"Not An Algo Was Stirring..." - Dow's Tightest Trading Range In 30 Years

Tyler Durden's picture

You're welcome...


Twas the night before (the night before) Xmas, and all through the market, not an algo was stirring, not even a VIX cracker...

Today was the lowest range day for The Dow since at least 1986...


The Dow is now up 7 weeks in a row - the longest winning streak since Dec 2014's Bullard bounce (after which it fell over 5% in the next week)...


On the week, Small Caps managed to squeeze into the green by the close but Nasdaq outperformed...


Once again they tried to slam VIX early on but that didn't last long and then everyone went to sleep...


Financials managed to cling to unchanged post-Fed but the rest of the S&P sectors are red...


Treasury yields fell for the first week since the election...notably 30Y yields are now 2bps lower than they were pre-Fed...


The yield curve has collapsed since The Fed hiked rates...


While on the topic of yields, we note that copper/gold is catching back down to the 10Y Yield (copper down relative to gold in the last week)...


The USD Index rose for the 6th of the last 7 weeks - to the highest since Dec 2002 - led by Cable and Aussie weakness... (notably the Mexican Peso dropped most since the election week)



A small gain on the day for gold (the first in 4 days) briefly moved it green for the week but by the close it was red. Crude scrambled into the green but it was copper and silver that were worst...


Gold is down (again) on the week - but barely - however this is the 7th straight weekly decline - the longest streak of losses since May 2004


And as Gold sinks, Bitcoin soars... back toward parity and its record highs relative to the precious metal..


Finally, the global USD shortage remains extreme...

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Squid Viscous's picture

not even a jew rodent?

VonPumperDic's picture



Cats away, the mice will play

J S Bach's picture

Why the obscene "Merry Christmas", Tyler?  I don't get it.

Squid Viscous's picture

because he takes it in the tailpipe and his favorite artist is the AIDS ridden Keith Harring ?

lhomme's picture

It's CHRISTMAS and it's not paganism. All the other tiny percentages are piggybacking.


King Tut's picture
King Tut (not verified) J S Bach Dec 23, 2016 4:41 PM

Mariah Carey is a talentless, coalburning skank

e_goldstein's picture

Yes, however her plastic surgeon did a great job on her tits.

Spifflove's picture

She's  black.  So your comment is not applicable. 

Squid Viscous's picture

thanks Tut, finally something we can all agree to...

Implied Violins's picture

I reloaded the front page three times and saw three different banners. I guess they are taking a page out of the Sports Illustrated game book of having different covers for certain special issues.

King Tut's picture
King Tut (not verified) Implied Violins Dec 23, 2016 5:50 PM

Yes- weird

Squid Viscous's picture

this has become a jew infested site.

trying to make Christmas less meaningful and all

The central planners's picture

No matter how bad fundamentals and technicals indicadors are everything counts as bullish from now on.

HokumYTrader's picture
HokumYTrader (not verified) Dec 23, 2016 4:03 PM

Dec Vix futures have been trading at a wide spread to cash.

Someone is about to get slaughtered

New_Meat's picture

great lungs ... er ... pipes

Lonesome Crow's picture

stick figures WITH anatomy

cougar_w's picture

I feel triggered, tho.

Happily my safe-space is the bottom of a bottle of brandy.

Happy Xmas all.

Implied Violins's picture

Mine is beside the worm. A true crawl space. Now if only I can find my lost shaker of salt...

SubjectivObject's picture

Well the script is changed.

Cool while it lasted.

Those Tylers are so sensitive.

Lonesome Crow's picture

They sure are

...although it was inappropriate and right to be righted.

cougar_w's picture

My first assumption was that whoever found that banner and pulled it from the interwebs did so without looking at it very closely.

Funny as hell. And considering the figurative financial screwing we are all going to receive in 2017 it was a nice visual pun. 

SubjectivObject's picture

Cherry Mistress to all

and to all a goo night

HokumYTrader's picture
HokumYTrader (not verified) New_Meat Dec 23, 2016 4:13 PM

Trump has a lot of hot air to blow blow blow

trutalk's picture

I see the old closing ramp trick is back in regular use again... I would love to know how that happens.

SomethingSomethingDarkSide's picture

Algo computers are linked directly to Equity Market Servers.  Those algo's intercept incoming trades and force them to buy or sell at higher prices via internal trades or spoofing.  Many companies MUST rebalance daily at the close, as well as many ETF's, so they eat the higher cost and move on.  It's glorious can kicking and hair cutting really, until a large client asks for cold hard cash..

Squid Viscous's picture

ok I'm loading up on SPY puts after the close, seems a good arbitrage...minus the fees etc.

wish me luck

Clock Crasher's picture

Target that stock market

-General Zod

Man of Steel 2013

cougar_w's picture

I enjoyed the font.

Alananda's picture

In which or what way, cougar_w? Still frequenting CogDis?

Debt-Penitent's picture

We're not supposed to notice the Christmas header stik people positions?

I'm going...."What?"

cougar_w's picture

Merry SEXmas and happy pussy-groping in the new year.

Clock Crasher's picture

Help me out here.  Let me know if I am getting close.

1.  The global reserve currency is pure fiat

2.  Treasuries are printed out of thin air and sold at auctions

3.  Dollars are printed out of thin air to buy the treasuries that are left over after real demand is exhausted at auctions

4.  Member banks are these buyers

5.  The IOU fiat treasuries are warehoused on the banks balance sheet and reflect gains or losses

6.  Rising rates cause financial losses for the banks

6A.  Rising dollar causes foreign owners of treasuries to sell to get dollars to which are spent to purchase their own falling currency (where do those dollars go? I have no idea)

7.  EM and global market systemic risk, falling EM currencies, falling EM stock markets

8.  The dollar strengthens again, causing more selling, causing more monetization, causing a further increase in rates

9.  Rising rates causes variable rates to rise causing input costs to rise causing higher prices to end consumers

10.  Consumers priced out of the market causing inventories to rise and profit margins to fall causing prices to be readjusted (up or down? IDK. if up because need to make up for decline profit margin

11.  When prices rise too much govt protects with price controls

12.  Black markets and shortages

I borrowed half from Peter Schiff's narrative.  I am trying to put this picture together.  Let me know where this is correct/incorrect, out of sequence, things I missed.

HokumYTrader's picture
HokumYTrader (not verified) Clock Crasher Dec 23, 2016 4:23 PM

6a Janet Yellen's fireplace

Clock Crasher's picture

maybe... copper and oil to name two.  This is the problem with a debt based ponzi scheme.  Is it true that dollar (itself being a debt instrument) can never be extinguished?  Who can take dollars and retire them (without the use of fire) I asume either the treasury and or Fed/Fed member banks. 

Because if dollars are never retired and treasuries are never retired what happens to money supply?

HokumYTrader's picture
HokumYTrader (not verified) Clock Crasher Dec 23, 2016 4:29 PM

Dollar, treasuries, mortgages, oil futures, S&P futures, the woman will never need firewood again.

HokumYTrader's picture
HokumYTrader (not verified) HokumYTrader Dec 23, 2016 4:36 PM

How would anyone ever know if the Fed was forgiving treasuries and other debt, they are a secret organization that is accountable to no one.

Clock Crasher's picture

It is the Fed that produces Dollars.  I would think that the Fed has zero ability to jubilee treasuries.  Treasuries come from the Treasury.

HokumYTrader's picture
HokumYTrader (not verified) Clock Crasher Dec 23, 2016 5:07 PM

EMP or hack of both the Fed and Treasury simultaneosly wipes out all records. We dont know what we own says the Fed, Treasury says we dont know what they own. Everyone agrees to start over, global reset accomplished.

HokumYTrader's picture
HokumYTrader (not verified) Clock Crasher Dec 23, 2016 5:15 PM

"Treasuries come from the Treasury."


NO shit Sherlock!


It all comes from the gooberment, is there really any distinction?

Clock Crasher's picture

I dont think that is entirely true. 

Debt clock reads total debt at 66T 20 of which is on the govt side.

so the other 46T did not come from the government, it came from....

HokumYTrader's picture
HokumYTrader (not verified) Clock Crasher Dec 23, 2016 5:40 PM

You should change your handle to Norom Evian 

HokumYTrader's picture
HokumYTrader (not verified) Clock Crasher Dec 23, 2016 5:40 PM


cougar_w's picture

That was good, but it breaks apart at #9.

We are in a deflationary death spiral. Consumers are out of money, but have to spent anyway to eat and are living on debt. Prices can do whatever they like, prices are not steering anything. Debt is steering everything. When the free-debt spigot is closed the whole global circus folds up in one massive, sickening, compressive implosion.

Watch China.