This page has been archived and commenting is disabled.
Stocks' "Dead-Glencore-Bounce" Dies As Junk Bonds Hit 4-Year-Lows
Analogy of the Day - "It's almost like I had to fool my mind into believing that it isn't retarded..."
China gave back Monday's lows overnight in a rough Asia session...
But it was Japan that suffered some serious bloodbathery... Down 1000 Points from Friday...
The European bounce ended up modest at best...
And a little context for the Glencore Bounce is required...
But liquidity in European stocks remains notably higher than US...
Chart: @NanexLLC
* * *
Early weakness overnight in US futures was suddenly well bid as Glencore bounced (in stocks not bonds) in London but as US opened and data disappointed, stocks began to slide and accelerated after NYMEX Closed around 1430ET...
Cash Indices...late-day ramp managed to stall the 5-day losing streak in S&P... (Russell 2000 8 days in a row)
But from Friday remain red..
Biotechs dropped for the 8th day in a row... as Valeant got smacked 5% lower again....
Post-FOMC, stocks remain the hardest hit...
With Small Caps almost down 10% since then alone...
Credit markets continue to remain anxious ahead of this week's payrolls data...
VIX Term Structure has inverted again at the short-end and is higher across the out-months than on Black Monday...
NOTE: VIX and HY CDX have decoupled again... just as they did right before the China/Black Monday collapse...
VIX was slammed in the last 30 minutes enabling S&P futures to ramp perfectly to VWAP...
Here's why we ramped...
Every risk model is blowing up right now trying to make sense of a red close and a bearish Gartman
— zerohedge (@zerohedge) September 29, 2015
As Junk Bond prices collapse to 4-year lows... down 12 of the last 13 days...
Treasury yields ended the day notably lower - back near Black Monday lows as 10Y approaches 2.00%...
Notably there was an epic rush for Short-term T-Bills (ahead of potential shutdown) driving yields on the 10/1/15 Bill to -6.5bps!!
EU Session USD strength faded as usual during the US session leaving The Dollar Index unchanged-ish on the day...
The Loonie tumbled to fresh 2004 lows...
Commodities were mixed with Gold & Silver pumped and dumped but crude and copper showing strength...
Charts: Bloomberg
»
- 25965 reads
- Printer-friendly version
- Send to friend
- advertisements -
Phew! Dow still above 16k. All is still well, citizens!
Forget: BTFD!!!
Now it's: STFR!!!!
[Sell The F'in Rally!!!]
Rip. Not Rally. Sell the F'in' Rip.
Whoa someone actually knows the correct terminology? I thought it was nothing but college kids and old fogies that learned everything they know about finance from this site.
GLUMCORE...
"Gartman is Bearish"
WTF does
ANYBODY care what that doofus has to say?!?!?
2nd greatest contrarian indicator of our time. 1st being Goldman Nutsachs
and you never go Bull-Retard either...
just sayin'...
Dow 15,000 Next Stop?
What makes you think it will stop at 15,000?...
Pool Shark: good point... who Knows where this ends?
Gotta get to 15,000 before you can get to 14,000, or 10,000...
The stock market seems to be characterised by some very heavy rigging and then, like a prisoner running for freedom, it breaks out in terrible volatility and really plunges. That's a vague estimate based on recent observation.
Based on that I would expect the next stop to be around 13,500
Too many noughts.
ok r there any more questions regarding these rigged fucking manipulated fucking Fraud Markets....
http://www.marketwatch.com/investing/index/DJIA
Must admit the last half hour was more painful to watch today,they got there but it was definately constipated
You think they broke a sweat?
VIX smash ruined my day. Some enterprising journalist should investigate.
Cue hilarious laughter.
Attention denizens of Poostainia, everything is AWESOME, and don't you forget it.
What does all that red mean?
The curtain call will soon arrive.
Hemorhoids.
"Back in a Straddle" from "Back in the Saddle" by Aerosmith
I'm back ! I'm back in a straddle again
I’m back I’m back in that straddle again
Solving calcs with ten unknowns, my mind can bend a spoon
I’m trading like an Icahn clone, that crazy-ass tycoon
Gartman’s giddy for risk, that’s when I got short SPY
When he turned back into a wimp, I sold the call leg high
But I'm back in that straddle again I'm back
I'm back in a straddle again I'm back
Bulls leaving, got queasy, it’s alright, I’ll get my sizing done
Calls are all I bought tonight, I’m loadin’ half my gun
Stealin’ those cheap puts on the rips, my straddle scores
Four ticks gets me into the black, I scream for more
Hedgin’ gold & miners, those dogs are soaking wet
No matter, they sink or climb, I’ll earn my premiums back
I'm backing into straddles again, I'm back !
I'm back in those straddles again
I'm buying, load both sides of my pistol
I'm buying, I just got me a fistful
I'm buying, don’t care where this boat paddles
I'm buying, love fake-outs and Fed battles
I'm back in a straddle again, I’m back
Fadin' highs, Fadin' lows, Ridin' high
Followed 330ramp today. Crazy fuckers LOL!!!!!! @ 330 you just knew these mother fuckers were going to ramp this bitch over 16k.
Cunts! I was set to make quite a bit of money on my TVIX position and the motherfuckers ruined it. But one day we shall have our day boys!!! Fuck em all
Set your watch to it....
REMAIN CALM AND BTFD
Or jump from the 14th floor with your eyes closed.
Why not at least enjoy the free fall with open eyes
People pay a lot to go bungee jumping after all.
Man I love all this freaking volatility - it keeps the adrenaline flowing!
The PPT did their jobs dutifully today. The Dow Jones Psychological Average kept 16,000 and the NASCRACK kept 4500.
Mission: Accomplished!
ES futures opened in NY at 1874.75, it then sold off to 65 then rallied to 90 then sold off again to 61.50 and then once again rallied to and subsequently closed in NY at 1874.75, Sometimes I think this is just a sick fuckin' joke.
Sometimes?
And by "this", do you mean the entire human civilization on Earth? If so, I'm inclined to agree with you.
Last hourly green candle had the highest volume for most indices, could be anticipation of 4Q institutional rebalancing (likely to favor stocks), or perhaps Yellen on tomorrow's calendar, or even pre-Jobs hedgers, thinking the number will suck from 'uncertainty' of Fed feedback loop . . . in any event a rather bizarre trading day ...
there is the 3.30 ramp and also the European open futures fiddle
It is a sick joke. The Fed is doing massive market manipulation bhindnth scenes. When the Fed was created, it was never intended to completely distort the free market.
"kick save, and a beauty!"
That HY SPY spread though. That bitch is so used up 1 million wall street dickheads have been fucking it hard.
Whats the money play here? Short SPY???? I am too afraid..
Buy HYG, short SPY.
Worst Tuesdays back since lee mon
The Federal Reserve's Plunge Protection Team was buying stocks today from 3:45 to 4 p.m. to try to stop another day in the red.
The Federal Reserve buys stocks via ghost accounts at Goldman Sachs and other primary dealers. Normally PPT is only used to stop a mass selloff. However, it is being used daily now.
Finding out about the Plunge Protection Team is the real reason why Janet helen is terrified of a audit by Congress, and because buying stocks is far outside the Fed's legal authority.
"buys stocks via ghost accounts at Goldman Sachs and other primary dealers"
Citadel
Are you certain it wasn't good old BTFDers?
After all, market is down over 10% from highs
Who doesn't want to "save" 10%?
It's like Wall Street is offering a senior citizen discount no matter what your age
But nothing is really "illegal" if it is done out of necessity...a public service of sorts, or like Hillary's emails, simply out of convenience (or a direct attempt to avoid public scrutiny). What does it matter, anyway? Aren't you feeling the love?
National Security and, in fact, global financial stability. Sometimes laws must be skirted in order to preserve Truth, Justice, and the American Way.
Ask Mr. Snowden how it works.
At some point, there is just no more ammo ..
https://youtu.be/u7tTdO6oxUA
https://youtu.be/YpZZHeVwFPU
Then watch Sinclair again. Both of these have a far more clue than Icahn et al ..
And where do you think the PPT get their funds from? Even a Title 18, Section 6 (EO 12333) goes broke at some point, when you are just drainng the balance sheet, without generating new revenue .. (being that the generator was shut down long ago, and you are just operating off of reserves.)
https://app.box.com/s/hfgvcqg7gqh7i27at6sv53ywu87lwarp
How can you believe they aren't poof printing this money into existence?
Poof
Printing
Team
You know who will take all the losses once the stocks they bought at outrageous valuations "to keep the economy strong" all go to shit?
The citizens of this country, the most beautiful country in the world!
Wait, maybe we can just buy even more and everybody wins?
You may want to learn a little about Sinclair.
https://www.youtube.com/watch?v=Ped9BrJ5lmg
"legal authority" -- LOL!!!
Allow me to clarify exactly where the world is right now with respect to such things...
When fraud is the status quo, possession is 100% of the law.
Don't think beyond that "folks".
Revenue generating assets and a dependable tribe are becoming more and more important as the Fed and all fiat become less and less relevant.
I don't know why they are so scared to let the DOW close below 16000. But it seems that is the PPT's main goal every afternoon.
They missed some basic economic lessons it seems. As if you could force the people to accept a certain price level. Every time they "save" any specific valuation "milestone" they take heavy losses. They are effectively burning taxpayer money on a daily basis, just to keep the illusion of everyone being rich (on paper) going.
Probably just gave the jobs to some "friends" instead of competent people.
Pumping money (you don't own) into deadbeat companies (you don't need) surviving on nothing but debt and empty talk, fuck yea it's a recovery!
Yes, it is fun to pretend that a market still exists...
What if you made a bunch of charts and nobody believed in them?
Keep Calm
And
Comment On
The rabbit is about to get caught. No one really seems to know where to run to anymore. It's a madhouse! Madhouse I tell you! It's a financial Chernobyl...question is, who is staying to minimize the damage regardless of the consequences.
Grand total of 3 NYSE new 52 week highs today. What the hell is CubeSmart? P/E radio of 150+. heh heh. Craptastic !
This market action is eerily reminiscent of chickens running around without heads.
Never sell at the top. NEVER!
You're just leaving money on the table.
Cramer.