'Bannon Bounce' Fails To Correct 'Cohn Crash' As Nasdaq Drops For 4th Straight Week

Tyler Durden's picture

Well that was a week...


Roller-coaster day for stocks - 2 overnight pump efforts failed; stocks sank into and beyond the US cash open, then went bid as Bannon headlines hit... only to slide as reality struck that with Bannon gone, the probability of war is considerably higher...and an ugly close into OPEX


All major cash indices close lower today... as it appears no one wants to hold risk into the weekend...


VIX across all major indices rose on the week...


Small Cap stocks actually dipped into the red year-to-date in this morning's initial flush, before bouncing on Bannon headlines...


But Gold's gains this week pushed it ahead of The Dow for 2017...


The last time Nasdaq fell for 4 straight weeks was May 2016


The S&P 500 remains below its 50DMA finding support at its 100DMA (2418)...NOTE - S&P has not been this close to its 100-day moving-average since the election


Financials were unable to hold on to gains after Bannon, Tech eked out a small gain on the week. Energy and retailers were hit hard...


Energy stocks pretty much ignore crude's idiocy today...


And this is interesting...


Mixed day today for bonds but the long-end closed the week modestly lower and the rest of the curve very slightly higher in yield...


At the short end, the bill curve is notably inverted...


with the panic line in the sand around 9/28...


The 30Y Treasury Yield test 2.75%, near 2-month lows...


The Dollar Index ended the week very marginally higher but the trend was very clear into the close...


For those who 'believe' - Trump favorability has actually improved this week, implying dollar strength to come...


Copper outperformed on the week with gold, silver, and WTI all modestly lower... (NOTE - WTI exploded higher today, 'triggered' at the same time as Banon headlines hit)


Gold topped $1300 once again - the 3rd time this year


This chart made us laugh... USDJPY vs Gold...


Bitcoin had another big week - rising 16.5% to new record highs at around $4400. This is the 5th weekly rise in a row (and BTC is up 86% since the fork)...


But Bitcoin did tumble today amid increasing talk of another fork....


Finally, a reminder that 'stuff' is hitting fans - even if stocks don't really show it... USA default/devaluation risk is now twice that of Germany...

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Clock Crasher's picture

Cash session highs on the days before and after election day Novermber 8th 2016 was 1290.

Number of days Gold has closed higher since the election of MegaPsyop aka DJT.. 


Team SomaSalesman & Goldman Sachs, winning.

runningman18's picture

The BTFD strategy fails again.  While there'll be small bounces in the future, it looks like it's over for easy street investors.  The banksters are pulling the plug.   

Kaiser Sousa's picture

Well there u have it…

If there were ever any remaining doubt that all these so called “markets" r completely fucking fraudulent look no further than 2days “trading”…

so let me see…

Yesterday terror in Spain & ongoing chaos n Donald Chumps administration resulted in the Dow Jones Propaganda Index plunging almost 300 points…ok - that makes sense...

But 2day, on yet again another “Happy Ending Friday”, terror in Spain & ongoing chaos in Donald Chumps administration resulted in a erasure of a 100 point plus loss on the Dow Jones Propaganda Index all within 1 fucking hour, & positive closes for the S&Piss and NasCrap as well???

Question… what the fuck does Steve Bannon have to do with macro-economic fundamentals & conditions???

Answer...Absolutely nothing whatsofuckingever!

And then of course there’s this usual bullshit beginning with the Londone close and as soon as “trading” on Scum Street began to park 1 of the only 2 forms of REAL MONEY right were it closed yesterday….

Question…who exactly was “selling” non-existent paper Gold & Silver from start to finish in NYC???

Answer…you know the fuck who!

can it be any more obvious???

kool with me man…opportunity to store more debt coupon dollars to be converted into the only 2 forms of real money at the end of the month…


Juggernaut x2's picture

Markets jumped because Cohn is more likely to stay now that Bannon is gone and Cohn will give his fellow Tribesmen up on Wall St whatever the fuck they want in the next bailout 

eclectic syncretist's picture

Yessir, they had to enlist someones to break the law and sell all that paper silver and gold for them. Impressive stick save from what was shaping up to be a capitalistic society reality check. Still, they couldn't get the indices green for the day. Their criminal interventions in their "free" markets will only get more blatant from here, as the refutation of reality takes on monstrous proportions.

Grin Bagel's picture

Today made Dennis Gartman to be the elder 'not always right, but not always wrong' statesman trader I have long thought him to be.

Hang in there Dennis!

D.r. Funk's picture

Vix on rig

Index drop-negation clearly defined today with 2 separate even-time stages

11am Dow, 40pt bar subroutine

10am Naz, similar magnitude subroutine

LawsofPhysics's picture

As always, well said Kaiser!


"Full Faith and Credit"


jump you fuckers!

Scuba Steve's picture


Except I think Death is beginning to sound a little to nice for these muthafukkas.

Dragon HAwk's picture

You're calming down  Kaiser,  you need to drink More Coffee.

order66's picture

Let us know when NQ closes below 5560. Whole lotta nothing until that happens.

Chupacabra-322's picture

Bannon leaving is a calculated move to begin attacking the traitors throughout the administration from the outside using alt right media. The real war begins now. It will escalate rapidly.

Don't forget that Assange has released information to Rohrabacher to be shared with Trump and hopefully DOJ shortly.

This is offense not defense.

No worries.

It truly is amateur night at the Criminal Deep State.

This is merely a feeble attempt at taking Trumps response out of conrptext then formulate a False Narrative Script around a Psychological Operation to Gas Light the masses into illiciting a response of Anger, Divide & Hate.

Ordo Ab Chao.

- Gaslighting is a form of manipulation that seeks to sow seeds of doubt in a targeted individual or members of a group, hoping to make targets question their own memory, perception, and sanity.

A concept all Americans should learn and be able to identify, if we want to keep our liberty and our Republic. This method is a favored tool in the Deep State PSYOP tool chest. This how they operate. They also like to poke, prod and torment the weak until they get a reaction, then label the tormentees as "madmen" and "terrorists." Make no mistake - we're looking at pure evil here. Most people have trouble comprehending this because it's so frightening and anathema to how normal people think and behave.

Predictive Programming

The theory proposes that public media (such as films, television, news casts, etc.) are deliberately seeded with subtle clues to future social, political, or technological changes. According to the theory, when the relevant change is later introduced into the world, the public has become used to the idea through exposure, and therefore passively accepts it rather than offering resistance or opposition. Predictive programming is therefore thought to be a means of propaganda or mass psychological conditioning that operates on a subliminal or implicit level.

(Ladies & Gentlemen, The Criminal Deep State Hq in Israel via Operation Talpiot & The Yinon Plan are setting the table for Trumps Coup & or Execution.)

c2nnib2l's picture

I think this was well planned to safe Trumps face. Banon will do more outside the white house. 

let's wait and see how things will unfold next week


i see gold at 1350 if not more back to Obama levels from 2011

1800 !

dark pools of soros's picture

is Gartman jumping outta his window now???

Urban Roman's picture

Send in the clowns..

Consuelo's picture



You'll find plenty of them at the recreation sites in upstate New York and Connecticut.   Blowing balloons and other things Epstein for the kids...  

currentsea's picture

gold above 1300 for all but 3 seconds...  who woulda knew but the joo?  

Juggernaut x2's picture

PPT fuckery will abound on Sunday night if futures look like shit in advance of Monday open

Consuelo's picture



'4th straight week'...?

I want: 4th straight Year, with 50% staff reductions.

But I'll settle for a 4th straight quarter - with 25% staff reductions at FB, GOOG, AAPL and a few others...   In fact, just a straight-line blacklist through all the companies who have been feigning moral outrage at President Trump.


D.r. Funk's picture

Would anyone say we're not still boombust? I dare you. Who would say we're not still boombust? #1 99, #2 07-08, Because of the rigging and stimulants, we're now safe? (lol)

Try and argue that no matter how commandeered the indexes became. We're not boombust.

To the conditioned pavlov "lot" they have demonstrably gotten under their control


vegas's picture

This doesn't feel anywhere near like it's even close to over. I would expect a "dead cat" bounce on Monday, but all bets are off the table if 2420 gives way and then 2400 in the SP500. August lull? I don't think so.



D.r. Funk's picture

let's hope for endgame

(Nov 9 futs manipulation and trump rally was clearly a ruse. just to get it higher, just to set it up, for whatever, whenever)


GoldHermit's picture

In time you will see Trump offering up more of the same Bush Obama bullshit.  Neocons and globalists around him will lead to further decline for America and increasing debt.


I can just hear the negotiation - blow off the wall and ditch Bannon or no debt ceiling increase.

World citizen's picture

BTW, France and Germany index already BELOW the 100 MA and a 100-50 cross formed. 

If the S&P goes below the 100, we will see some fireworks. Watch the Nasdaq too... It should have started correcting already one month ago, at least.

cheech_wizard's picture

C'mon people. look on the bright side. Snapchat finished up 66 cents.

<No sarc tag necessary>

chosen's picture

Dow closes down 400 points from its high on Wednesday.   The bubble has to pop sometime.  Not sure this is it, but it's got to start somewhere.

Yen Cross's picture

   That usd/jpy and gold overlay is epic Tyler.  The  inverse correlation is so obvious.

soyungato's picture

Stocks go down because I farted.

Grandad Grumps's picture

Gosh, what would the world do without the markets to differentiate the elitists from humanity? It would be a catastrophic tragedy if the markets collapsed, right?

If the financial system collapsed, those who delude themselves into thinking they are leaders would actually have to take some responsibility for others instead of being self-obsessed little cowards.

Much easier to not look too deeply into the mirror than to face reality.

And, how exactly did you get to be rich and powerful? Your superior intellect? You know exactly how you got your leg up and what you had to promise in return. Cowards, Frauds!