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Gold And Silver Win The Week As Dow Sees First Weekly Loss In Seven

Tyler Durden's picture





 

Volume was dismal - aside from a massive surge in S&P 500 e-mini volumes as the combo Bernanke bluff and ECB bond-band-rumor hit the tape and exploded stocks up from two-week lows. A late-day attempt to close the S&P green for the week failed and the Dow ended with its first down week in seven weeks - and largest loss in nine weeks - despite a magnificent centrally-planned triple-digit gain today (+100.1pts!) Stocks were 'aided' by new cycle highs in HYG as it saw its best performance in a month - amid massive fund inflows and heavy issuance (notably outperforming credit spreads in CDS land). The shift in HYG does look like some convergence trading with SPY though  - after a month of flat-lining. Gold (and even more so Silver) were the week's big performers (up 3.35% and 9.25% respectively) even as the USD only lost 1.1%. Treasuries ended the week better by 9 to 14bps (considerably different from stocks relative performance). The week was characterized simply as stocks bouncing between QE-off (Treasury strength) and QE-on (USD weakness and Gold strength) - on de minimus volumes.

S&P 500 e-mini futures tested to two-week low support and ripped back up to the 'low volume' node in the distribution of prices of the last two weeks - in other words, they needed to auction up here to see if anyone was a willing buyer/seller - and as is clear - that is where they stalled for now... (heavier volume came in at the close/after-hours)

 

and today's equity rip once again disconnected it from risk-assets after following them lower (and catching down to them yesterday)...

 

The Dow saw its first loss on the week after six weeks of gains and had its largest loss in nine weeks...

HYG rallied extraordinarily to new cycle highs - though was playing catch up to SPY it seemed - as it had also traded 'cheap' to intrinsics for a couple of days - supported by heavy fund inflows once again...

 

Yesterday's disconnect 'lower' in stocks to catch back down to Treasuries - was rapidly disconnected back up to USD and Gold QE-on today it seemed...

 

Buty we can't help but see flows into Gold and Silver...

 

and Treasuries...

 

as indicative of considerably more risk-aversion than QE-on fever.

 

Today's 'confused' market saw Treasuries selling off as stocks rallied
on QE-hope but gold treading water along with USD strength (hardly QE-on-like)...

enjoy the weekend...

 

Charts: Bloomberg and Capital Context

 

Bonus Chart: Medium-term S&P 500 e-mini - tested down to trend support - bounced but saw heavy professional selling (h/t @eminiwatch) into this 'bounce' to next resistance...

 

Bonus Bonus Chart: S&P 500 Sectors Post Tuesday morning's S&P 500 highs... hardly signals belief in the current rally with HealthCare unch (best) and Materials ugly...


 


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Fri, 08/24/2012 - 16:27 | Link to Comment Careless Whisper
Careless Whisper's picture

The Careless Whisper News Update & Threadjacking

QUOTE OF THE DAY: "The Entire Financial System Could Be Described As One Giant Ponzi; GET THE HELL OUT !!!   GET OUT NOW !!!"    (Ann Barnhart, August 14, 2012)

set to start at the quote;

http://www.youtube.com/watch?v=GwKGNO59pqA#t=9m00s

 

 

 

 

Fri, 08/24/2012 - 16:32 | Link to Comment lemonobrien
lemonobrien's picture

That chick is so fucking crazy; she's got guns, can shoot them, owns land/ranch; a super jesus freak; down with financials and derivatives; don't take shit.

 

I bet she is so hot in bed.

 

hmmmm.

Fri, 08/24/2012 - 16:37 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

I think lemonobrien wins "Reply of the Day Award" for this one...  LOL!

Fri, 08/24/2012 - 16:41 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

I bet she isn't.

Fri, 08/24/2012 - 19:02 | Link to Comment Monedas
Monedas's picture

She'd at least get an E for energy and effort !   You guys can be so cruel !

Fri, 08/24/2012 - 20:11 | Link to Comment francis_sawyer
francis_sawyer's picture

She looks like Snoopy...

Fri, 08/24/2012 - 20:35 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

L0L!!! his "quote of the day" is 10 days old!

and he jumps tyler's daily summary with it!

did ann happen to mention it MUST crash b/c of the low volume?  L0L!!!

i wouldn't trade with these snakes either, but that is just a personal choice!  however, i have advised others to use extreme caution especially if you must have counterparties, since (ann) they are NOT reliable after they get yer money awat from ya

up till then?  hey!  no problemo!  evah!  trust me!  and ann too!

Fri, 08/24/2012 - 16:49 | Link to Comment nodhannum
nodhannum's picture

Amen lemonbrien.  I would like to get her in the rack with my "tool kit"!  The kit starts with side burn trimmers and progresses on with a Seiko bikini trimmer and then ends with very fine nose hair trimmers...remember guys..."munching" is not a city in China!

Fri, 08/24/2012 - 16:58 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Choice recent Ann Barnhardt (barnhardt.biz), there is LOTS to choose from at her site:

 

"And that brings us to Timmy Cardinal Dolan, who I am now solidly in a position to call out for being the despicable treasonous jackass of a bootlicking sell-out pagan that he is. Yeah, if I can tell Putin to go violate the Sixth Commandment with himself, then Timmy, as a Cardinal and Prince of the Church, you DAMN SURE ought to be able to MERELY REFRAIN from attaching your kisser to Barack Obama's left butt cheek and sucking until your skull implodes."

Fri, 08/24/2012 - 17:51 | Link to Comment TWSceptic
TWSceptic's picture

Religious nutcase, Rand basher, extremist... no she's not doing the liberty/Austrian econ movement any favor this crazy bitch.

Fri, 08/24/2012 - 18:17 | Link to Comment TN Jed
TN Jed's picture

She's a virgin.  Hence, the crazy.  Shit would be epic though.  Bragging rights like a boss but I'm not ready to be some chicks wife.

Fri, 08/24/2012 - 18:56 | Link to Comment lemonobrien
lemonobrien's picture

Damn.

Fri, 08/24/2012 - 16:51 | Link to Comment SilverDoctors
SilverDoctors's picture

Ann also says it's time to remove your funds from ALL FINANCIAL INSTUTITIONS, not just futures markets like she originally called for.  She's now screaming to get the hell out of even deposit accounts...exact quote:

 

GET YOUR MONEY OUT OF THE FINANCIAL SYSTEM OR IT WILL BE STOLEN FROM YOU!!

http://www.silverdoctors.com/ann-barnhardt-get-your-money-out-of-the-fin...

 

 

Silver looking strong into the access close...can we make $31???

Fri, 08/24/2012 - 16:24 | Link to Comment Motorhead
Motorhead's picture

Charts, bitchez!

Fri, 08/24/2012 - 16:27 | Link to Comment JohnKozac
JohnKozac's picture

Wait 'till Momo and the PPT hears about this. They will not be Happy.

Fri, 08/24/2012 - 16:35 | Link to Comment silverserfer
silverserfer's picture

the T&A charts goes up and down up and down. bouncy bouncy.

Fri, 08/24/2012 - 16:37 | Link to Comment MillionDollarBogus_
MillionDollarBogus_'s picture

GATA’s Bill Murphy with some very interesting comments about JPM and PM's.

http://www.silverdoctors.com/bill-murphy-jp-morgan-is-finished-jpm-silver-scandal-will-rival-libor/

Loading up on physical silver and gold would seems to be in order...........

 

Fri, 08/24/2012 - 16:40 | Link to Comment robertocarlos
robertocarlos's picture

If we have a gold standard then how can the John Hancock building, for example, sell for 600 billion dollars whenn there is only 10 trillion dollars in the whole world? 

Fri, 08/24/2012 - 16:46 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

The John Hancock building wouldn't sell for 600 billion whatsits in that scenario.

Fri, 08/24/2012 - 18:54 | Link to Comment robertocarlos
robertocarlos's picture

So massive deflation is our future. I thought so. And don't say gold will go to 50k. If I didn't buy it at 750 I'm not going to buy it a 50k.

Fri, 08/24/2012 - 19:29 | Link to Comment Monedas
Monedas's picture

Take all the Ponzi money in the world (bonds, savings, cash, 401Ks) in all the countries and divide it by all the gold troy ounces in the world !  What did you come up with .... 50K ?

Sat, 08/25/2012 - 02:29 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Yes.  + 1

+/- $50 k....

Fri, 08/24/2012 - 16:42 | Link to Comment SheepDog-One
SheepDog-One's picture

Gee the dollar only lost another 1% this week? Taken in full since 1913 the FED nest of termites has eaten the dollar value 98% so whats another 1% even matter?

Fri, 08/24/2012 - 16:48 | Link to Comment Jlmadyson
Jlmadyson's picture

Weekend margin calls going to be all the rave talk real soon.

Liquidity? Heh. Collateral? Pssshh. Capital? Ugggggg, ouch.

Fri, 08/24/2012 - 21:02 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

it's you again!

with another "soon" too!

ka-ching!  pay him!

REAL soon!

what were you feelings abt this this time last year?  much different i would hope, for your sake

margin calls ARE terrifying tho

do you trade on margin or are you just trying to get people in the mood for some good ole zH negativity? we don't know much abt you...

i started trading actively in 1979 with an atari 800 and a modem i put the phone receiver INTO

but i already had a large portfolio od gold-mining ADRs when i get the "computer"

i never traded on margin tho;  it wasn't right for me and my family at the time and never became... what...?  "desireable"?

i hope you can understand and forgive me...

just curious:  are you scared or are you trying to scare others or both?

if others, whom are you tring to scare?  and why?

nothing is certain these days, but is fear the best answer? no, not for slewie, but you'll probly junk-fest me again for that...

...oh, well...

Fri, 08/24/2012 - 17:11 | Link to Comment Karlus
Karlus's picture

Its like she is the anti-Blythe.

 

Here is a hot pic of her:

http://1.bp.blogspot.com/-qdvCBa9sE4k/TaC4ULkaiZI/AAAAAAAAAU4/NTzBOm6j8b...

Fri, 08/24/2012 - 17:49 | Link to Comment Montgomery Burns
Montgomery Burns's picture
I love chicks with the "crazy eyes"!
Fri, 08/24/2012 - 20:06 | Link to Comment DanDaley
DanDaley's picture

If a "chick" like Ann loved you, she would take a bullet for you or kill a whole regiment of BA mo-fos, whichever came first.

Sat, 08/25/2012 - 02:33 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

Note the "Molon Labe" on her gun...

Yaah, single guys!  PROVE yourselves worthy...

Fri, 08/24/2012 - 17:54 | Link to Comment brace_brace_brace
brace_brace_brace's picture

Here is an excerpt from US mint website

The United States is honoring our Nation's Presidents by issuing $1 coins featuring their images in the order that they served in office.  The United States Mint issues four Presidential $1 Coins each year, with Presidents ArthurCleveland (first term), Harrison, and Cleveland (second term) being honored in 2012.   In December 2011, Secretary of the Treasury Timothy F. Geithner directed that the United States Mint suspend minting and issuing circulating Presidential $1 Coins.   Regular circulating demand for the coins will be met through the Federal Reserve Bank's existing inventory of circulating coins minted prior to 2012.   The United States Mint will continue to offer several products that contain Presidential $1 Coins.  See Scheduled Products Listing.

Your buddy Timothy ordered to suspend coinage?? Hmmmmm

Fri, 08/24/2012 - 21:22 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

that's interesting but as you say, numismatists knew of this last year and everyone was bashing timmah so hard, they didn't need the presidential dollars to add to the arsenal, i guess...

the program really wasn't very popular and it was quite expensive b/c those coins were business strikes and made for circulation, but nobody used them

now this decision was not made by timmah b/c he decided to suspend coinage b/c well he just suspended the one program of business strikes that wasn't very popular and pretty fuking dumb, too

why can't you figure that out for yourself?  are you ok?

the USMint has interesting histories.  being intelligent, well-read and educated you may have heard of the USConstitution

good!  what i find interesting is that the congress is placed in charged of the MINT there, but here we are in 2012 and the executiveBranch (Treasury) is "calling the shots"

there is a pretty interesting story there but i won't bore people with it, b/c it isn't abt bashing timmah and i've already pissed off everybody for about three days with actual facts when they want to emote instead about authority figures or something

so yes timmah did this to the business strikes of the presidential coin series b/c everybody thought it might be a good idea!  but he is still sending out the proofs and maybe some of the business strikes in the mintSets

what did it say about the mintSets?  i'm so sorry, but i honestly don't recall,  off-hand... 

this string starts at the top with a 10-day-old annBarnhardt hit-job and ends with a 9-month old timmah hit-job, both totally OT but hey!  hitting is so important here!

carry on, BiCheZ!  the foundingMothers woulda never made it without sharp thinking like this!

Fri, 08/24/2012 - 21:25 | Link to Comment silverdragon
silverdragon's picture

Silver Rockin an Rollin!

Fri, 08/24/2012 - 22:09 | Link to Comment gjp
gjp's picture

New all-time highs for AMZN, AAPL, WFM, HAIN, multi-year highs on the QQQ and obscenely overvalued CRM misses, still losing GAAP money, growth slowing with huge acquisitions but closes up on the day.  Ben continues to feed the hot money speculators, they don't give a fuck about volume.  What a disgrace.

Sat, 08/25/2012 - 01:44 | Link to Comment JJSF
JJSF's picture

The only chart to watch in gold http://mlatrader.com/?p=16

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