This page has been archived and commenting is disabled.

Market Snapshot An Hour After Speech

Tyler Durden's picture




 

Volume picked up significantly after Bernanke's speech was released, providing little (if any) new fodder for QE3 equity-market-hopers and once again pressing for Congress to act. ES has dropped around 1% led by financials.

Financials lost ~1.2% and Discretionarys ~1% from the release of the speech

And perhaps the Treasury market understood this better than the equity market as early as yesterday morning

Of course, DXY is making new highs, Gold near highs and oil near lows of day and over in credit-land HY is 15bps wider and IG 3bps wider with financials notably wider on the day.

 

UPDATE: by request - Dollar Index FX Majors performance today (up is stronger dollar)

Charts: Bloomberg

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 09/08/2011 - 14:46 | 1647155 SheepDog-One
SheepDog-One's picture

QE D.O.A. 

Bernanke is clearly stating it for his friends who have ears.

Thu, 09/08/2011 - 14:48 | 1647163 Clueless Economist
Clueless Economist's picture

Obama Guest List for Jobs speech tonight:

The White House invited several guests to attend President Barack Obama's speech to the nation on jobs:

JEFFREY IMMELT -- Chairman and CEO of GE; chairman of President's Council on Jobs and Competitiveness.

STEVE CASE -- Chairman and CEO of Revolution LLC and co-founder of America Online; member of President's Council on Jobs and Competitiveness.

DARLENE MILLER -- Owner of Permac Industries, a small business in Burnsville, Minn.; member of President's Council on Jobs and Competitiveness.

KENNETH CHENAULT -- Chairman and CEO of American Express; member of President's Council on Jobs and Competitiveness.

RICHARD TRUMKA -- President of AFL-CIO; member of President's Council on Jobs and Competitiveness.

GOV. MARTIN O'MALLEY -- Maryland governor; chair of the Democratic Governors Association.

MAYOR MARK MALLORY -- Two-term mayor of Cincinnati.

MAYOR ANTONIO VILLARAIGOSA -- Two-term mayor of Los Angeles.

DR. ALBERT GREEN -- CEO of Kent Displays, a small business in Kent, Ohio.

JAN HEISTER -- President of Premier Tooling and Mfg, Inc., a small business in Peosta, Iowa.

PHILIP MAUNG -- Owner of Hissho Sushi, a small business in Charlotte, N.C.

GRACEY IBARRA ---- Certified nursing assistant and mother of two children.

JOSPEH KIDD -- U.S. Navy veteran; studying pre-nursing.

JOHN RAFTERY -- U.S. Marine Corps veteran; CEO of Patriot Contractors, a construction firm.

NICOLE GENTILE -- Third grade teacher in Cleveland, Ohio.

KELCIE FISHER -- Senior at Open High, a public high school in Richmond, Va.

HECTOR SEALEY -- Corporate director of safety, risk management and compliance officer at Fort Myer Construction.

KIRK BERGSTROM -- Project engineer with Denver Transit Partners.

DAVID CATALANO -- Co-founder of Modea, a digital advertising agency in Blacksburg, Va.

DANNIE AND SABRINA MANGRUM -- Dannie is a Maryland corrections officer and Sabrina is getting her teaching degree. Parents of three children and anticipating adoption of three foster children.

JESSICA PICKETT -- Firefighter and medic with Fairfax County Fire and Rescue Department.

MARLENA CLARK -- Systems engineer at Maryland IT company and graduate of Anne Arundel Community College.

TAMARA WASHINGTON -- Single mother; obtained a job through the Temporary Assistance for Needy Families Emergency Contingency Fund.

Thu, 09/08/2011 - 14:49 | 1647173 Clueless Economist
Clueless Economist's picture

Immelt???

That murdering SOB Trumpka? (see Eddie York killed by Trumpka's thugs)...are you MUCKING KIDDING?

Thu, 09/08/2011 - 15:10 | 1647276 JW n FL
JW n FL's picture

thank you for the info..

how about the youtube link for Eddie York??

http://www.nrtw.org/files/nrtw/Trumka%20Fact%20Sheet.pdf

Union officials from 56 affiliated labor unions have decided to make Richard Trumka Big Labors new Top Boss.

Let me tell you a story about the AFL-CIOs new top man:

In spring 1993, Trumka ordered more than 17,000 miners in seven states out on strike. His objective was to force miners to pay union dues as a condition of employment. From the beginning, Trumkas strike was rife with violence. Thugs vandalized homes, fired shots into mine offices, and trapped 93 miners underground by cutting power to the mine.

But that wasnt the worst. No doubt, the wife and three children of Eddie York will never forget what Trumkas troops did on July 22, 1993. On that day, Eddie wasn't as fortunate as the trapped miners. This husband and father of three was shot in the back of the head as he drove past militant Mineworker goons.

Eddie never got the chance to hold his children again.

Eddie died that day just because he wanted to provide for his family.

To make matters worse, Trumkas goons pounded would-be rescuers with stones keeping them from trying to help Eddie.

Trumka's public reaction is as chilling as it is revealing.

When, shortly after Eddies murder, Trumka was asked about the union orchestrated violence, he said, if you strike a match and put your finger in, common sense tells you you're going to burn your finger. Youre going to get burned?

This was brutal violence including a murder that Trumka was talking about so casually.

In June 1994, a federal jury found Mineworkers strike captain Jerry Dale Lowe guilty on conspiracy and weapons charges in the death of York. York's widow filed a lawsuit against Lowe, Trumka, and several other Mineworker Union officials charging that Trumkas strike tactics and directives had contributed to Eddie York's death.

For four years, forced union dues paid lawyers to zealously fight Widow York's wrongful death suit. But it was a judges order that federal prosecutors release evidence from Lowe's criminal trial that turned the table.

After that bombshell, it took Trumkas lawyers just two days to reach a secret settlement. Until the very day of the settlement was reached, Trumka and his cohorts defense strategy was to insist that strike captain Lowe was innocent even though a previous Mineworkers-financed appeal had been dismissed by the U.S. Supreme Court.

Union lawyers apparently couldn't afford to concede that Lowe had committed the crime and claim that he had acted alone. Why not? Perhaps because there was overwhelming evidence, now buried as a result of the settlement that proved Lowe worked with other union bosses not alone.

http://www.youtube.com/watch?v=pUVpJnHZNw8

Thu, 09/08/2011 - 15:16 | 1647320 CoolBeans
CoolBeans's picture

Thank you for sharing this data - very disturbing and a story that must be told and told and told.

Thanks for posting.

Thu, 09/08/2011 - 17:28 | 1647864 Hedgetard55
Hedgetard55's picture

Expect that times a thousand in the next 15 months.

Thu, 09/08/2011 - 14:49 | 1647172 redpill
Thu, 09/08/2011 - 15:38 | 1647390 Sancho Ponzi
Sancho Ponzi's picture

'Bernanke "puzzled" (lol!) by weak consumer spending'

That is pathetic, is it not? 

Forget demand, Ben. Forget 'slack in the ecoomy', Ben. There isn't a liquidity trap, Ben. You've got cause and effect backwards, Ben. The US is in a balance sheet recession. Consumers and small businesses are broke. What is so hard to understand? What is wrong with that knucklehead? 

Thu, 09/08/2011 - 14:48 | 1647162 SheepDog-One
SheepDog-One's picture

DXY making new highs in what, other collapsing fiats?

Thu, 09/08/2011 - 14:51 | 1647179 redpill
redpill's picture

That's why DXY is a joke.  Instead of being a basket of other currencies, it should be a basket of commodities.

 

Thu, 09/08/2011 - 15:01 | 1647239 EscapeKey
EscapeKey's picture

Personally, I like the rising value of my scratched CDs relative to broken records, though they're not doing too well compared to smashed windscreens. I wish I invested in them instead.

Thu, 09/08/2011 - 15:12 | 1647282 redpill
redpill's picture

Is that the broken window theory?

Thu, 09/08/2011 - 14:49 | 1647165 Belarus
Belarus's picture

The only tool is an  empty, outdated and tired smith and wesson without bullets. The market has long woken up to it. the only thing keeping the market from crashing for the moment is the algo-hfts. 

Thu, 09/08/2011 - 14:49 | 1647174 Qa
Qa's picture

USDCHF 1.99%

USDDKK 1.41%

USDSEK 1.17%

USDNOK 0.74%

USDCAD 0.56%

USDJPY 0.26%

EURUSD -1.40% GBPUSD -0.05%
Thu, 09/08/2011 - 14:51 | 1647181 Clueless Economist
Clueless Economist's picture

wow that Fiat is worse than USD? Incredible

Thu, 09/08/2011 - 14:53 | 1647195 digitlman
digitlman's picture

Fuck Bernanke.

 

 

 

Thu, 09/08/2011 - 14:55 | 1647208 alien-IQ
alien-IQ's picture

Consumer Credit report at 3PM could be the nail in the coffin for today. Watching for $DXY break above $76.35 and it's off to the races.

Thu, 09/08/2011 - 15:07 | 1647262 AlaricBalth
AlaricBalth's picture
Consumer credit increased at an annual rate of 6 percent in July 2011. Revolving credit decreased at an annual rate of 5-1/4 percent, while nonrevolving credit increased at an annual rate of 11-1/4 percent.
Thu, 09/08/2011 - 15:00 | 1647232 DaveyJones
DaveyJones's picture

it's like having our 911 early  

Thu, 09/08/2011 - 15:07 | 1647260 JW n FL
JW n FL's picture

 

 

they all have to go.

or...

they will make you go.

until you figure out for yourself why this is in fact true, nothing will change.

Thu, 09/08/2011 - 15:08 | 1647271 mfoste1
mfoste1's picture

the market just said "ehhhh fuck it"

Thu, 09/08/2011 - 15:14 | 1647300 wherewasi
wherewasi's picture

 

See Bernank enjoying the laugh about the CNBS moviie and being played by Paul Giamatti?   Hillarious, right?

 

Hey douche-hole... did you forget about the millions unemployed and homeless?  Keep laughing asshole.

Thu, 09/08/2011 - 15:15 | 1647312 BurningFuld
BurningFuld's picture

If Bernanke does not want to do QE3 there will be no QE3.  Until about January that is, because there is simply no other way to finance .gov. The maths don't work. This sucker might go down. Mission Accomplished.....etc.

Thu, 09/08/2011 - 15:19 | 1647340 Aunty Christ
Aunty Christ's picture

Hey Tyler, what's with the changing of the ratios on the S&P vs the 2/10/30 butterfly? For the past week S&P ~ 1190 translated into a hopium value of ~75; today it's ~57???

Thu, 09/08/2011 - 20:44 | 1648891 Qa
Qa's picture

Looks like Tyler uses the e-mini continuos contract @ES. It could be that the calculation shifted from the September delivery ESU11 to December ESZ11 today. When this happens, it is common to adjust the entire series by the cumulative adjustment factor so the current price of the series is the same as the current price of the current contract.

Thu, 09/08/2011 - 15:23 | 1647352 web bot
web bot's picture

Just another insane afternoon. Dow down -190, gold up 2%+, silver up 2%+, USD Index up 0.7, Euro down -2.0...

Bots, algos, PM manipulation... something's coming folks...

Thu, 09/08/2011 - 15:34 | 1647402 Stoploss
Stoploss's picture

All i know is there is one hell of a spread running. And with the euro trouble, Athens down 4% + somethin aint right, i agree.

Thu, 09/08/2011 - 15:41 | 1647430 MFL8240
MFL8240's picture

Anyone watching the clown act with the USDollar?  Godam markets atre so courrpted its just laughable.

Do NOT follow this link or you will be banned from the site!