Stocks, Dollar Bounce After Comey Clip Sparks Trump Bump

Tyler Durden's picture

Old news is good news...

 

The day started off ugly with a bloodbath in Brazil...

 

Today's bounce back in the dollar and stocks was brought to you by a clip from two weeks ago - that was public knowledge - showing Comey admitting under oath that obstructions of his investigations "never happened."

 

The Comey Clip bounce however faded into the close...

 

Notably financials are still the laggard over the two days and only Utes are higher...

 

Banks pumped at the open, dropped after Europe closed then rallied after comments from Mnuchin on 21st Century Glass-Steagal and not breaking up banks...

 

Of course this is happening as breadth collapses... the last time this happened was in 2015 and led to the crash surrounding the china devaluation.

 

Treasury yields bounced higher after overnight buying in bonds leaving yields marginally higher on the day (+1-2bps) apart from the long end (30Y -1bps)...

 

30Y closed below 2.90% - below pre-Macron win levels...

 

 

2s30s tumbled to its lowest since Oct 13th 2016... (despite small bounce on Comey)

 

The Dollar Index remains down 1% on the week, though bounced today on the Comey clip (note the flash crash in cable)

 

Spot the difference... Stocks or USDJPY...

 

 

 

Silver was hit relatively hard today and gold drifted lower as the dollar gained - however, Noble Group liquidation fingerprints were all over Silver...

 

WTI and RBOB ended the day higher but had quite a ride after Saudi stockpiles surge sent prices lower below OPEC headlines jawboning bounced them higher...

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Shlomo Scheckelstein's picture

Just hand in your shekels

HopefulCynical's picture

What "Comey clip" are they talking about?

Shlomo Scheckelstein's picture

The Comey Comedy III was a nice production.

BigFatUglyBubble's picture

The acting was good but who's on lighting?  You call that lighting?  You call this a bagel?

FrozenGoodz's picture

Comey clip was misconstrued via conservative sites ... clearly traders don't watch Faux as I'm told it was replayed there multiple times yesterday ... quote is out of context ... has any DOJ attempted to obstruct any investigation (highlighting sessions conflict of interest) ... two weeks later conservatives grasping for straws of defense finally got headline/algo attention

 

Well played ... resume selloff in the am w/ Dawn's next scandal

NugginFuts's picture

You say scandal, I say performance art.

"The Art of the Scandal" - coming to a publisher near you

DownWithYogaPants's picture

Shlomo Scheckelstein,  BigFatUglyBubble,  FrozenGoodz,  NugginFuts  always seem to post bang bang bang.

I smell dirty sock puppets.  Million Dollar Boners is that you?

Blankenstein's picture

Got the new orders of what to post from above huh?

meta-trader's picture

She was a waitress in a cocktail bar now she owns a jet... http://bit.ly/2jdTzrM

spastic_colon's picture

its like when you read a fortune from the cookie; you can say "in bed" after every single fortune and it works; all headlines now can say "because Trump" after and it works as well; even when the news outlet has no idea what they're talking about.

DownWithYogaPants's picture

 even when the news outlet has no idea what they're talking about.

.....which would be all the time. Only the truly wooden headed want to be urinalists.  Then after years of disuse their heads become totally devoid of all thought.  What do you think would happen when all you have to do is repeat what you are told to say by your private central banking masters?

Juggernaut x2's picture

Comey said the Orange Nitwit did nothing illegal.

Yes We Can. But Lets Not.'s picture

Start at 2:05 into this vid, showing Comey, under oath, saying no FBI investigations have been obstructed

https://www.youtube.com/watch?v=5gleewHxt7k

So, Mueller won't find obstruction.  Will he find that Trump colluded with the Russkies?  Like, maybe Obama will send Mueller a Rice recording of Trump on phone with Vlad, promising Vlad another 1/3 of US uranium in exchange for rights to a uge, uge hotel deal in Moscow, and some golden shower girls from Minsk.

peopledontwanttruth's picture

So we have an economy based on testimony now, unreal.

Yes, this eCONomy is not real!

Juggernaut x2's picture

After the next Wall St meltdown I am sure Lieberman will go after the moneychanging Tribe w/ the FBI.

BigFatUglyBubble's picture

That's like choosing a fox to guard the fox den.

Tim Knight from Slope of Hope's picture

Until Gartman goes bullish on oil, I'm afraid it's just going to keep creeping higher.

Traderone's picture

The Gladiator 'are you not entertained' clip is long overdue Tylers because this is one entertaining market and I DO NOT mean that sarcastically, it is the gift that keeps on giving.

currentsea's picture

I TOLD YOU FUCKERS TO BUY THE FUCKING DIP!!!  WAS I SPEAKING SWA-FUCKING-HILI?  YOU BUY THE FUCKING DIP!  BUY THE DIP!  JUST BUY THE FUCKING DIP YOU STINKING PILES OF GIRAFFE SHIT!!  BUY THE MUTHA FUCKING DIP!!!!  BTFD!!!!

BigFatUglyBubble's picture

"Sometimes you have to wait through a bunch of crap to get to the cool stuff." -Butthead

Rebel yell's picture

With what shall they buy it? I doubt that this will be able to continue and am surprised that it has gone on for so long! Corporations selling bonds for buybacks- how long can it last?
http://www.zerohedge.com/news/2016-11-05/crushing-50-trillion-sideline-c...

Clock Crasher's picture

Max drawdown in stocks has been reduced to minus 1%

Used to be minus 10%

Next year zero drawdowns of 1% or greater will be allowed.

Clock Crasher's picture

"The Fed might not come to the stock markets rescue next 10% drawdown or greater." Remember that from yesterdays article? Fuckers didn't wait for -2% before going WOT.

AMZN to a thousand -happy 4th of July you heard it hear first.

You WILL capitulate!

Clock Crasher's picture

New normal, this time it IS different. Escape velocity achieved. Stocks never coming back. Hyperinflation on deck.

Must be God like to be part of the club. Rig everything, kill anyone who stands in your way and bath in the cheers of millions of fans.

vegas's picture

Comey clip is from May 3rd; Libtard Dems just now finding out about it? WTF. Market didn't start rallying until 33 minutes after it was released today, so why the delay if the rallyn was due to this? This just smacks of short squeeze manipulation at precisely the right time of day.

 

www.traderzoogold.blogspot.com

Squid Viscous's picture

tucker carlson showed it last night,

so. not today's news.

Ricki13th's picture

They brought out some old video of Comey. To force people to buy the dip. Yet CNBS tells me this is a free "market". 

ParaZite's picture

You are free to gamble, on whatever the news is that day. That's free will. Much like Vegas, most day traders aren't going to take the house, anytime soon. 

playnstocks's picture

You are free to give us your money at will......

Soul Glow's picture

We had to Comey a few folks.

LawsofPhysics's picture

BTFD!!!!

then promptly sell the close...

 

Regardless, The Fed's casino is still open, so place your bets!!!

flea's picture

Comey clip? What Comey clip?

0valueleft's picture

Did anyone really expect anything different than what happened today? Kelly Evans of the closing bell has never seen a market correction in her stretched neck life. She'd freeze in the lights, to her and her generation, corrections of more than 2% are folklore and certainly to be bought.

Why?

Cause she smat wid stawlks mutha fuckers!

A Tin Can's picture

Comey wasn't the reason markets are down. Stop buying the narrative.

Peak Finance's picture

BLOCK TRADE: $SPY
1.003,704 shares @235.85
[15:52:09]

BLOCK TRADE: $SPY
501,852 shares @235.85
[15:48:24]

LOLZZ!!! 

Fundies's picture

The force is strong in this one 

Deplorable Steve's picture

What are Utes?  Is there a trade in American Indians now?