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Did QEternity Finally Kill Stocks? S&P Futures in 1 Point Range Last 2 Hours
Volumes are dreadful this morning in cash and futures. S&P 500 e-mini futures (ES) have seen a ridiculously low 5pt range since the open last night but in the last 2 hours, the ES has traded in a 1 point range between 1456 and 1457! Meanwhile Dow Transports are deteriorating again...
Clearly dominated by the algos as ES clings to VWAP...
but Trannies are losing steam again...
Charts: Bloomberg
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Someone is asking for directions. Which way to Gold?
when algo parameters are set to SHORTING vs current word cloud float up, we shall see SP return to 600 quickly.
MOAR STRONGERER!!!!!!
-P Krugman
Ha Ha.
I can just see all those quants scratching their heads trying to figure out transforms for infinity.
It's the rise of the European Monster that's killing stocks. QE is a dollar killer, and of course since stocks are measured in dollars, QE will send stocks up and up and up (although down in real terms).
When Spain begs for a bailout and accepts conditions (handing over its sovereignty), there will be nothing left to hold the dollar from crashing through the floor.
O/T but um.. Brent just flash crashed almost $6. WTF happend?
Was it a chart anomoly or does any one know why today started with 10,000,000 trade volume at the outset on the DOW?
Hmmmm. Suspicious...almost imperceptable. Look at the daily chart right off the bat. You would almost miss it.
World Peace broke out!
You just may have the right tree to be barking at.
Yea for world peace!
And now we return you to your regularly scheduled war.
Correction, flash was about $3.50ish.
Still, any word? Margin hike time?
Someone must have gotten hold of the memo announcing the SPR release for October.
+ 1
My guess is on the insiders just found out the SPR release is a done deal.
Kudos, WH making a statement that they didn't tell the insiders anything. Nancy P and John B are high fiving and heading to Filomena's to celebrate.
You know it's true when it's officially denied.
One point range?
Market stability achieved!
Heckuva jorb, Timmah and Benron!
Ben will never ask for directions until he thinks he is completely lost.
By then we will be somewhere in Juarez Mexico and I sense there may be people who want to take our tires...
And lives
These are typical market movements. Add a little, pause, step back a bit and comes back up. Still do not see a change in the character of the market to start a major correction. GLD faced a first level resistenia at $ 175 and a much more important in the $ 185.
QEternity: Nice. Quick, Tyler, trademark it.
FYI- It's been "QE to Infinity" for years by Jim Sinclair
Timmah's license plate.
http://acme.com/licensemaker/licenses/license_20120917110001_33637.jpg
.
plus no jews today..rosh hasnana or whatever you call it ..its a holiday for them and when they arent around volume dries up (gee i wonder why)..lol
AND tomorrow.
opex week takes over, next week starts the window dressing end of the month
end of the quarter.... Fixed it for ya
This is what happens when ALGOS get confused...Bad news is no longer good news and the MARKET has no way to assign VALUE or RISK to any announcements anymore!!
Price discovery? What a novel concept. Sorry, but once fraud and moral hazard take over the value of paper promises will revert to their true value, fucking zero. The last time the world had real price discovery there was something called a gold/silver window.
"This is what happens when ALGOS get confused"
This: http://youtu.be/wdXU4R8JBe4
"Get the brokers back in here, turn the machines back on...turn the machines back on"
Trading Places
Aggregate demand is gonna collapse ..its already been collapsing.
No one has any savings... no one wants to get what little money is available to be thrown into the market completely scalped coming and going, as well as to face the inherent risks of a market with prices obfuscated from but a select few... no one wants to give any juice to the people performing the transactions knowing the way they behave... further, the cost of living continues to increase which puts additional pressure given the lack of savings and those with any assets (probably on fixed income) necessarily must withdraw unless performance can outpace general price increases (not likely)... in addition, we have a whimsical regulatory market that may change its mind tomorrow regarding the tax rate and other matters concerning your assets...
Don't tell my Mom I'm a day-trader,
She thinks I play piano in a whorehouse.
rusha-homa
Since Bernanke and Draghi pronouncements and policies have disconnected markets from economic reality, I suppose it doesn't matter a whit that the S&P range is so narrow on low volume. Real traders will turn to gambling on sports teams and political races and weather predictions, where at least stats and such can be studied with more reliable correlations than the fraudulent equity markets.
This is just more disruption, intended or not by the Fed and financial cabal, and this time it is brokerages and "public" market mechanisms that are being disrupted into bye-bye land.
Pausing to let millions of sidelined retail investors back into the "action".
Remember HAMP when loan servicers were overwhelmed by foreclosures/refis? The Fed just repeated the Administration's clubbing of the servicers.
Distort! Distort! Distort!!!!!!!!!!!!!!!!!!!!!!! Fed is engaging in shadow fiscal policy by supporting Obama's loan mod programs.
http://confoundedinterest.wordpress.com/2012/09/17/unintended-consequences-of-the-feds-qe3-mbs-buying-program/
I believe volume is scheduled for tomorrow followed by a move higher on Thursday.
It would be the ultimate black swan for qe3 to have the exact opposite effect and crash the market.
That could never happen! Everone is sure Capt. Ben is ready to launch the lifeboats with plenty of time to spare.
How can markets drop when NOBODY is afraid to hold? Right,right, right- anyone, anyone?
<sarc> (is this necessary?)
They probably forgot to tell you the lifeboats weren't ashteically pleasing so they cut the number in half...and your in 3rd class.
Dead cat dead. Road kill in the sun with legs up.
Come one Bernanke, print those dollars! We all need to "feel better" about our 401(k)s.
Beeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeep.
"It's dead Jim."
Obviously it wasn't big enough.
Credit demand?
Unleashed Stagflation on All.
The Fed is allowing a down day as the statisticians are getting twitchy when tracking the probability of having an up day, every day, to infinity. The Fed will step in an buy if the HFT start to sell off and of course the circuit breakers will kick in as well. Market will continue higher till at least the elections.
Everything's back to normal. Stocks down. Yields down. Must be time for that crash everyone's been talkin' 'bout.
This corpse needs juicing. Who will be first to start the QE4 rumours?
QE4? Haven't you heard,we now have QE On-Demand®.
The Fed just put a heating pad under the corpse. See, its not dead. Thermometer indicates a slow but steady recovery, but let's keep the heating pad on anyway.
just watch fox b when they go to nicole p on the floor on the nyse, most of the traders on the floor have one thumb in their mouth and the other up their ass playing switch! wont be long when they are standing in the unemployment lines.
Reggie's AAPL doing well ;)
How many times do we have to repeat it. This is no different from 2008.
Thx to Zerodhedge introducing us to Flow vs Stock we can conclude:
FLOW (INFINITE) CAN DEVOUR STOCK (FINITE).
The more securities they buy and remove from the market, the lower the volume will get, hence the deeper the crater when it crashes. No different from 2008. They gave money to Bear Stearns and Lehman until there was nothing left to buy.
Question: Since there are no more suckers, what is left to buy in the market that Primary Dealers have not bought already by the use of continuous flow?
ES is in 'Flash Mash'
Eternity is now priced into stocks
The process of debasement will undermine the con(fidence) in the following order:
1. electronic indirect financial instruments (stocks)
2. electronic direct financial instruments (treasuries, all non-paper assets including banking account balances)
3. all paper assets including legal tender
The real question is, when will the tangible assets decouple from the intangible? And even more thought-provoking, what will THAT look like?
"We need to find new buyers"
Or force them? Who know's what they'll do. First thing raid social security and put it in the blackhole, maybe transfer a few digital zeros out of Israel and claim they are buying are overpriced fucking garbage. Don't worry, these deuchbags aren't done yet lol.
They're out there on Wall Street right now by the name Occupy Wall Street so at
least they want something there!
WTI flash crash
And gold, silver, equities...
Mostly commodities and FX. Equities, barely registering, still in near-coma condition. They only participate when it's going up.
yep...WTI just went WTF!
wtf. ok, what or who just got taught a lesson in crude?
Wow, nuts
currency wars - back in vouge
jb
The Detail
Check the action of the category Asset Mgr Long
If that isn't uncle ben and the boys???
<iframe src="https://docs.google.com/file/d/0B16Nxp5pgJBzWHM0NG4wRDlOVW8/preview" width="640" height="480"></iframe>
Dont worry, the retail investor will now swoop in to buy any and all shares held by mutual funds and hedgies just in the nick of time (to lock in their 2012 gains). Now that QEoo (infinity) is in full force the reatil sector will have lots of new jobs and boat loads of excess investing money.
Ha! Ha!
Forgive me if someone has already said this; I perused all the comments heretofore and havent seen it... If we now have QEternity, doesn't that mean that there is no longer anything for the stock markets to anticipate, and therefor front run? Doesn't a "New Normal" mean... um, "Normal?, i.e. no reason to expect anything new and exciting?
What's left for markets to hope for? Certainly not organic recovery. What, realistically, could make "moar"kets rise from this point except maybe a real live resurgence in consumer employment and spending?
As Marc Faber said, what is still unknown is when all of this will come undone. Could be Dow 15,000, Dow 20,000 or Dow 100,000. What makes markets rise is the unlimited inflow of fiat money into it.
been wondering the same thing. now that if there's "bad" news, there's no more going up just becuase "bad" news means QE. QE happened. as Tyler mused the other day after QE: "Does this mean bad news is bad again?"
Jewish holiday kids through tomorrow. That's why we have such light vol.
commodities selling off.. is the margin hiker in chief revvin up?
How in the world are PMs flat/trending down in this environment. I was expecting more upward move today.
it means, it isnt sufficient, you need 100 times bigger QE ;)
Someone dropped a EMP on Wall Street and killed the algos...
nice idea!
We could rent some space, steal power from the tunnels and build a huge f-ing magnet to whack all the colocated wires going to the servers. We might be able to induce enough current to fry the servers.
Nah, too complicated. Probably just an office microwave with some Chimmy Churry sauce clogging the door's safety switch; door popped open but the power stayed on...
I'm looking and luaghing at some of the hot money favorites that rose las week only to fall hard today.
QE Stimulus On, profits taken, now what is everyone going to do for the next four years, eleven months, and 361 days?
This always makes me laugh!!!!
http://www.youtube.com/watch?v=qqF83-FmVpM&feature=player_embedded
bump me if you like it!
Last Fri
9/14 I said to sell EVERYTHING !! i called spx 1475, eur 1.315 = THE TOP !!
some people don't know how to BUILD POSITIONS and RIDE...that's why they are stupid daytraders and make peanuts !!
just wait for a series of massive drops to spx below 1050 and eur to below 1.05 = then i'll come back and announce i'm covering shorts !
http://www.zerohedge.com/news/marc-faber-fed-will-destroy-world#comment-2795103