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AAPL And High-Yield-Credit Crunch As Bonds, Stocks & USD Unch

Tyler Durden's picture





 

As Elvis (oops) Jerry Lee Lewis might have said if he were a trader "there's a whole lotta shakin' going on" but not much else. Cross asset-class correlations were weakening, ranges were very narrow today in stocks, credit, Treasuries, commodities, and FX, and volumes were well shrug. Away from the unchanged nature of a lot of things today were the following: Materials sector outperformed handily; Copper outperformed its peers (as Silver, Gold, and Oil saw some volatility but ended practically unch from last night's equity close); Treasuries did leak higher in yield into the close but volumes were thin and the moves very small; AUD drifted weaker as early EUR weakness reverted back and USD ended unch on the day and week. The three biggest items of note to us were among 'leadership' assets: AAPL dropped rather notably into the close - ending -0.7%; HYG (the high-yield bond ETF that has been so flow-/yield-grab-driven) dropped significantly into the close (saved by a last minute rescue) after heavy volume at the close last night and relatively heavy today as we sold down; and the major leveraged financials GS and MS - soared intraday (GS>MS) far exceeding their peers - but MS gave a significant amount of it back into the close while GS kept pushing up (+3%) with some major volume and VWAP action. Everyone is waiting for the great and good Draghi to anoint this rally tomorrow morning but the last hour pull to VWAP in S&P futures was not followed by VIX.

Today was the lowest average trade size day in S&P 500 e-mini futures of the year so far (lower pane)...

 

Russell remains the post-peak winner as Trannies were blown lower by FDX among others today and are diverging notably...

 

HYG (red) underperformed SPY (green) and pulled lower towards its intrinsic value (dark red)...

 

AAPL underwhelmed (falling to yesterday's closing VWAP) with some heavy VWAP sell orders at the close...

 

and GS and MS stand alone  - now higher than they were when the S&P 500 topped out on 8/21...

 

Commodities didn't do much - aside from Copper which hugged back upto Silver...Oil is rallying after-hours...

 

 

Charts: Bloomberg

Bonus Chart - EURUSD ended today exactly where it opened after the EU Summit - interesting round-trip eh? 


 


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Wed, 09/05/2012 - 16:34 | Link to Comment Jlmadyson
Jlmadyson's picture

Euro about to feel the pain when Draghi plan amounts to nothing and Benny says we can wait longer.

+500K BLS Friday print.

Wed, 09/05/2012 - 17:08 | Link to Comment slaughterer
slaughterer's picture

Today was pre-Draghi portfolio tweaking.  AAPL profit-taking: some HFs need some liquidity for whatever Euroland trade they want to lose money on after Draghi tomorrow.  

Wed, 09/05/2012 - 16:37 | Link to Comment Zero Govt
Zero Govt's picture

As Elvis might have said if he were a trader "there's a whole lot of shakin' going on" 

Wasn't it Jerry Lee-Lewis?

Wed, 09/05/2012 - 16:40 | Link to Comment bank guy in Brussels
bank guy in Brussels's picture

Indeed, 'Whole Lotta Shakin' Goin' on', Jerry Lee Lewis in 1957

http://www.youtube.com/watch?v=8yRdDnrB5kM

Wed, 09/05/2012 - 17:12 | Link to Comment Zero Govt
Zero Govt's picture

post removed.. too close to the bone!

Wed, 09/05/2012 - 16:40 | Link to Comment Abraxas
Abraxas's picture

These charts are awfully gay (not that there's anything wrong with that). How about a picture of Miss Venezuela again?

Wed, 09/05/2012 - 16:43 | Link to Comment CunnyFunt
CunnyFunt's picture

Gay charts are hot!

Wed, 09/05/2012 - 16:50 | Link to Comment Xibalba
Xibalba's picture

looks like a fudgesickle

Wed, 09/05/2012 - 16:52 | Link to Comment Muppet of the U...
Muppet of the Universe's picture

Gay charts are strait as cock on cock action!  http://www.youtube.com/watch?v=eX9UurI-nR8&feature=BFa&list=PL1766AE15B0...

MURDER SHIT BITCHES.  Oh yea btw.  Fuck you aapl.  I would love to see you dive way hard if only it didn't make Goldman's 700 bill mark cap correct.

Wed, 09/05/2012 - 16:43 | Link to Comment SemperFord
SemperFord's picture

Just go here! http://agrowingconcern.tumblr.com/

 

But seriously, anybody that works for a manufacturer in California or anywhere in the US feel the pain? Sales are down 50% in the last 2 months, everybody is at the deep end of the pool to see who can hold their breath the longest and we have cut our staff by 40%. A company I deal with went from 40 employees to 16 and only 4 day work week. Should have been a banker, don't produce anything and get freshly printed greenbacks.

Wed, 09/05/2012 - 16:42 | Link to Comment Xibalba
Xibalba's picture

iGov....FBi....or CiAapl?

Wed, 09/05/2012 - 16:44 | Link to Comment Abraxas
Abraxas's picture

iGOR the hunchback

Wed, 09/05/2012 - 19:16 | Link to Comment monad
monad's picture

You consider why no Androids were on Stangi's laptop?

Wed, 09/05/2012 - 23:13 | Link to Comment mkhs
mkhs's picture

Because they have seperate files for each os?

Wed, 09/05/2012 - 16:44 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Doesn't the Fed have some repos to do?  < wink wink >

Wed, 09/05/2012 - 16:45 | Link to Comment Meesohaawnee
Meesohaawnee's picture

ground hog day

Wed, 09/05/2012 - 17:11 | Link to Comment slaughterer
slaughterer's picture

Love this googlefinance quote mistake today:

 Dow Jones: 0.00 -13,035.94 (-100.00%)


Wed, 09/05/2012 - 16:49 | Link to Comment RobinHood73
RobinHood73's picture

500 MILLION ADDITIONAL IPHONE SALES FACTORED IN SINCE EARNINGS MISS IN JULY??!!

 

 

 

Since the majority of earnings come from the iphone and

with roughly 1billion shares outstanding,

Each $1move up in Apple implies an approximately  further 5 MM unit iphone sales, if we assume an approximate 40% gross margin

 

-In the past 2 days, Apple has factored in an additional 50 MM iphone sales on an NPV basis

-Since earnings were announced  last July,  Apple price has discounted 500 million additional iphone sales!

 

Wed, 09/05/2012 - 17:01 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Can you buy an iphone with an IBT card?  Bullish!!

Wed, 09/05/2012 - 17:04 | Link to Comment BurningFuld
BurningFuld's picture

Just a few more months until Apple meets its Waterloo. Waterloo Ontario that is. The new Blackberry will be out rockin' the QNX operating system.

What's QNX?  http://betanews.com/2012/08/10/4g-lte-blackberry-playbook-makes-ios-and-...

Be nervous if you are holding Apple shares.

Wed, 09/05/2012 - 17:15 | Link to Comment JohnG
JohnG's picture

 

 

QNX is reeeeeaaaaallllyyy good.  Used to use it programming phone switches.  Fast and hell and never misses a beat.

Had a test PC blade running bullshit busy work for over 4 years with no reset.

Wed, 09/05/2012 - 16:50 | Link to Comment surf0766
surf0766's picture

I simply cannot believe that headline.  How low can they go. Boldface.

Wed, 09/05/2012 - 16:52 | Link to Comment negative rates
negative rates's picture

My dog could have told me that.

Wed, 09/05/2012 - 16:52 | Link to Comment Meesohaawnee
Meesohaawnee's picture

Today was the lowest average trade size day in S&P 500 e-mini futures of the year so far (lower pane)...        i dont understand. just yesterday bubble vision said that "the big money was buyin"

Wed, 09/05/2012 - 17:01 | Link to Comment e92335i08
e92335i08's picture

They are not going to annouce anything that will juice commodities! They are already soaring with brent and wti ripping high as well as RBOB, and the potential of another huricane lurking. Draghi would be a idiot and RBOB will surely surge and US gas prices will be well into the mid 4 dollar range if not close to 5. Does Obama want that going into the election?

 

I think NOT

Wed, 09/05/2012 - 17:02 | Link to Comment muppet_master
muppet_master's picture

aapl = its a has been

it has already peaked.....just like CSCO, MSFT, GE...others peaked in 2000.  if you don't sell your aapl shares @ $600+ (actually $660+ now)....you'll be a crying muppet when they fall  below $100.

remember those internet high-flyiers:  JDSU (down -95%), YHOO (down -90%)....and my favorite one (fav to short)...but is no longer in business:  hyseq = gene chip co.

i  think their stock was like @ $300 in 1999/2000 and then fell to below $10 in 2001..NOW bankrupt !!!! LOL !!!! but, but, "the maaaaAAAAAket always knows everything, its discounting, it can see the future" = a bunch of bs for the muppets to believe.

 

 

Wed, 09/05/2012 - 17:45 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

thxz, tyler

screwed down tight for another day but  it can't last;  of course.  and maybe it won't;  maybe it will for another time, times and a half-time L0L!!!

my main point all these months has been how ORDERLY these markets have become under the new bankstering LAW aka dodd/frank

the fact that no one else seems to see this or is free enuf from corpo- or poli- handlers to speak of it is MY problem?  nah?

here is the NYSE chart too:  PrudentBearHome

once i perceived what i perceive, i started writing about it

it has been 5-7 months, now;  i think i started WRITING ABOUT THIS ORDERLINESS in FEB maybe MAR

i simply said that having purchased the WellingtonFund in 1956, i have never seen anything quite like THIS before

and i wasn't paid to bullshit you;  i meant it;  and i still do, too!

dodd/frank is in effect for over 2 years now;  that's a fact, jack

rilly!

Wed, 09/05/2012 - 21:31 | Link to Comment Zero Govt
Zero Govt's picture

markets jerking around pretty normally Slewie, can you connect the dots between FrankenDodd and the admitedly lathargic grind of this current rally? 

..as per today on ZH the FD legislation does precisely zero to effect the big WS banks or their trading

Wed, 09/05/2012 - 20:03 | Link to Comment GoldbugVariation
GoldbugVariation's picture

Thanks for the heads up about QNX.  It runs Android apps as well, that seems like very big news, put it this way, I want one now, and I never felt like carrying around a tablet before as iPad doesn't really cut it as a serious business tool.

Sat, 09/08/2012 - 01:05 | Link to Comment lin3694
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