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LOLume Lifts Stock; Bonds Bid As Crude, Copper, & Credit Crumble
On a day such as this, there is only one clip to sum it all up...
First things first - there was NO Volume!!!!
The opening oif the US equity market was incredibly bullish 'fundamentally' as disnal-date-driven weakness was BTFD'd all the way to last week's highs...
Cash indices all soared off the opening highs... Note the S&P 500 cash tested down to its 200DMA today (2077), and ripped back above its 50DMA (2095)...
S&P 2100 baby!!
Today explained....
2100 pic.twitter.com/JQlzyNdpws
— Stalingrad & Poorski (@Stalingrad_Poor) August 17, 2015
The Russell 2000 rallied right up to its 200DMA...
Homebuilders squeezed higher once again on a completely self-serving NAHB sentiment print...
Energy stocks held onto gains in the face of surging credit risk and plunging oil prices...
Financial stocks have had a good couple of days but we note that credit risk continues to tick wider (most notable among the moves is Goldman Sachs). While the moves are small in absolute terms, relative to stocks they suggest some conuterparty risk starting to bleed into banks (and most notably a decent leg wider after China's move)...
Another day, another collapse in VIX...
Bonds, stocks, and bullion were all higher on the day...
Credit markets were not as excited about the crappy data today as stocks...
As HYG has now dumped into the close for the 4th day in a row...
The Treasury Complex gagged lower in yield after the collapse in Empire Fed...
The US Dollar limped higher all daya with some volatility around the data...
Crude & Copper were clubbed amid crazy volatility intraday as Gold and silver snapped higher after the data and held on to gains..
And the idiocy of the day would nt be complete without reference to crude oil's farcical moves today... all on no news whatsoever!!
Charts: Bloomberg
Bonus Chart: Bloomberg IPO Index is having its worst year since 2011...
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Sheep shearing at its finest. Of course they are running out of sheep, but no matter, there's always cannibalism.......
well we all taste like chicken....
so chicken burgers - on sale at wallmart today!
There is a reason human is called 'long pork".....
Yep, just another "normal" day!
Cue the unicorn to puke some more rainbows.
The volume vacuum. I don't even know what volume tells if it includes HFT machines frontrunning trades and handshaking prices higher between HFT machines. Volume, like most market indicators, has become meaningless.
I whonder if this bitch will ever come crashing down. Would be nice if china bought 1 million contracts of silver and requested delivery, might stir the pot a bit?
China doesn't even have a word for the color silver much less an interest in buying metal of that color.
“All the Young ‘Crudes’ ” from “All the Young Dudes” by Mott the Hoople
Well, Billy cracked all night about his fratricide
How we can shoot him in the head if crude hits 75
Short at 55, don’t want to be alive when it’s 75
And Wendy's spieling quotes from Marx and Spock
And Freddy's got scars from the face-ripping spike in ‘08
Then got long before the retrace
But the television man is crazy sayin’ retail can’t cash any checks
Oh man, like I need CNBC when I got ZH
Oh, brother, you've guessed -- we trade crude, dad
All the young ‘crudes’ (Hey, dudes!); Trading the news (Where are you?)
Long and short crude (Stand up, come on!); Carry on through
Now Lucy likes ‘sweet’ ‘cause it trades like a dream
But she can kick the dark pools, it’s a real mean team
And she can short, oh yes, she can short
And my brother trades at home with his beagles and his drones
He never got caught by an institution’s bluff
Never tagged, but too smart to brag
My margin’s shrunk a few times, but I’m feeling fine
Take my price alerts to bed
Oh, is that Gartman makin’ the rounds, or is he in my head?
Yeah, I trade crude, man
All the young crudes (Hey, you there, with the glasses)
Payin’ our dues (I want the front month, bring it)
Spoof-busting dudes (You’ve wanted a straddle for years)
Catchin’ the moves (There you go!)
Great job, KCS. Always liked that song anyway. Nice twist on it.
Thanks. It seems whenever Bowie writes a song, regardless of who sings it, comes across as pure Bowie.
Need more lube to keep jerking each other off swapping energy stocks back and forth begging for more Cramerized geniuses to come gobble them up.
Will this ever end??? Should I wait to buy more pm's until their a dollar a peice and the DOW is 100k+????!!!!
Shit happens, what can I tell ya.... BOYAAHH! MONEY BABY!!
After 8 years: Don't fight the Fed. They're a cat in a corner and you'd be a fool to try to grab it because after 100 years, it's not going down without a epic battle.
But if the FED is telling us they're going to raise rates, why is the market trying to call their bluff?
Screw the economy, what's the FED going to do is all that matters.
The elite in the first row have the info and confirmation.
Now the retail is going short with all the doomsday messages and "the sure bet, inside info and stuff" "because they know a guy from the internet that told them...."
They'll be squeezed so hard on their shorts they'll be lucky to just be broke.
And another transfer of wealth will be done with.
Never think like a Alex Jones, you'll be scared of everything and fear should not be a guide.
Algos and banks playing Russian roulette!
Well, as many algos are written by bank programmers, it might be more like Yahtzee, where death rarely occurs, and the main decision is how many times to roll certain dice on a given day.
negative articles seem to bring out more and more PPT dive bombings. perhaps ZH should just go with elections and see what happens
I look forward to the day when the machines decide to keep their ill gotten gains and leave their masters to tour the country in an autonomus car.
That's twice in one week the DJIA has been slammed hard at the open and bum-rushed its way back to breakeven or in the green for the day. What a crock. Like the magician who saws the woman in half, puts her back together, and then tells you it was "for real." Bullshit. Bullshit bullshit bullshit. The day can't come soon enough when these smug assholes have the rug pulled out from under them and find themsevles so desperate they're leaping off of tall buildings in droves.
When I see horse shit like today or last week, I keep saying who IS buying this shit? Who? PPT? Central Banks? Short covering?
The run up today allegedly on the home builders survey is just nonsense. That survey is a fucking joke as is the wish that housing will blow the top off the economy. It simply is NOT mathematically possible. The younger crowd does NOT have the fucking money and never will as waiters and waitresses.
LOLume, that is fucking comedy gold...
theres still a few dollars to be gotten into equities, but their real bonanza is people buying t- bills, notes,and bonds.
I think when enough trsy's are bought to come close to their surplus, the market will crash, the'll institute myra's, slash ss payments, and go nirp, and gate mmmf's.
HFT's invent volume, right?
That's why they're corrupt.
After saying WTF how many times a day are you truly classified as whacko?
WTF? That housing nonsense is just that. Self reporting. They truly think all those kids living in mommy & daddy's basement are really gonna go buy houses? On waitress pay? On top of their $488 a month car payment? And a trillion + in student loans? LMFAO
Things are whacky - simply...WTF?