeFizzion's picture

The traders just knocked off a half hour early to snort a pile of coke out of the salad bowl they use when cutting Yellens hair

Fri, 05/22/2015 - 16:51 | 6122837 Squid Viscous
Squid Viscous's picture

best post of the week, plus 1 million yellen shekels!

Fri, 05/22/2015 - 16:16 | 6122741 Keltner Channel Surf
Keltner Channel Surf's picture

Energy trading w/ cult favorites Madder Rose from “The Car Song

Picked up some Nat Gas

And pulled up a fresh quote
Same as it was before
So I'll try to get some sleep
Try to get some rest

I guess you already know
I think of you all night long
I’ll think of you all night long
Think NG all night long
But I’ll try to get some sleep

Check quotes at CT 4:00 
Just 15 minutes more
Then collapse back on the floor
For ¾ hours of sleep
Try to get some rest

Fri, 05/22/2015 - 16:34 | 6122777 Squid Viscous
Squid Viscous's picture

yellen is in charge, i'm headed to the hampsteins with a fat wallet bitchez!

so if you see me cut you off in my BMW 650i or my ugly j wife in the Range Rover, with my ugly j kidz ...suck my ballz!

 

 

Fri, 05/22/2015 - 16:36 | 6122799 jump_mutha_fukah
jump_mutha_fukah's picture

Don't forget your kevlar ;)

Fri, 05/22/2015 - 16:42 | 6122812 Squid Viscous
Squid Viscous's picture

is that good on a bageL? i MUST try it...

Fri, 05/22/2015 - 18:16 | 6123052 deflator
deflator's picture

 Back in the day they took bagels seriously. They would look you in the eye and ask you how you wanted it and what you wanted on it--all without breaking eye contact.

 Nowadays they slap it in a fuckin microwave and say, "fuck you, pay me."(I imagine they are thinking when they say, "that will be $11.32") without ever maintaining more than 2 consecutive seconds of eye contact.

 

 

Fri, 05/22/2015 - 16:39 | 6122804 dimwitted economist
dimwitted economist's picture

this recovery is so badass... gas is still UNDER $3 a Gallon.. Fuck Yeah!!!! Party time in the Walmart parking lot.. 40 ouncers all around Bitches!!!!!

Fri, 05/22/2015 - 16:39 | 6122807 Counterpunch
Counterpunch's picture

Apple Inc.
NASDAQ: AAPL - May 22 4:37 PM EDT
132.54Price increase1.15 (0.88%)

Fri, 05/22/2015 - 17:11 | 6122889 Son of Loki
Son of Loki's picture

Speaking of Lehman, I had the hottest date the other night ... at least the hottest ... since Lehman wnet under.

Fri, 05/22/2015 - 17:16 | 6122901 new game
new game's picture

the scharade continues. maybe the economy will get better, ha, lol, on that note, have a greeeEEEEAAAT, awesome tony the tiger weekend.

everything will be alright, rock-a-by-baby...

Fri, 05/22/2015 - 17:32 | 6122949 dimwitted economist
dimwitted economist's picture

new game/ you KNOW thats RIGHT! LOL!!!!! 

Fri, 05/22/2015 - 18:02 | 6123025 Jungle Jim
Jungle Jim's picture

I don't have any kind of stocks, or bonds, or T-bills, or ETFs, or any of that stuff, and if every bit of that loses 100 percent of its value overnight, and the whole system turns to dust and powder and blows away, I don't care anymore. Good riddance.

All I have is a rapidly shrinking stack (*all* my Ag sold for pennies on the dollar, three-fifths of my Au gone the same way). The pitiful remnant I keep desperately trying to hold on to seems to lose more purchasing power every day. Or at least it never goes up.

I want to know where metals prices are headed, short term. Not in three or five or fifteen or thirty years. For instance, what effect will this three-day weekend have?

Fri, 05/22/2015 - 18:36 | 6123119 deflator
deflator's picture

 Short term metals are going nowhere. If you are looking to beat inflation in the short term would suggest selling PM's and take a look at the S&P VIX charts. Don't get greedy or have a bias one way or the other. Buy at the low end and sell 10% gains--rinse repeat. By the end of the year you should be looking good to buy more PM's and still have a decent trading account. I am thinking 11's on the VIX is a good buy--see a bounce to 15-16 sell. Wait for 11's again.

 

 Maybe no good?

Fri, 05/22/2015 - 18:14 | 6123056 oudinot
oudinot's picture

Best since Lehman?

Holy Fuck.

Fri, 05/22/2015 - 18:19 | 6123067 kill switch
kill switch's picture
Stocks Reeling

 

-53.72 HOLY SHIT......Everything since Lehman....

Fri, 05/22/2015 - 21:23 | 6123439 chirobliss
chirobliss's picture
Sudden Selling Panic Sends Stocks Reeling

Really? Seriously? This is more bullshit than you get on CNBC.

I agree that the market is a mess, that a huge crash is absolutely unavoidable but WTF sort of headline are you going to use when it happens?

Asteroid hits Wall Street, AAPL vaporised as Air Force One crashes into Tim Cook and Elon Musk test driving Tesla Space Shuttle, HK Stock Exchange washed away by biggest typhoon ever to cross the China Sea... Dow down 87 points.

Fri, 05/22/2015 - 21:56 | 6123521 JoWazzoo
JoWazzoo's picture

I finally heard something interesting and useful on CNBS today.  Of course I already sorta knew it from watching the tape and charts.

 

This week had the tightest range between high and low on the DJIA in 100 years.  The fuckers simply will NOT allow stocks to go down.  I think there is some sort of gentleman's agreement to that effect.  That or the fucking Plunge Protectyion Team is shoring things up.  Perhaps a Cabal?

 

http://finance.yahoo.com/echarts?s=%5EGSPC+Interactive#{"comparisons":"SPY","comparisonsColors":"#cc0000","comparisonsWidths":"1","comparisonsGhosting":"0","range":"5d","showPrePost":false}

 

Now this market looks an awful lot like a top is being made.  Flat as a pancake, record highs being set and volume is weak.  And complacency is at unheard of levels when one views VIX or VXX.

 

http://finance.yahoo.com/echarts?s=VXX+Interactive#{"comparisons":"VXX","comparisonsColors":"#cc0000","comparisonsWidths":"1","comparisonsGhosting":"0","range":"5d","showPrePost":false}

Sat, 05/23/2015 - 01:05 | 6123594 R19
R19's picture

Fuck, I could move the Dow 54 points myself.

Sat, 05/23/2015 - 01:04 | 6123605 R19
R19's picture

I really do love these market summaries. PPT in effect.

Sat, 05/23/2015 - 03:37 | 6123982 nah
nah's picture

spam gif's

.

not jpeg's

Sat, 05/23/2015 - 07:42 | 6124131 dimwitted economist
dimwitted economist's picture

the whole thing is the WAY beyond weird.... (if you don't think it's fake you must be a retard or something)

Sat, 05/23/2015 - 11:44 | 6124572 screw face
screw face's picture

.....well now sounds like the 'Boys' at plunge control will be taking an extended vacation in the near future, .......bitchez.

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