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Bonds Soar, Stocks Snore After "Good" News Sparks Hindenburg Omen Uncertainty
To all the bond shorts who have appeared on mainstream media in recent day sproclaiming the end is nigh... today was carnage for them...
For the 2nd day in a row, new highs new lows, advancing and declining measures of the stock market are 'confused' as today's retail sales "good news" had investors unsure of what to do... 3 of the last 4 Hindenburgs triggered notable selloffs and the last one was immediately denied the day after as McClellan Oscillator moved positive...
While stocks extended gains early on, today was all about bonds... today's 11bps plunge in 30Y bond yields is the 2nd largest since April 2013....
Which smashed yields back lower on the week... after a well bid 30Y auction
And decoupled stocks and bonds once again...
The initial move in bonds started in Europe, was banged by the "good" retail sales data (implying earlier rate hikes and thus slower growth and thus higher bond prices) and then the IMF walk out sparked more bond buying...
The volume was all in the Retail Sales data...
ULTRA T-Bonds up over 2% since 5:30 EDT - how the yield curve changed minute by minute today: pic.twitter.com/SGhYTrEhZG
— Eric Scott Hunsader (@nanexllc) June 11, 2015
And as for the "higher rates and steepening yield curves are great for financials" meme - nope!!!
Trannies extended theirt squeeze gains while the rest of th emajor indices trod water on the day...
On the week, Trannies remain red and the Dow leads...
VIX was monkey-hammered today (driven by VXX and VIX Futures)
As we noted earlier, it's all about AAPL...
(and AAPL flash crashed today)
Which seemed to send the signal from the dark pools to the "open" markets for where the bids were...
The Dollar gained ground after better than expected retail sales (thanks to surging gas prices!!!) as JPY bounced back... A weak equity close also saw USD selling...4th day in a row post EU Close saw USD selling...
Commodities all drifted lower on the day... (silver flat)
Crude backed off on the day after its 7% surge off the lows...
Today - trannies love lower oil prices... as opposed to the last 2 days...
Charts: Bloomberg
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So let it be written
So let it be done
I'm sent here by the chosen one
So let it be written
So let it be done
To kill the first born pharaoh son
I'm creeping death
the stock market will never go down (again) EVER. it will not be allowed... carry on...
I have found never say never to be a more truthful statement in life.
and never say always..
Algo mission accomplished: w/Yellen press conference only ~100 hrs away, can’t possibly breach equity index 20 DMAs, just execute another afternoon horizontal fuck-fest to make perfect little dojis. (Still had a nice day, short no less, you boring scared little hexadecimal bunny rabbits)
Hindenburg, Shmindenburg. This SOB is NEVER going down.
No reason why the market should go down.
“Get out at Break-even” from “Get out of the City” by Ivy
Summer trading’s hard and lonely
Markets moving slowly
The tape is filled with algo swill
I'm trying to get out at break-even
Trying to get out at break-even
Traders are all edgy
It's hard not to go crazy
Just a half-point move,
I’ve got work to do
I'm trying to get out at break-even
Trying to get out at break-even
They’ll take your buy-stop down
Take a look around
Everything just melted up at once
Going on a run
This should be a crime
Can't you see that I'm
Trying to get out at break-even
Trying to get out at break-even
I keep expecting everything to collapse. I've got a mountain of TP to prove it. It now seems possible that the universe will be cruel and keep this shitshow going for the next hundred years. Oh well. At least TP doesn't go bad and is always worth something.
That AAPL stop hunt is a thing of beauty, eh ?
some folks had an etrade baby moment today.
Extra doubleplus good points for use of the word "trod"!
I would advise Putin to use the nukes first.
"He's already committed. There is no going back now."
Rome wasn't built in one day nor did it collapse in one day. Shit drags out.
Great job calling this bond rebound off of yesterday's news of Pimco dumping treasuries. If Gartman would have been bearish on bond we could have seen a 25 bp move
Yeah it never goes down in Zimbabwe either....$5 USD equals a Quadrillion Zim bucks...... How soon till a Kennedy 1964 $.50 equals a $5,000 usd? You maybe surprised.... at the rate these guys are printing my guess is a lot sooner than you think.
Great job calling this bond rebound off of yesterday's news of Pimco dumping treasuries. If Gartman would have been bearish on bond we could have seen a 25 bp move
It looks like APPL held up well during the liquidation. Dropping a point is no flash crash.
Why does anyone still talk about the Hindenburg Omen?
Because its sounds cool as shit. And no one has done a space shuttle omen, yet