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Oilpocalypse Beats Buyback Bonanza - Traders Sell Everything
Another Yuan devaluation, PBOC propaganda, dismal European data, flat US retail sales and recessionary US inventory data... everything must be awesome!! But then again...
Summing up today: Sell bonds, sell emerging market stocks, sell gold, sell silver, sell US Dollars, sell crude oil, sell European bonds... and Sell VIX... BTFD In US Equities... but once the AAPL buybacks stopped... Sell Stocks too!!
Still could be worse, could be SHAK management trying to dump a secondary on the greater fools...
On the day, stocks tanked after the "good" retail sales news but quickly rallied back helped by weak inventories data...things went very quiet for a few hours before the late day saw a wave of selling hit stocks...
A reminder of what the "good" news looked like...
"Retail sales were very strong" pic.twitter.com/4giKgQ3yEL
— zerohedge (@zerohedge) August 13, 2015
Leaving only The Dow marginally higher on the day...
On the week...Nasdaq pulls back to unch with Small Caps red...
Finally Energy stocks started to leak back to credit and oil reality..
Energy stocks catching down to reality...
VIX picking back up again after testing 13.00...
Energy credit risk hit new record highs...
Credit markets were weak all day...
Treasury Yields rose for the 2nd day, leaving all but 2Y higher on the week... (a weak 30Y auction with a 1.8bps tail sparked late weakness)
The US Dollar index limped very modestly higher on the day as EURUSD tested back down to 1.1100 before bouncing...
Commodities were mixed despite a flat dollar (copper rallied marginally as the rest were hit)...
As WTI was hammered to new 6-year lows... this will be the 9th wek in a row of falling prices...
Charts: Bloomberg
Bonus Chart: Offshore Yuan suggests another 1% devaluation in the Yuan Fix tonight...
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This morning looked like two computers playing ping pong, then we marched up until the 3:30 rescue went the wrong way!
Most boring "Traders sell everything" ever....
Yup. Everything except gold. But no way will it be allowed to close above 1100 tomorrow.
...(or at least the most boring since Lehman...)
This oilpocalypse was to be expected. In addition to a slow economy thus slow demand for oil, oil is not derived from fossil and is abiotic. Those who were scaring us by telling us that oil was finite were lying. Oil is plentiful and should easily come down to $20s/barrel. In your face, lying scientists>>
https://biblicisminstitute.wordpress.com/2014/07/17/puzzled-scientists/
JC says so. Although the next question would be: how fast does abiotic oil replenish?
The overlap here between the religious views and the crazy (and discredited) magic oil source is somehow not a surprise. We have a true believer here folks.
I always like to see the barfing clown
Kondratieff Cycles are a bitch.
JP Morgan just fired all its District and Market Managers... Hooray for the Recovery!
6 year lows in oil explains why gas jumped $0.27 overnight in Minneapolis.
50 cents overnight in Cincinnati.
Shit you're lucky. We jumped .60c a gal here in Indiana. "Refinery problems".
Refinery problems that will take ~a month to repair. That northern Indiana (Whiting) refinery cranked out 250,000 barrels of gas a day. Chicago wholesale prices jumped >0.80 yesterday, retail is seeing about a 0.65 jump.
I have to fight the conspiracy thoughts constantly when bad things happen and people make money.
refinery problems that were planned and conspired; lets see-.50 x a million gallons. or x a billion gallons VS the cost to fix a "planned" problem. i have zero doubt about this. total easy bonus check...
Funny how a refinery went down in Alberta also and gas jumped 12 cents a litre here too. Equivalent to about 50 cents a gallon. $1.31/litre now. Over 5 bucks a gallon
Paid a $1.01 at Costco yesterday, today... $1.29 at the local station.
At least your refinery didn't get blowed to hell 'n gone, like the Chinques' or the local river EPAed with toxic sludge like the Injuns'.
Effers. Yep. I fill up only about once a month. Filled up last week and gas was 6 cents higher than month earlier. Of course, over that month oil fell 18 $ a barrel. Fuck the FTC and DoJ for allowing all the oil mergers. Ditto for airlines. And gonna be a big ditto in Health care.
In the vast ZH universe, perhaps in Europe, I assume there are at least a few fans of the Sarah Records era:
“Yellen’s House” from “Emma’s House” by The Field Mice
Early morning, but the Fed’s door
The clouds above form a right shoulder that’s grey
Early morning by the week’s lows
Where we are
Where we now are
You have so much to live up to
You have so much live down
Yellen’s House is empty
The bulls have ransacked Yellen’s House
Five to four, that's what the time is
They sold, cut short the spurt to VWAP late
Five to four, that's what the time is
Where we are
Where markets now are
We have nothing to move up for
We have reasons to head down
Yellen’s mouse is empty
No scraps left at Yellen’s House
Where you are
Where you now are:
You had hoops so high to jump through
You have no rate to bring down
Yellen’s gun is empty
So now who’s guarding Yellen’s House?
If you would please?
Add one last line from the movie 'Big mommas house' where Martin Lawrence says "Somebody better tell me something, cause this show is some freaky shit."
Mr. Schopenhauer: Just 'cause I have an autographed copy of your World as Will and Representation doesn't mean you get to edit my parodies.
Quite surprised to learn that a 'pessimistic' German philosopher, as well as Mr. Lawrence, are fans of late 80s British twee pop, but you never know :)
Looks like the PPT shot their wad too early and the sheep are tired of being herded. If the Chinese give us one more "one time" Yuan adjustment the markets might accidentally stumble over a clue, but I'm not holding my breath.....
Chinese version of boiling a frog.....
Heh heh, and it'll go something like this:
https://www.youtube.com/watch?v=lcHy8xEt2QI
Sold! Sold! Sold! - Mecum Auto Auctions hoped for cry.
Sell the flea-bitten dog, too.
Kevin had a dentist appointment I guess
With his proctologist.
Riminds me af the kid who's father alway told him that women have "teeth down there" in an effort to keep him from girls. Dad passed away and he meets a young lady and one night on the couch is getting a bit too frisky so he back off and when asked why he tells her that his father warned him that them vagina's have teeth, she encourages him to see for himself and he sticks his head under her dress and say's "your right, you don't have teeth but your gums are in terrible condition"
I nearly peed my pants on your comment. Too funny
At some point in time oil is going to get so low that nobody will want to deliver at that price. Fuck you! I don't want your dirty digital fiat.
Not in USD anyways Doc.
What I love about oil is how it's been basically in the $40s for a month or so, yet our price here is still about $2.80/gallon at the pump.
If $20 oil once gave us 90-cent gasoline, then why doesn't $40 oil give us $1.80 gasoline? I know taxes have gone up, but not that much.
We have had no tax increase here and gas jumped to $2.99 a gal.
Not double seasonally adjusted it isn't.
Like everything else these days operating costs are higher. Raw inflation.
Ignore direction, trend, opinions (especially your own), China, Greece, Doomsdayers who hang out here and just trade returns to VWAP, Thank you and good day.
While some might object to the Doomsayers label (or wear it proudly), as a fellow trader I couldn’t agree more with the notion that, for 100% cash-out day traders, a purely technical approach without preconceived notions is advisable, and I’m certain there are SPX and NDX traders surviving purely on a post-2 p.m. VWAP-reverting trade this quarter.
My Russell is a bit less reliable in late day VWAP tags, and is prone to frequent outsized moves in the last 30 min., so I actually prefer to stop at 2:30 unless the VWAP move looks early and obvious, with tell-tale volume spikes after lunch on short term charts. Interesting that there are so many different ways to carve out a path in the trading realm, so I enjoy hearing from those, like you, with tools and vehicles that differ from mine.
Are they selling for PMs? Probably not...
Oh I thought we were in an awesome Obamaland recovery were non GAAP is GAAP, bailouts are revenue, and inflation is deflation.
DO the elites ever do grocery shopping? Deflation my ass when neccessities go up in price.
I have a billionaire client that clips coupons.
The chauffeur gets to redeem them.
We've seen a shitload of evidence lately the entire stock and bond markets are nothing other than corporations buying and selling their own shit, and relatively few 'investors' remain in these markets.
Well, that's not entirely true... there is that huge pile of money just sitting around in those 401(k) plans.
Dow up 5 points. This market is tired. TIRED!
Classic no-volume, VIX-assisted ‘selling vacuum’ up to Goldman buyback clients’ SPY/QQQ 20 DMA target where, predictably, it was swatted back like a mayfly meeting a tennis racquet. Hope the ‘stasis’ algos don’t gain in control from now until Sept., as the intraday action lately has been great, after a mostly crappy year.
If retail sales were weak, you'd say sell too... Everything is a selling trigger on this website, at any given time, really.
As one can see from the Retail Sales chart - simply AWESOME!!! Too bad it doen't count as 95 % of GDP rather than only 70 %.
Remember all the talk about peak oil for the least years? all the sudden, despite that humans keep multiplying and that easy-access oil is going, we have too much of limited finite resource and it is dirt cheap