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"Denied" Greek Rumor Sparks Stock Buying Panic As Bonds Near Death Cross
Volatility is contained... just like this...
The biggest driver of today's panic buying fiasco was rumors of a German compromise which were quickly denied (but the machines forgot to sell on the denial)... EURUSD gave back all its gains but US equity traders are far more intelligent and held...
EUR vs ES
A squeeze already had us rising before the rumor...
On the day, Trannies underperformed and the S&P had its best day in a month
Notably, from the spike after the Greek rumor headlines,. stocks went nowhere...
Since Friday, Trannies remain the red but today's excitement lifted the rest into the green on the week (and year)...
The reason for today's ramp - simple - recover the losses from Payrolls... (on no volume)
Volume was weak but everything traded very technically today:
- AAPL closed back above its 50DMA (bouncing off 100DMA yesterday)
- S&P 500 closed back above its 100DMA and 50DMA
- Dow broke above the 50DMA but closed below (losing 18,000 into the close)
The VIX ETF VXX hit a new record low today... (biggest 2-day drop today in 2 months)
Mission Accomplished:
Kevin Henry's VXX mission today: all time low
— zerohedge (@zerohedge) June 10, 2015
The USDollar weakened again today, led by a surge in JPY on the back of Kuroda's idiocy...
Treasury Yields rose once again (up 7 of the last 8 days)...
Based on Long Bond yields, it appears 30Y bond prices are about to experience the Death Cross...
The weaker USD enabled some strength in the commodity space...
Crude oil prices soared on the back of record production in US, record production in Saudi Arabia, looming Iran supply, and the weakest demand grwoth in China since 1998... because inventories dropped and that's all the machines comprehend...
Airlines love higher oil prices now...
Charts: Bloomberg
Bonus Chart: RCA - The Netflix of The 20s
Radio Corporation of America (RCA) 1924-1934 @deadlyfrom80yds pic.twitter.com/4GplYxVjl3
— Rudolf E. Havenstein (@RudyHavenstein) June 10, 2015
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Boris is love colorful porno-GRAPH-y, but better illustrate value of money with short story...
Two salesman is drive for long in car, must is use bathroom for solid refuse, but in countryside, is no cannot find. Finally, one is stop car get out and go behind tree. Come back in smiles. Other is quandary... ask how is to clean up? Is use dollar! Other is ask to borrow dollar. Go behind tree, come back covered with sh¡t. Other is ask what is problem!? Other is say, you can do better with 3 quarter, 2 dime, and nickel!
Boris, is your English getting worse or are your jokes getting funnier?
More you are drink, funnier is Boris!
Boris, Please to not change your face and style. Forward and backside too, we wait for Borris message with breath that has bait. Where does the vodka hide?
Fuck Yeah! simply a Very STRONG u.s. Economic Recovery underway!! Go ahead and RAISE THE FUCK OUT OF THOSE RATES!!!!! (soon)
Death to the money changers. Its that simple.
Might as well take out the Romans while were at it.
“It's the End of the Market as We Know It” by R.E.M.
(To conserve space, here’s just the first 60 sec. of the tune)
Oh great, it starts with a head-fake
Squids and whales, big annual gain, Dennis Gartman is afraid
Eye of a hurricane, look at the markets churn
Algos serve their own needs, don't buy liquidity creeds
Pump it up a notch, add speed bumps, stop, go
Laddered structures clattered with fear of rates, hike rates
Wires and fibers represent the biggest firms
If the market‘s for sale, it’s a combat site
Left VWAP, ramping in a hurry with the algos breathing down your neck
Week by week, pundits baffled, pumps, measured drops
Look at that low volume -- it’s fine, then?
Uh oh, quote overflow, cancellations, common crimes
But it'll do, if you save yourself, you serve yourself
Exchanges serve their own needs, look at your account bleed
Tell me how to capture any doin’ it right -- right?
They’re unpatriotic, diabolic – but I can’t fight
This rally’s out of sight …
It's the end of the market as we know it
It's the end of the market as we know it
It's the end of the market as we know it
And I feel like shit
TALENT
18000 Nice landing.
oddly back to the level breached in Nov. of '14 ...... the first Fed ' no printing ' month.
.
Golden cross , no death cross. 30y bonds
.
Someone phoned in a dow 18K demand.
Dont forget about the Hindenberg that was triggered today too!!
Its appropriate since the Germans are about to blow up Greece
HINDENBERG!
If bonds had hindenberg omens it would look like one of those survalence blimps crashed into the Capitol building
I forgot the rule of thumb for rumor denials. When a rumor is denied, does it mean is really is true, or no?
236 point DOW rise on nothing, rediculous .
Nothing? I mean did you see the weather today, it's beautiful...get with it brah.
They take their cues from Glengarry Glen Ross. Lie, cheat and steal... all in a day's work. They can try their best to prop this wheelbarrow of manure back to all-time highs, but if we reverse these gains tomorrow, that will only tie in well with the support the SP500 broke a couple weeks ago.
Greece was not the spark, Greece was the excuse
Greece "happens" 3 x's daily
If Greece was the spark, the denial should be the cold water
The spark was technical support being threatened
RCA ticker chg VXX
IMF and World Bank will have to tell Fed start qe4 soon. If 10 year yield gets to 3, qe4 is certainty.
Everyone knows Greece's gonna get 'saved' and everone's wants to join the action at just the right moment.
Everyone but ZH of course who sorted Greece and is about to get its butt whooped. Sell I say.
Who needs Prozac when you've got LOWVXX. Life is good here in Hidden Valley. Pass the ranch dressing please!
That Kevin Henry is so hot right now.
How the fuck is Netflix worth $670?
I bet the Chinese umbrella company actually has more real profit.
while all this greece saga goes on, what are they not talking about.....
Rising yields have been expected here for a long time. No surprise. Yields will continue to rise as the coming deflationary depression widens globally and the vortex begins to suck every economy into the abyss.
http://www.globaldeflationnews.com/10-year-u-s-treasury-index-yieldellio...