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Dismal Data & FUBAR Fed Spark Stock-Buying-Panic; Banks, Biotechs & Black Gold Bounce
How many traders likely feel today...
Gold extends winning streak to 5 days - best 5-day gain in 9 months
* * *
Stocks were lifted after hours overnight - helped by Jon Hilsenrath's apparent confirmation that there's no rate hikes in 2015 (as the market already knew) and dismal data this morning provided the "bad news is good news." That temporarily stalled when Dudley hinted that The Fed doesn't care what inflation is, it will hike - sending stocks lower... but that qucikly turned into a dip for panic-buyers to embrace with both hands and feet...
Quite a swing on the week (using Dow and S&P Futures as an illustration) as S&P Futs ran stops but Dow Futs couldn't quite make it...
Cash indices show the epic linearity of today's move... starting just after Europe closed...
Financials (best day in 6 weeks) and Healthcare surged in perfect harmony today...
With Financials spiking way more than credit...
As XLF ran up to test its 50DMA
And Healthcare's surge was all about biotechs...
FDC FAIL!
Which lifts Nasdaq, Dow, and S&P Green on the week (Trannies and Small Caps still red)...
Of course, VIX was crushed, turning on a dime at 12ET....(having led stocks the last 24 hours) - the swing in VXX (VIX ETF) shows this week's craziness best... This was VXX's biggest drop in a month and closed at new post-Black Monday lows...
AUDJPY was firmly in charge of stocks today (as USDJPY couldn't extend gains from overnight moves of Asian FX strength vs USD weakness)
The USD Index rose today (against the majors after weakness overnight)...with a big jerk higher on US dismal data...
Notice that while the USD strengthened against the majors it kept weakening against Asian/EM FX...as all the Carry trades get piled back into...
Egypt quietly devalued its currency... (for 3rd time this year)
Treasury yields bounced back higher - but nothing like stocks - up 4-5bps across the curve...note the pre-8ET ish dump happened again...
Entirely decoupled from stocks again...
But perhaps most notably, China 10Y yields have collapsed in the last few weeks (down 50bps outright and 43bps tighter than UST since 8/20 devaluation)
The China-UST spread is nearing 100bps - its lowest in 4 years...
Commodities were a mixed bag again today with modest strength in gold, silver, and copper while crude dumped on soaring inventories and then was whiplashed algo-ically back to the day's highs...
Here's today's idiocy in Crude...
Charts: Bloomberg
Bonsu Chart: "Data-Dependent" Fed...? ( h/t @NourHammoury )
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I used to get angry when I lost money "investing" in the "markets". Now I just laugh. Does this mean the Federal Reserve has turned me into a psychopat? Anyway, there's going to be a whole lot of F*ck That Mediation this weekend:
https://www.youtube.com/watch?v=92i5m3tV5XY
We give thanks to Bernank for this plentiful and cheap $16 silver..
Make that $19 over, out here in the real world...
But, but, but, the Federal Reserve said there will be a rate hike by the end of 2015. They never lie.
im sorry...
explain on what positive macro-economic data the fucking fraudulent, manipulated, rigged fucking Dow Jones Propaganda Index rose over 200 points today?????
FUCK OFF.
I'm with you - I didn't even start shorting until it was well over yesterday's highs and I'm sitting on ANOTHER loss.
DavidC
Still not above the mid-Sept snap-back highs, where many shorted. Most expected a lower high then a move back to the lows, but of course now the big fear for shorts is those Sept stops would be used, like Jupiter's gravity, to propel us back to the original mid-Aug dump points. Still think it's a temporary bullish dalliance, but they never make it easy, either long or short, do they?
If speculating were easy who'd cook our hamburgers?
Seriously, if you sit down to a poker game with some of the cleverest speculators in the world, why would you expect to win?
The "buying panic" is newspeak for Central Banks using electronic funds to buy S&P futures, stocks, etc, in order to rig the markets.
And over time, it allows them to own everything, too.
Gartman will go long again tomorrow LMAO
I sure hope so
Makes you either chuckle or vomit when you hear any economist talk about fundamentals anymore. Technical are just as bad. Better to listen to Gartman and do the opposite.
They got everyone by the "balls" because they give you 2-3 places to put your money and they have all 3 (bond, stock or metals) rigged; meaning they see the positions and bet against it continuously and manipulate falsified trades to entice the herd. The good news is their is a God who cares and HATES corruption and these people will not escape His judgments and punishment.
The goddess Nemesis is the best person to whom to put your appeals for judgment.
Tomorrow on cnbc.
dow down 5 pts, s&p down 0.50 pts, cramer '' profit taking'',
this shit show is just so absurd. wmt fucking warns how awful things r, every other fucking company is warning as well, and because the fed wont raise rates this year ( seriously this is like the 5th fed not raising rates this year rally there has been in the past 2 weeks ) stawks spike.
we r so fucked, its unfathomable. wall st deserves a fucking nuke dropped on them
screenshotting this post for whenever i start to get moody , that last sentence is cherry.
we r so fucked, its unfathomable. wall st deserves a fucking nuke dropped on them"
Concur.
+1
+99 more (inflation, don't cha noe...)
m
Why do I get this mental picture of people going to everybody else's grandmother's house --- raping them and stealing their money, and then using the money to buy a gift for their grandmother?
Dang hookers a blow on a week night?
Ask Lamar how that works out
Don't forget he probably took Black Mamba 2, also! Whoa! boing
What's bad for the Economy is Good For Wall street...
learned that in 9th grade from a real smart math teacher, stuck with me all these years
+1 Sage advice
What's Good for General Bullmoose
is good for the U$A.
Lil' Abner 1966
gee thats strange...
Silver ends the day at the same phony paper price it closed yesterday...
http://www.kitco.com/charts/livesilver.html
and of course Gold to....
http://www.kitco.com/charts/livegold.html
its like - coincidental or something....
Resistance was at 16...now 16.20....when is this bitch gonna breakout.
When there's blood in the fucking streets.
“Golden Cross” from “Golden Years” by David Bowie
Golden cross, golden, whop whop whop
Golden cross, golden, whop whop whop
Don't let me hear you say stocks are taking you nowhere, Angel
Come get long, my baby
Look at that SPY, rally’s begun, Goldman’s long and the trap’s been sprung
Come, get long my baby
Before my baby’s lost it all, I’ll beg the Fed to save her little soul
Golden cross, golden, whop whop whop
Come, get long my baby
Last week the Fed spun, opening their mouths and pulling some strings, Angel
Come get long, my baby
They’ll bring you luck if you buy in time, never look back, stay long, it’s fine
Come, buy up, my baby
So stay long, baby, for a thousand years
Nothing’s gonna hurt you in your golden years -- Golden
But - one of these days, and it won't be long, it could crash back down
where it once belonged to the start of the trendline twenty months long
Don't cry my sweet, don't break my heart, you’re doing all right, but you gotta get smart
Wish upon, wish upon, day upon day, I believe, oh lord
I believe a correction’s on the way (Come, get short my baby)
(Run for the shadows, run for the shadows from the Death Cross)
. . .
Don't let me hear you say stocks are taking you nowhere, Angel
Come get short my baby
Run for the shadows, run for the shadows
Run for the shadows from the Death Cross
I'll trade with you baby for a thousand years
Nothing's gonna touch you in your golden years, golden …
Always curious why ZH doesn't mention OPEX. October's OPEX is a big one and "they" have to slam VIX and squash premiums
Yes, unless I'm imagining things the 2-week period leading to any OPEX seems to contain several frustrating, managed horizontal days, along with a few directional barn-burners, and the sudden turns can make for difficult trading.
+1 Between OpEx period you mention and the obligatory month end rally, we don't need many directional indicators LOL
Perhaps a "Play-Doh" indicator can tell me which 2-3 days per month to trade from the open without reversing 17 times before lunch: wad up some Play-Doh in your hand and toss it at your calendar at month-end.
LOL KCS, the Tylers alredy showed the 6 most bullish days, i.e. last 3 and first 3 of the month.
As regards OpEx, look for a big trending day the Weds/Thursday week before, market moves opposite dirction OpEx week ;)
OpEx Friday is often "managed" with index options expiry at the cash open, single co. options expiry at end.
Triple witching is another story again LMAO
WTF is a "bonsu" chart?
Like "My Little Pony", but in chart form?
Anyone who believes that humans are evolving or have evolved are the very people who prove it is NOT so. Mans inhumanity to man and our hearty approval is really disgusting..I am so thankful that I am just passing through and that life in this realm is just like a vapor; here today and gone in a short time, then the eternal state.
Long live the psychopaths and kill the Christians!!
Gotta love it :
On the same day SS recipients, disabled vets, retired vets, etc get "lowballed and zeroed out on COLA" the investor class, the 1%, banksters, etc enjoy a magnificent up day in the stock market for no apparent reason other than a shitload of bad news for everyone else out there.
a lot of that money is allocated to investment accounts.
one of the interesting aspects of the ss solvency debates are the number of people who have no need for the money because of passive investment income that isn't counted against their check like it is for those who want to be walmart greeters.
it is becoming a stockpickers market, short or long. there are a lot of bargains out there that have gotten crushed in the perfectly correlated market.
RUT stopped at decending trendline I have all the way back to the highs till now which it has yet to close above. (still in a down trend) 4Hr RSI went from just shy of oversold yesterday to shy of overbough today...that's a pretty bold move on the 4hr in just a day's time, especially given the OBV which is flat over the period. I suspect today was a short squeeze pump and dump here.
If Gartman would just read your posts, he'd . . . misunderstand you and still get it wrong. Good call and congrats on the Call premium pre-OPEX feast you just had, well-earned.
Thanks, and good luck to you and playdough tomorrow. Unwound a lot of positions today and repositioned for next week. Closed out short puts into the close for penneys(cause it was too tempting)...always leave a little on the table...closed out short calls when we hit the 20 dma around noon, then actually sold against them all again starting around around 2:30pm and finishing around 3:20pm...so getting two shots at some nice premium for the week. Nicely positioned for next week unless they close us over 74 or so on Friday, should get some nice premium for the next few weeks without too much babysitting. Long puts are unencumbered at this point and totally on the house, waiting on a pull back...nice backlog of unencumbered calls in striking distance too, hope to break a few MM's hearts in the next little bit. GL guys.
+1 RUT reacted at 38.6% Fib yesterday, very nice clean rally action today
if the day ends in 'Y' its a short squeeze pump and dump day
Oil has been up on any hint of shrunken inventory, but today it went way up on news of massively expanded inventory.
IIRC the initial reaction was lower, then the shorts fell for the trap.
We need to instill more fear to get the muppets to buy into digital currency under NIRP Policy. That way, your check is through direct deposit and we charge transactions fees for the contribution of TPP and Carbon Tax. This is the way to harness fucking 30% sales tax argument.
Pay up you miserable scoundrels. The last word spoken at the fight to a bullet shot.
I believe we'll see a (short term) High this Friday or Monday, OCT 16/19.
This is based on Cycles and Elliot Wave
http://tripstrading.com/2015/10/15/sp500-a-short-term-high-for-oct-1619/
I hate Gartman.
The ONLY time I faded that bitdh, I LOST 3g.
I know.....drawdowns occur. You must use the system over time.....back test back test back test.
Set a stop.......money management........
I hate Gartman.
PS....
I like my unknown comic picture......
It is more handsome than I am !!!
Time for twerkin' with Tweetie !!!
Stop me before I short again...
slowly learning to play along with this clown show,reloaded UVXY and staying long UWTI. I have a feeling Vlad has a plan and it may involve OIL? go Vladimir,do it!
I never short my pants. Clean undies always.
Panic buyers.
Yeah.
Sure.
That's what it is.
Panic Buyers.
Are they in the Eccles building?
Bring moar force feed Media platitude to decides who should win the 2016 election.
My Dad Is Dead - Force Feed - YouTube
Who can round up more donations to unsecure crockpot objections to vote a President in masterminding, furthering despotism agenda.
If giving away shit for free were a business plan, there would be no need for anyone to work...and thence no shit to give away for free.
Obama has been writing overdraft checks his whole life. He thinks he cannot be prosecuted within the Constitutional laws.
This market is vixed.
Bring back the Libor Index ticker.
/sarc
That's a funny. Daily belly laugh: check. :-)
TRIN provides party favors.
As to the VIX: The ore you compress a spring the more it takes off your face when it rips loose.
The Fed wants to keep rates at zero to keep the Federal debt growing with servicing costs low, and keep asset prices overextended for their bullshit wealth effect theory, even as they idiotically starve fixed income investors of truly spendable income year after year that could be spent every year, unlike borrowers who ultimately have purchase limits as they spend from debt, not savings. Debt is not wealth, it's debt (I know, fortune cookie).
Even as CPI inflation nears 2% (ignored, even as rents and service inflation blow through the roof) and stated unemployment nears 5% (ignored), they will sit on their hands, changing stats, trigger points, etc because they don't want to raise rates because it would show the fallacy of their scheme as asset prices fall. Honestly, I think they are actually shitting their pants (panties) that the stock market could blow off to record highs and force them to raise rates or decline more than a token amount, which is why they keep coming out with hawkish statements as markets rally and dovish ones as they fall. Seems like they are targeting stock prices to hold their level or grow slowly, as opposed the the past several years of to the moon or bust QE and ZIRP
Central planning at its worst.