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eVIXeration & Gartman Send Stocks Soaring "Back To Normal"
This seemed appropriate after last night's BOJ and PBOC efforts and today's oil idiocy...
And then this utter farce...a 1% surge in the S&P and 4 point crash in VIX in the last 30 minutes!!
The VIX front-end term-structure "normalizes" out of backwardation - but back-end remains stressed...
As this was the longest period of backwardation since 2011's plunge
On NO VOLUME!
So let's start with stocks - which CNBC reflected on as "back to normal" with today's 275 point rally in The Dow
Thank you very much-o, Mr. Kuroda... As the media began their pre-open jawboning this morning they had the backdrop of a triple-digit gain in The Dow to support any and every bullish - everything's fine - mantra - all thanks to a 120 point rip the moment Japan opened... Until the l;ast 30 minute spanic buying onmthe back of VIX clubbing, stocks went nowhere...
But of course, no one cares - its tonight's news headlines that count - and Trannies are up 2% as
But on the week, it all remains red...
Which dragged Nasdaq barely into the green year-to-date!
Do not get too excited...
VIX dropped 15% today - its biggest drop in almost 2 months
20 minutes to eVIXerate
— zerohedge (@zerohedge) September 2, 2015
We note VIX was crushed around the market break mid-afternoon and VXX was presured to the lows of the day (first non-short-squeeze in a few days...)
After Europe closed, HY bonds were not loving it...
Bonds were battered again during the US session leaving 30Y 6bps higher on the week (even as stocks remain well red)...
but we note the collapse on 2Y swap spreads (and 5Y) continues...
The US Dollar drifted higher on the day but remains lower on the week - notably quiet day in FX markets (especially JPY anchored at 120)...
Gold was modestkly weaker but silver jumped. Crude and Copper were joined at the hip in this morning's melt-up...
Silver was an illiquid mess....
So let's just have a look at the day in Crude!!! (just like yesterday we ripped into the NYMEX close then faded)...
With China closed for the rest of Parade Week, we wonder what market gets monkeyhammered tonight? (Don't forget FTSE A50 Futures trade in Signapore ;-)
Charts: Bloomberg
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Gartman is at a liquor store right about now. Don't drink yourself to death Denny we need you for both comic relief and to improve our bottom line.
You down with PPT (Yeah you know me)
Who's down with PPT (Every last homie)
You down with PPT (Yeah you know me)
Who's down with PPT (All the homies)
https://www.youtube.com/watch?v=mJgFU3U4X_Y
Remember boys and girls,
next time Gartman goes bullish,
short at will.
LOL- eh, he only loses the $480 CNBC appearance fee that his daughter scores for him- gotta try to keep Daddy out of the liquor store.....
The VIX is vexing.
What is real anymore?
unreal is the new real
Japanese treason allowed todays pump,well you cant say they aren't getting innovative
"He who controls the Gartman controls the universe."
- Dune
Same as it ever was.
*Markets* are all better now. It's Wednesday. They'll be even all betterer tomorrow. But then probably not all betterer on Friday.
Whatever. Pour a drink and have a blast. Or blast in/on someone. That would be more funner.
A global shell game where there isn't anything under any shell.
“The strongest guard is placed at the gateway to nothing. Maybe because the condition of emptiness is too shameful to be divulged.”
? F. Scott Fitzgerald, Tender Is the Night
“Don’t You Spoof Me” from "Don't You Want Me" by The Human League
{Man}:
You were trading index futures using high-low bars
When I met you
They stopped you out and shook you up
Till I turned things ‘round
And taught you how to quote-spam too
Now five years later on you've got Wall Street at your feet
Success is just too easy for you
But don't forget I know how you got where you are now
And I could call the Feds in too
Don't, don't you spoof me
You know I can't believe it when I hear that you won't fill me
Don't, don't you spoof me
You know I don't believe you when you say you won’t mislead me
Your Sells all loom with size, then shrink when prices rise
You’d better change it back or we will both be sorry
Don't you spoof me, baby Don't you spoof me, oh
{Woman, bemused}:
I was trading ES futures using high-low bars
That much is true
But I don’t spoof, ‘cause now I've found a much better place
With a firm called ‘Virtu’
In five years you had winning days such few times: just 502
So now it’s sub-penny quotes and 1-share odd-lots
I guess it's just what I must do
{Man, unconvinced}:
Don't! Don't you spoof me You know I can't believe it ...
Didn't get a good shot to sell the TNA calls on the open and relentless mid day strength kept me holding. Effectively strattled here for the next two weeks.... going into jobs that might not be a bad thing. Premiums on the calls are fairly weak suggesting not much faith in this move higher...just an observation. Not really sure where we go from here...they may make a shot at filling yesterdays gap going into the long weekend. I assume you are sitting out jobs friday, if not, GL. Have to go do some "productive" work at a clients site so won't be trading much the rest of the week...probably a good thing.
What? You have another 'real' job outside of your bloodsucking trading profession? :) Shocking, where do you get your energy?
Had something going on myself and couldn't trade, but wanted to mention one key 'mean reversion' point that relates to recent posts: today TNA exactly, to the penny, retraced and bounced from the Daily 2.0 Keltner bottom, which means the 20 DMA (in this case the EMA) could still be in play (this is not at all uncommon after a major Daily Keltner breach -- stalls partway up to the central EMA, retraces then makes another push). Obviously, nothing's certain in this potential paradigm shift, and you'd think if that level (64) is cut again, we could be looking at TNA in the 50s. Enjoy your holiday weekend.
Productive work for a slave master...NOOOO!!!!
Its all good jump as there are a bunch of jealous cocksuckers even on ZH who are bitter due to not knowing how to make money on their own.
Anyway crude was ready for the rip to $42.50 or lower today then the market breaks conveniently for an epic ramp. See where the fade goes tonight and opens tomorrow along with Asia acting like a fat pussy closing its market for 2 days. Fucking joke they are. It is like Tyler mentioned above, no telling what gets a low volume ramp a thon. Good luck!
No slave master, just clients...one could at times argue the same but without the TPS reports. Right on KCS...hit the Keltner to the penney. Good luck trading this week guys...may the muppet gods shine their light upon your green fuzzy faces ;)
That is hilarious. Hopefully we do not look like one of the muppets in an alley
You wear a bag over your head. How can we tell.
Well, August action was so bizarre, with tons of extraneous players intruding, many pure daytraders likely didn’t see a huge month, perhaps staying safely on the sidelines. Sometimes I think the French have it right: take all of August off, and work through your huge DVD box of Eric Rohmer films, along with a few Marcel Carne’s, Truffaut, JL Godard, etc. Think I’ll give it a try it in 2016.
A bit optomistic there...we still gotta get through 2015 ;)
JMF, I’m talking about hiding from thin trading like a scaredy-cat, not resting on your laurels. Perhaps if I dragged out a few old Kieslowski films with a young Irene Jacob and/or Julie Delpy, you’d throw your trading account in IWM (hedged, of course) and join me.
Had to look them up, but hell yeah... those broads are just my style...petit and gorgeous. Born in 78 so you have to understand I might be a little behind the times....always can appreciate a beautiful woman though....time sucks on both ends of the spectrum. Miley Virus doesn't entice me...gone are the days of real women.
Well, damn, it seems I'm 15+ yrs older than you, so I hope you're makin' contributions to the "TNA Traders Disability Fund" (TNATDF), so when my eyes go after a year or two more of starin' at 15 min bars, I'll be able to afford my monthly Netflix.
No worries, I gravitate toward seasoned knowledge...experience is the knife that cuts through all bull shit
I am not sure we have internet next August the way scary shit is happening world wide. You can feel it in the air and I am finding people recently very harsh towards others. Even I am guilty with my comments above. Just don't feel like hearing people's bullshit unless it is in my favor which is rare for me. I am usually patient. Pay attention to others and you will see for yourself.
I think SuperGay....I mean SuperRay went on a downvoting binge....good for him....he's finaly being productive.
Ahhh...come out to play you little fucker, I will introduce you to fight club. Meatloaf in moms basement or stand like a man, come on little boy, show us some stones...lay a little knowledge on us,...pussy
WTF? any guess who's the baller who came in at close to buy a block bar of 4 million SPY when the vix crossed vxv?
had to be mom and pop
It'll be a fund manager buyin them back after panicking out yesterday.
He'll get an added bonus if he can fix the data to show he wasn't holding 'em at month end too.
3:30 Ramp Capital and the Gartman Bear ETF were busy today.
Silver and Gold haven't been the same color in weeks now !!!!! Absolutely ridiculous.
I think we need to come to realization we are all just wasting our time. And one day closer to death or something about a long enough timeline ........
Well its funny how everyone says the China markets are so rigged, while this shit goes on every day in the USA!
Fed/Wall St. vs. China/Shanghai Comp.
A Vegas magician vs. a kid's birthday party magician.
But neither real.
I have gotten similar impression watching CCCP management of the the People's Liberation Casino over past few months.
With the long martial holiday, I am sure many 'portfolio strategies' are to be 'modified' after quality time in Chinese detention centers in time for Monday's open.
You are right about that...but the tigers that maul them are real.
Look what happened to the Sigmund & Freud guy.
CNBS logic
Normal=up
Abnormal=down
Sunrises= Normal
Sunsets= Abnormal
Flaccid penis= Abnormal
Permanent woody= Normal
Levitation= Normal
Gravity= Abnormal
"back to normal" except still trending down. I think we have found the range for the next couple weeks.
Does the hamster wheel power the printing press, or is it the printing press that spins the hamster wheel?
<cue sound of gong being struck>
-Confucius, ~5000B.C.
wild swings up and down,careful manipulators all things sway side to side violently just before they collapse
KILL THE BANKERS....
DEATH TO THE MONEYCHANGERS............
IM SO FUCKING PISSED AT THIS FUCKING BULLSHIT....
stop beating around the bush.... tell us what you REALLY think
XIV is my only hope...and by tomorrow, it will be falling down like a burning star!
Looking on VIX Central, don't see that the term structure in M1 M2 has altered all that much. There is a funny looking 'stadium wave' starting off on the long end. We are still in solid backwardation, leaving XIV in a very bad way until this volatility settles. This is NOT even close to being over.
As we are nearing M1 expiration, this will pose additional problems for any XIV lover. The shoe is on the other foot, as XIV will probably be getting the same treatment meeted out to VXX lovers last spring.
Don't mess with XIV or VXX unless you really know what you are doing. These ETN's are never 'under pressure'. They are like road side speed limit markers. Don't be fooled just because they are denominated in dollars.
Seriously. I lost a bundle on VXX before I said - Eff this shit. Of course I moved over to SPY Puts. About 5 months early. Heh
Like I've said before. if you are a corporation that actually produces tangible products, how do you accurately forecast or even price your product?
Oil is jumping around like a penny stock along with all the other commodities.
You'd love to reduce prices to sell more units, but if you do you might get fucked and put out of business if Wall Street decides to ramp something 15% in a single day.
In the old days you would take into account opportunity costs,decide on a product and use the capital asset pricing model for setup and then factor in production price factors,but today you sell your product from one division to another and another to 'boost'sales,buy your own stock when theres a downturn instead of product life cycle and strength,weakness,opportunity threat analysis,and deal with the variables you mentioned in óff balance sheet items....i.e you Enron things
the gartman fade. with stolper gone it is the only way to beat the machines.
...Just gone. There were survivors. Here, there. Nobody even knew who started it. It was the machines, Sarah. [/Kyle Reese, The Terminator]
This farce of a market will probably run like wildfire the rest of the week with SSE closed for the next couple of days. US closed Monday, so Tuesday is going to be pretty interesting. Personally, I expect a rampfest the rest of the week with repositioning by big money and an absolute face ripping ride down Tuesday. HFT bots have got to be loving this action. You vs Big Blue. Who you gonna bet on? SMH
https://www.youtube.com/watch?v=rW23RsUTb2Y
The Gartman boy gets eaten by shark.
Too bad, Alex.
You really tasted good :)0(
Won't help.
These algos have some fortitude. Wait till their nutz get ripped off.
Thats what I am thinking - flash crash or meltup, they can swing wild either way.
ROBOTRADER IS KEVIN HENRY!
:)
you were expecting.....?
WTI was a fucking joke today. EIA Inventory add didn't mean shit. And when the fat pig in the Senate added her support to Iran deal, Obama gets his Executive Action vero proofed. And Iran can flow oil. Of course none of this meant shit as WTI exploded on the upside again and yet another WTF left my lips. WTF???
Absolutely horrible news is absolutely GREAT news. Fuck it. All these markets are a GD joke.