Goldman's Humorous Summary Of Today's Market Action

Tyler Durden's picture

From Goldman's Sales team:

Stocks off just shy of 1%, which erases most of yesterday’s gains, which erased most of Monday’s losses. After tomorrow, will you be able to say that Thursday’s gains erased most of Wednesday’s losses, which erased most of Tuesday’s gains, which had erased most of Monday’s losses? With apathy running high and conviction low, that sounds just as reasonable as anything else.

Retail sales this morning was disappointing, but most of the day was spent chopping around unchanged. It wasn’t until 2pm that the selloff began, so can’t point to data, or to Europe for that matter. Out flow actually skewed modestly better to buy, so no explanation there either. SPX ends down 9 at 1315 (-.70%). The DOW ends down 77 at 12496 (-.62%). The NASDAQ ends down 24 at 2819 (-.86%).

The EURUSD squeeze continues as the pair trades to a high of 1.2611. As always, there are reasons for the rally: more mutualization speculation, the FT reports that France is pushing for a more comprehensive stability package – with the ESM funding direct bank recaps as a first step, risk reduction ahead of Greece’s election, USD selling as the FOMC approaches. But none of this squares particularly well with the price action elsewhere. So it’s back to being a positioning driven event. Elsewhere, FX trading mostly as expected – dollar stronger as stocks selloff last in the day

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IMA5U's picture

chop chop


armageddon is upon us 



barliman's picture


You are aiming to high ...

... this isn't Greece level of clever.

Maybe a former Saturday Night Live writer has been hired inadvertently by the Goldman Sales team.


Au_Ag_CuPbCu's picture

Well seems Goldmansucks IS capable of simple,math.

Muppet Pimp's picture

Can we just sell off already?

RacerX's picture

so, who's on first?

blackbeardz's picture

sounds like Goldman's fingers are all Greased up for the Spain thats coming and they havent even been French kissed yet. Ciao baby.

chump666's picture

Everyone is losing it. 

Including Goldman

slewie the pi-rat's picture

everybody wants a trend to befriend, but i'm tellin youse:  everything is gonna be screwed down tight till it ain't, no more

and i've been trying to point out this unhnn, ... reality for several months now

so the squid got it!  anybody else?  Hahahaha! 

people do have such fun pretending the sky is falling when everything is screwed down tight! 

or that the next QE will send everything to 30IndustrialHeaven

the screws may come loose;  but people still don't seem to understand what is actually happening and how daBoyz control the CTRL+P fungicide-claimed purse money;  but with ZIRP4evah, only daNominal'llEvahBphenomenal and the predators themselves get ww.austere_rations;  unless they can get their victims to demand prime rib4them


if a crisis evah goes to waste, wake me up, ok, BiCheZ?

Reese Bobby's picture

"So it’s back to being a positioning driven event."  I'd try to figure out what that could possibly mean but I don't think it would be healthy.

Catflappo's picture

missionary?    doggy?   reverse cowgirl?

ihedgemyhedges's picture

Married 18 years here.  Believe me, I'd take any of them..............

slewie the pi-rat's picture

this is true zeroHead timing

11 years late to scratch the 7-year itch

not that there's anything wrong with that...

Yellowhoard's picture

I like my market analysis like I like my wine.

Sophisticated yet vulgar.
Sexy yet lardy.
Powerful yet wimpish.
Robust yet blandish.

Catflappo's picture

Hmmmm..... nothing for the muppets to get 'wrong-footed' on there.    So I'm not even really sure why GS published it...

Boilermaker's picture

When do the futures start their mechanical climb upward? God knows they have to be positive by all means.

there must be some constant underlying buying program that literally never shuts down, just constantly buys non-stop 24 hours a day.

you enjoy myself's picture

particularly noticeable over the last 2 weeks or so has been the ramp in ES that happens literally right after the closing bell.  SPX and ES will stay largely in line the whole day, then right at 4:01 ES starts diverging upwards by 2-5 points.

junkyardjack's picture

Euro is setting up to be bullish

you enjoy myself's picture

this complacency is going to cause some serious carnage when the floor finally falls out.  Ben has succeeded in conditioning everyone, for the last 3+ years, that any pullback of 50-100 points or so will be met with enough bids to eventually send it to higher highs.  no matter what the macro or micro conditions are, it'll happen - he's given an implicit guarantee that he'll turn on the spigots in order to protect your 401K.

the problem is that when the Fed eventually loses control everything will be dropping from artificial and leveraged highs.  portfolios will get crushed instead of just impaired.  if we were sitting somewhere between 900-1000 you could have some confidence that you were investing at close to fair value, that any losses you took were just a result of some technical oversold condition and would eventually bounce back.  instead we have a five foot tall Jenga tower.

disabledvet's picture

Not related to news from Europe? From stand up comedy to stand in comedy it would appear. Would Goldman prefer an entire US Army Corps moving for some real laughs?

czarangelus's picture

You're all missing the real story here, which is the incredible pathos and existential despair the Goldman entity is apparently capable of. With no one at the helm, and a market that's become completely unpredicatable after a series of utterly contradictary interventions, the Goldman has lost its emotional mooring and is now adrift on a sea of uncertainty. The genius of the Goldman shines through, its cries of voracious hunger at last falling into a mewling grief, as the Goldman looks down at the gazelle it has just brought down and has a sudden flash of insight that it, too, will one day dissolve back into its constituent elements.

q99x2's picture

Repudiate the end is near.

RoadKill's picture

God Goldman do I have to do this for you?

Sell off was due to no one wanting to be long into Italys debt auction as well as Egans downgrade of spain making the likihood of a bad auction higher. We continued to sell off after hours on the second downgrade.

Personally I think tomorrow will be red because of italy and prep for grexit this weekend. But who knows. If we do go green I picked up some fire sale nat gas stocks at the lows today. Just lile yesterday I bought some TZA at the highs (after hours at 21.13) and sold it for a nice profit this am.

Zero Govt's picture

"After tomorrow, will you be able to say that Thursday’s gains erased most of Wednesday’s losses, which erased most of Tuesday’s gains, which had erased most of Monday’s losses? "

Uh ?

These Goldmanites (village idiots) are going to Davos, you can just tell

GubbermintWorker's picture

And they get multi-million dollar bonuses to come up this double speak? Man, I went into the wrong business.

RobotTrader's picture

Anybody going to The Hamptons this weekend?


I'm sure the JPM crew will be out there celebrating:

1) New uptrend in stocks

2) Congress totally bumbled its grilling of Dimon

3) Gold and silver collared, checked, and choked again

whoopsing's picture

Robo takes the train to the hamptons....nuff said...

RmcAZ's picture

At these levels, all S&P gains and losses have been wiped out since June 2008, and September 2006 before that. And April 1999 before that.

dcb's picture

I was going to write an e-mail to tyler to see if there was a way to do a forensic analysis of today, nanex, volume, etc. Alas the prop desk into that ZH used to publish is no longer in the public domain. When I see really funny stuff like today that should get some kind of investigation it makes me wonder. I know the official reason won't be the real one. so maybe some informed ZH readers can tell me. I've been attpmting to make make some kind of trading charts the last few days and really haven't ben able to find much of a pattern


makes me think about pluge protection team back in the day when Zh did publis the prop desk flow and you couold see gldman on certain days was trading something like 30% of total market volume and the market just wouldn't break lower at all. or the time with went down jan to march in an exact channel and the times I thought it should break once mpre goldman was trading obscene volumes.


I'm not saying it's goldman this time, I just know that today was a six sigma kind of day. What ever algo was running the show things have ahcnaged up a bit and I can't easiy find the system.

4 hour nd two hour chartking seem OK. I link to do weekly, but hard to do it with the past two weeks to get a sense of anything.

I just see the powers that be being afraid the markets will collapse if we break the 200 day average and the head and shoulders formation happens. (europe and emerging markets. I know the s and p is the only reason markets went to high this spring with my inex fund system the only one that went above last springs high was the s and P (not europe or emerging). I thought that was very strange that the us would be so different. I think algo manipulation is the cause. after all when the majority of stock markts across the world, representing the majority of people in the world don't make a new hig, and the us does something is f'd up.

Well those are my thoughts for now.

Please help!!!

slewie the pi-rat's picture

the price behavior you find perplexing in the stock markets  is due to centralBankster fire drill rotation and a strong us dollar...

[nothing is f'd up in the sense that slewienomics can't make up something practically true...]

...this makes the stocks which trade in the dollar seem strong...

[it is currency wars in reverse;  instead of: stocks go up b/c we are devaluating the damned dollar relative to other competition and getting more fiscally competitive

we get:  stocks go up b/c different correncies are being printed internationally and the dollar is benefitting b/c most of its printing took place last year and now twisting rates are somehow getting the dollar stronger because we are not printing too much right now, but benefitting from deflation, somehow, with a very strong currency]

...b/c benzelbub has NOT QE 3'd, us stocks are benefitting b/c we do have enuf liquidity to handle the cashiering of deflation and we also have focused on financing the Treasury, now, which is the most prudent course, currency-wise

this is stuff which has been plain to me for quite a while, as you may know...

and i may be a bit biased, but it seems slewienomics is taking some serious fuking scalps here too, btw...

dunce's picture

Leaderless country, leaderless market. Wandering with out a map or method.

bluemaster's picture

Market looks so bearish I have to go "long"  only oposite of logic made me money this year .

Look like somone counting traders position ;-)


dcb's picture

after spending long hours yesterday on uyg and skf (ultra financials and inverse) I come up with down trend resumed. we didn't hit trend line top upwards on 6/11/ or 6.7 on 6/12 we broke the lower low of 6/8 of course for normal traders this would trigger a stop loss, but the algo's often run up where opthers trigger stop losses. this is the algo manipulation game. it's why you can almost always buy at last weeks low, it goes down a bit then back up to not a higher high the break down on 6/12 if with humans or high volumes would have produced a drop to a lower low.

because of these stupid algo's we get these slow motion descents that are designed for prop desks to max income and it can last for months.

Alas the powers that be don't think there is anything wrong with market structure, and that's why people are leaving stocks in droves.

At one point the market was a vehicle for investing funds, it morphed because of the big banks into something to make profits for trading. that was the end of the markets, and it really has gotten to the point where they don't function anymore,

I consider it a very bad sign that we didn't get above the high on the s and p avoe the high of 6/7 yesterday we should have (to continue the up trend at least touched the high of 5/29 and 6/11  for sure gone above y=the high on 6.12

if we didn't run an algo fixed market the downtrend would have been confirmed on the break below on 6/12 dropping to where the bottom of the actual down slope channel is.

what I hate about the algo's is they will maintain this down channel at almost all costs.

part of it is my fault, charting sso vs s and p. if you do weekly channels the top is rather clear tand the action makes sense. expect a big drop in my view

on s and p weekly bottom from 3/30, 4/13 5/18 lines up as a descending channel on weekly tops from 5/4 and 6/13.

hope that helps all, I didn't see this yesterday and my channels were different. I think the revision is a bit better

dcb's picture

also keep in mind that last w two weeks of quarter the banks have to fudge their books with repo 105 type actions to make them appear to be more healthy than they are. a practice they still haven't done away with. I usually keep this in mind and should have thought anbout it.

forget it, I can't tell based on charts.