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Chinado Sparks Bullion's Best Week In 3 Months; US Stocks, Bonds Shrug

Tyler Durden's picture




 

This seemed appropriate...

 

China's stock markets had their best week since the crash began...

 

As Yuan had its biggest weekly drop since 1994...

 

Which meant massive EURCNH carry unwinds.. leading to European stocks 2nd worst week since December...

 

Prior to today, the S&P has closed lower on 10 of the last 12 Fridays - this has not happened since 2007...But today - thanks to old news on AAPL and old news on Europe's bailout... we melted up...

 

Trannies outperformed on the week, as today's panic-buying meltup saved the week

 

In case you wondered what triggered the late-day meltup - it was AAPL, surging on news that they are further ahead with a car...WTF!?

  • *APPLE CAR PROJECT MAY BE FURTHER ALONG THAN EXPECTED: GUARDIAN

 

Biotechs took it on the china again, down 7 days in a row and 4 weeks in a row (which follows the weakest inflows in 11 weeks)... this is the worst 4-week slide since April 2014...

 

But energy stocks were SOMEHOW the week's best performers... After 14 straight weeks lower... this was Energy's best week in over 6 months!!

 

Although reality is setting in the last 2 days...

 

VIX smashed back down to a 12 handle...

 

Treasury markets roundtripped to practically unchanged on the week - having rallied 15-20bps Monday thru Wednesday...

 

Credit markets dumped this week.. and stocks retraced to them 3 times before the last 2 days meltups...

 

FX marksts saw some volatility early in the week before China backed off.. leaving the USD lower against the majors (driven by EUR strength from CNH carry unwinds)... USD Index biggest weekly drop in 2 months

 

But The USDollar had its strongest week against Asian currencies since Lehman...

 

PMs outperformed industrial commodities this week...

 

Gold and Silver's best week in 3 months - even after the clubbing today...

 

Front-month WTI Crude has now fallen 9 weeks in a row...

 

Charts: Bloomberg

 

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Fri, 08/14/2015 - 16:04 | 6427209 silver_stacker
silver_stacker's picture

This is a repeat of last Friday…stocks ramped up and pm smashed down for the weekend. But all is not lost, at least I was able to pick up some silver eagles @ $2.99 premium special. Have a great weekend!

Fri, 08/14/2015 - 16:20 | 6427279 small towel
small towel's picture

I really hope the word Chinado goes no further

Fri, 08/14/2015 - 17:37 | 6427369 freewolf7
freewolf7's picture

If you don't like Chinado, you're really not going to like Americanado.

Fri, 08/14/2015 - 16:07 | 6427220 WTFRLY
WTFRLY's picture

Bigger tremors each week now it seems. It's getting interesting.

Fri, 08/14/2015 - 16:29 | 6427314 Hype Alert
Hype Alert's picture

There has not been word from the FED that Sept isn't the liftoff.  Most WSJ articles reinforce that nothing has changed to delay liftoff.  Seems the FED is hellbent on "normalization".

Fri, 08/14/2015 - 16:58 | 6427406 WTFRLY
WTFRLY's picture

But each rate hike propaganda cycle seems to get more effective to beat the market complacency. Deception level: Hollywood

Fri, 08/14/2015 - 16:07 | 6427225 pragmatic hobo
pragmatic hobo's picture

... today a holiday or something? just wtf is up with volume?

Fri, 08/14/2015 - 16:13 | 6427251 Hype Alert
Hype Alert's picture

When the machines get nervous, they don't frontrun each trade a dozen times, so volume looks abnormally low.  The (lack of) regulators have allowed volume to become meaningless.

Fri, 08/14/2015 - 16:15 | 6427260 sodbuster
sodbuster's picture

VOLUME??? We don't need no steenking voume!!!!

Fri, 08/14/2015 - 16:09 | 6427232 Seasmoke
Seasmoke's picture

The plates are wobbling. The tires are coming off the bus. For me. September will be the month for collapse or nothing. 7 week countdown begins TODAY. After that I go back to the blue pill. 

Fri, 08/14/2015 - 16:22 | 6427283 sodbuster
sodbuster's picture

To quote that famous comedian, was it some guy named Bill? You can take the red pill, or the blue pill, but either way you're gonna get raped. 

Fri, 08/14/2015 - 17:37 | 6427512 post turtle saver
post turtle saver's picture

"look, either we're fuckin' or I'm fuckin'..."

Fri, 08/14/2015 - 16:35 | 6427333 negative rates
negative rates's picture

That would be in oct, I can see ur not plannin on diggin ur own grave though, wise, cause friends don't let their friends drive drunk.

Fri, 08/14/2015 - 16:14 | 6427255 Keltner Channel Surf
Keltner Channel Surf's picture

from   “LIGHT MY FIRE”        by The Doors

You know that it would be untrue
You know that I would be a liar
If I was to say to you:   Bond yields couldn't get much higher

C’mon Janet, light my fire;  c’mon Janet, take rates higher
Try to set the markets on fire

The time to levitate is through
No time to follow all the buyers
With SPY now, you could only lose
Even doves think that it’s gone too high

C’mon on, Janet, stoke those fires;  c’mon on Janet, set rates higher
Dyin’ to see the markets on fire       Oh, Yeah

{insert dense, California 60s-style instrumental break}

The time to self-inflate is through
For firms that borrow and then buy
Cry now, ‘cause you’re gonna lose
With the shares that you reacquire

C’mon Jan, let them perspire;  c’mon Jan, gas the fire
Light these markets on fire

You know, I’d even eat fondue
Of melted-down Uber tires
If Trump was to say to you
“Girl, these rates should be much higher”

C’mon Janet, light my fire;  c’mon Janet, smite those buyers
Try to set the markets on fire, try to set the markets on fire
Gotta get this right, or ‘You’re fired’

Fri, 08/14/2015 - 17:00 | 6427414 Automatic Choke
Automatic Choke's picture

 

 

Yes, yes, yes, yes, YES, YES !!!!!

Over the top good. 

Wet your pants good.

You've outdone yourself again.

Fri, 08/14/2015 - 17:09 | 6427433 Keltner Channel Surf
Keltner Channel Surf's picture

Well, thanks AC, you're very kind.  I keep saying I'm going to end it soon, then I find a new target, perhaps while driving with Sirius/XM on.  Have about a dozen left in the queue, we'll see how long I can keep it goin' ...

Fri, 08/14/2015 - 18:02 | 6427580 SSRI Junkie
SSRI Junkie's picture

lol, top notch KCS...the bourbon just spewed out my nose like PPT digits into the stocks

Fri, 08/14/2015 - 18:53 | 6427690 Keltner Channel Surf
Keltner Channel Surf's picture

Could have added a "if you value your nostrils, please finish any beverages before reading" warning, but they rarely seem funny when you're writing 'em, as you often must stare at a particular line for 20 min before a good rhyme suddenly presents itself ...

Fri, 08/14/2015 - 19:57 | 6427846 SSRI Junkie
SSRI Junkie's picture

warnings only take the fun out of it and could possibly lead to false expectations

Fri, 08/14/2015 - 16:19 | 6427276 CHC
CHC's picture

Only psychopathic people are buying stocks right now...or algos. 

Fri, 08/14/2015 - 16:22 | 6427285 Latitude25
Latitude25's picture

My gold miner is up 19% for the week.

Fri, 08/14/2015 - 17:35 | 6427505 Non Passaran
Non Passaran's picture

Mine is too, but it's also 50% down YTD

Fri, 08/14/2015 - 17:40 | 6427524 Latitude25
Latitude25's picture

Fortunately I bought it 2 weeks ago

Fri, 08/14/2015 - 16:25 | 6427302 BarnacleBill
BarnacleBill's picture

All those tempted to buy gold - please, please remember that the price you pay for it is not nearly as important as where you store it! http://barlowscayman.blogspot.com/2012/12/how-to-buy-gold.html

Sat, 08/15/2015 - 03:22 | 6428462 August
August's picture

I enjoy your blog.  Sane.

Fri, 08/14/2015 - 16:40 | 6427310 silverer
silverer's picture

Oboy!  An Apple car!  Priced proportionally to the watch, it will require a new jumbo 10 year car loan.  You can apply and figure out the payments during the test drive just by asking SIRI, and it will print it all out and drop it right into your lap, signature page on top!  Results of course will spontaneously be reported to all the credit agencies, banks, government, etc..  Right now, I'm waiting for that new hack-proof Russian RoMOS phone to come out so I can buy a nice Chinese phone with that software featuring a 5000mAh battery that can then be bricked down to a regular telephone that I can talk on for three days without having chargers placed strategically everywhere I go. I will then have my life back.

Fri, 08/14/2015 - 18:25 | 6427646 Abbie Normal
Abbie Normal's picture

It's a great idea as long as the sheep like to drive inside their fenced yards.  apple maps won't get you to your destination; apple pay isn't accepted at most fueling stations; the in-car-entertainment unit will only be able to pick up what itunes has for sale; and every September, you'll need to upgrade your apple car because the old one will be obsolete and have no trade-in value (just like the iwatch.)

Fri, 08/14/2015 - 17:03 | 6427424 Tim Knight from...
Tim Knight from Slope of Hope's picture

"took it on the china......."

Paging Dr. Freud!

Fri, 08/14/2015 - 17:13 | 6427437 Keltner Channel Surf
Keltner Channel Surf's picture

Nanex reports a Sarao-like algo running it RUT the past 2 days, and though they were the shittiest trading days in a month or two, to me it seemed like just the standard late summer, low volume predatory sawtooth algo we’ve seen for years, which stops moves half-way toward the standard targets  where everyone has their PTLOs waiting, then stalls and jockeys before a sudden, RVX-inspired reversal that, you guessed it, also stalls out early.  It seems these things run mainly in the morning, and likely are triggered by low volume extremes, like a bully seeing a smaller kid holding a Dilly Bar & knowing he can take it easily.

Fri, 08/14/2015 - 17:37 | 6427511 Latitude25
Latitude25's picture

RUT?  PTLO?  RVX?

Fri, 08/14/2015 - 18:46 | 6427680 Keltner Channel Surf
Keltner Channel Surf's picture

Sorry for the jargon:  RUT is the Russell 2000 index symbol, retail ETF most familiar is IWM, RVX is the Russell Volatility Index, akin to the VIX for the S&P, and PTLO is Profit-Taking Limit Order, which sits happily waiting to close out your profit, the better half of your OCO bracket, if you use one (oops, that's One Cancels Other, the other half being your stop-loss, whichever one fills first automatically cancels the other).

Fri, 08/14/2015 - 17:38 | 6427517 reTARD
reTARD's picture

Had to zoom in to see the Yuan decline, LOL.

And the Apple Car, LMAO. Can idiots hook up their brains to it?

Fri, 08/14/2015 - 18:00 | 6427575 R19
R19's picture

Fuck yes, I knew Lehman was in on this today.  Day made...  Seriously though, thanks for the black market piece yesterday.  It will come in handy for many.

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