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Dead Markets Drifting As Dollar Drops
Given the efforts in JPY carry and VIX clubbing to juice stocks today, this seemed appropriate...
But by the close... despite the best efforts of VIX and JPY, we ended red
Futures show we drifted lower overnight with the opening ramp helping bring things back
On the week, Nasdaq and Small Caps were lifted back green after early weakness...
Trannies hit "correction" 10% down territory...
It seems VWAP is going mainstream...
Treasuries and Stocks remain decoupled...
VIX was a gappy mess (that is a technical term only experienced traders will understand) that was on a mission to go lower...
VIX futures volume is getting massively concentrated... Thanks VXX rebalance
The USDollar slipped on the day - amid more volatility around the US open - led by EUR and CHF strength...4th day in a row of overnight USD buying and US session selling...
This is the first consecutuive days drop in USD in 2 weeks.
Treasury yields were very quiet today - short-end outperformed...
Gold for the 3rd day was deadsstick as was Copper and silver...
Gold has traded in a $5 range the last 3 days... with the USD a lot more volatile
Crude did its shenanigannery once again as inventrory draw gains were reversed on production surges and then machined higher into NYMEX close...
Charts: Bloomberg
Bonus Chart: Oil - friend or foe to stocks?
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Guys.....I don't want to alarm anyone...but I'm starting to suspect that the PM market is rigged...
rule of thumb : if it trades in a market, it is rigged.
Bloody hell this market sucks.
Tylers: Please give us the bonus USDJPY waterfall cascade sell off chart. It was epic. Hope everyone got out with the skin on their back.
And maybe some other markets too
Well, good. Whoever's rigging the markets, please keep doing it so ZHers (not to mention China and Russia) can buy more PMs.
Not just the PM market, the whole shitball.
Something seems very odd this past week. Are the riggers losing control?
Huh? They made Tuesday disappear. What more you want?
it Ain't NEVER Going Down Bitches!!! NEVER!!!!!!
Dick Fuld... out of Zio-retirement.
best name ever - is your Dick Fulled yet, Richard? better ask the board for more options!
Another day of horizontal hell. Classic explanation is a ‘stalemate’ between breakout mavens and the wolf-crying ‘correction’ camp. I’ve got another theory, but no way to prove it: with buy-side institutions largely checked out, low-volume markets resemble an X-Ray, revealing normally hidden structure. In this case, it’s sophisticated, daily sine wave ‘workman’ algos by Virtu et. al. that are heuristic, such that if liquidity is gone, they mean-revert using shorter-term, 1 & 2-min charts, reversing at volatility bands, frustrating intraday trend traders. Conversely, on days like Tues & Wed., they’re happy to pursue a wider arc. Scavenging scraps off a whale’s belly or protozoa’s ass, whichever presents itself.
Holy over-analysis Batman! Just BTFD and get back to your lyrics! please!
To the underinitiated it looks like a struggle to maintain a semblance of control.
Like a top losing revolutions due to friction, at first it will wobble with increasing frequency and then just fall over.
Movement in the tip of the pennant gets narrow. There will be a breakout. I'm surprised there wasn't more comment on the extreme low volume today. Extremely low volume.
Volume is a thing of the past. Like Fundamentals.
Scotty. A Canuck from BC (RIP, Scotty), pretending to be a Scotsman on a starship in the distant future.
Almost as bad as pretending to be a Starship captain. ;-)
And the Golden Showers continue... FBO China (buy gold cheap) and USD (stay alive).
Bankster Reaganomics: Get Trickled On.
"Eleanor Rigby" – The Beatles
Ah, look at all the lonely traders
Eleanor Rigby picks up some shorts at VWAP where the selling had been
Lives in a dream
Waits at the pivot, daring to chase a few cents as they head for the door
What the hell for?
All the lonely traders, where do they all come from?
All the bearish traders, will they ever go long?
Trader McKenzie writing the code of an algorithm no one can see
With rebates it’s free
Look at it working, buying his stocks late at night when there’s nobody there
What does he care?
All the lonely traders, where do they all come from?
All the bullish traders, how do they all stay long?
Ah, look at all the lonely traders
Eleanor Rigby tried to go short and was buried by longs with no shame
Such bloody games
Trader McKenzie wiping the smirk from his face as danced on her grave
Another stick save
Long-only traders, where do they all come from?
All the bearish traders, how do they all stay strong?
8 out of 10... you have your best work ahead of you KCS. keep at it man!
Keep running that damn "Squid Mean-Reversion Algo" during trading hours and I'll have plenty of time to do the entire Neil Sedaka songbook for you ("they say that breaking trends is hard to do, Dow's a-comin' down, dooby-doo down, down")
lol... anyone but Neil Sedaka please! another mediocre Zio-talent foisted on us by... the big A&R music execs who were/are still tasteless heeb
miracoulously "discovered" then instant fame... because he was "so talented" compared to the other goyim kids who aspired to the same dreams...LOL
Sedaka was born in Brooklyn, New York. His father, Mac Sedaka, was a taxi driver and a Sephardi Jew of Turkish origin[1][2] ("Sedaka" and "Sadaka" are variants of "tzedakah", which translates in both Hebrew and Arabic as the word charity). Neil's mother, Eleanor (née Appel), was an Ashkenazi Jew of Polish/Russian origin. He grew up in Brighton Beach, on the shore of the Atlantic Ocean.[3] Sedaka is a cousin of the late singer Eydie Gormé.
He demonstrated musical aptitude in his second-grade choral class, and when his teacher sent a note home suggesting he take piano lessons, his mother took a part-time job in an Abraham & Straus department store for six months to pay for a second.. (blah blah ...insert typical Joo sob story)
Jerome Kern, Rogers & Hart, Gershwin Bros, etc. created music treasured around the globe, and Philip Glass, though controversial, is generally considered the most influential modern composer, even by Catholic professors in Topeka.
superlative KCS..... tears in my eyes.....
won't someone think about the poor trannys?
Markets aren't really dead and drifting although it may seem like it to the uninitiated. The Dow and the S&P are in a topping process, the dollar is correcting on it's way to new highs, and OIL is in a correction on its way to $15 bbl. I guess I should mention UST yields are on the way up as this look at the 10 Year UST shows...
DOW
http://www.globaldeflationnews.com/dow-jones-industrial-averageelliott-w...
USD
http://www.globaldeflationnews.com/u-s-dollar-indexelliott-wave-update-f...
OIL
http://www.globaldeflationnews.com/oil-light-sweet-crudeelliott-wave-upd...
UST yields
http://www.globaldeflationnews.com/10-year-u-s-treasury-index-yieldellio...
To infinity...
AND BEYOND!
Shaky legs. It needs some rest. Looks like the retail investors are all in , waiting for the slaughter...
I have often remarked that if it weren't for the last minute, nothing would ever get done at all. I never realized that this applied to financial markets, too.
Dead markets walking!
I did find it mildly amusing that the massive drop in China had ZERO affect on the US markets. A big Yawn.
6 % over there was quite a thumping. Especially to all those new "investors" strung out on margin. Lotsa dinner time discussions there no doubt about WTF a Margin Call means.