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The Quietest Morning In A While
From Peter Tchir of TF Market Advisors
The Quietest Morning In A While
S&P futures only managed 2 moves of 1% so far. That qualifies as stability in this market. Credit indices are all a little bit better on the day, but off their tights. MAIN is currently at 170, or 4 tighter in the day. It got as tight as 166. It is trading close to 10 bps rich to fair value. Basically a strong indication that hedges have been taken off, or people are long for a trade, but the underlying markets with higher bid/offers, and a large backlog of potential new issues, hasn't been as fast to declare the "all clear" signal.
Those hoping for some great announcements today out of the meetings in Poland have been largely disappointed. But the great thing about those waiting for big positive announcements, is now they are expecting them over the weekend.
Nothing has changed in Europe and none of the comments support the view that a Greek default is off the tables.
Investors have gotten longer or less short, and S&P breaking 1200 and holding it (unlike Wednesday's late day fade) has encouraged more bullish positions. We may continue to rally, but it seems like it is running out of steam, and watching CDS markets, the bid/offer seems to widen on every move wider. Seems like that market in particular remains more nervous than stocks, and is concerned about a potential gap wider.
Greek 11 month bonds did finally rise today, but a price of 54 isn't an indication that anyone is really betting that a solution will be found or that this can kicking can go much further.
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its not BTFD anymore, its Buy the Fuckin' Rally
calm before the storm?
Weekend will be full of surprises methinks.
Yes, you might even say a little too quiet...
yeah, gene, im feeling it too...
like a real shoe is about to.....
yeah, like all the banks have been briefed on the upcoming greek default and aren't touching this market, so its just some dumb retail and a few algo's running around
We are in bizzaro world where everything can be fixed just by talking about it and throwing money around lik a rap star.
The problem is you have to actually do what you say and the average rap star has a career that lasts about three months and then has to go back on welfare.
Ah hahah, if you walpaper over termites it looks good for a little while. good one Santelli.
All quiet on the Western front.
Yeah...and...the TIC Report is a damn disaster!
News are no longer bad enough to rally.
No news is good news, but bad news is good news for this up market.
Win Win and why not more Win
I agree very quiet....and the big news didn´t change the upward roll of the markets...my stomach tells me somthing is up...I feel wierd
Gold, Bitchez!
Just kidding. However, I saw this article on Drudge this morning and immediately thought of "The Brother from Planet O" from williambanzai7
Boehner: Obama Like Talking to a Person from Another Planet
The Brother from Planet O - Photo
I got a bad feeling about this, Chewie.
Major wall of worry could = major face ripping rally on surprises so shorts retreat / AU down, bonds down, right?
Yea its quiet, Solyndra is blowing up. Largely to cover the FAR BIGGER scandal Fast n Furious which is now linked directly to the deaths of many americans.
Solyndra is $500 million bucks...govt gun running up to the highest levels for the PURPOSE of false flagging american gun owners has resulted in murders of americans.
THE BIG STORM IS STILL AHEAD, NOTHING HAS CHANGED, LITERALLY! ITS OPTIONS EXPIRATION, TRADITIONALLY A MANIPULATED TO THE HILLTS DAY, OPTIONS TRADERS IN THE PITS HUNTING DOWN STRIKE PRICES, AN ILLEGAL MOVE BUT WE ALL KNOW WHAT THE SEC ID RATHER LIKELY DOING!!!
CALM BEFORE THE BIG STORM?! MAYBE! MAYBE NOT! ALL I KNOW IS THAT THIS SICK RELINACE ON GOV SUPPORT/INTERVENTION WILL END BADLY WHEN MOST PARTICIPANTS LEAST EXPECT IT, WE'RE LIKE A CAT WITH SHARP CLAWS NOW, WALKING ON AN INFLATED BALOON!!! THE LEVEL OF MANIPULATION HAS REACHED AN UNPRECEDENTED POINT AND YOU CAN ONLY PUT "THAT MUCH PREASSURE" ON AN INFLATED BALOON, IT DEPENDS NOW HOW FAT THAT CAT REALLY IS!!!
dude slow down and take a breath! we get it !
Glad I could help! :))))
When it hits, it's going to hit from left field, just like August when everyone was obsessing about the US debt ceiling and the hammer came from Europe. This "rally" has no substance, no legs. Some fool on another thread yesterday claimed the market was rallying on bad news as it was looking past the "bad news" - well it's been a long time since equity markets were that prescient.
There is no market.
high volume to the rescue. hopeing for a somewhat normal day.
'Somewhat normal' being +2% across the board?
Michigan #'s ...cut and paste?
Feels like a red close to me today.
Reading for a slow morning:
http://www.dhs.gov/xlibrary/assets/cfo-afrfy2010-vol1.pdf
Always when I read about volume it's related to a 'low volume meltup'. Is the inverse possible as well? Can we get a down day on low volume?
"off their tights" indeed.
Given the 97% equity correlation data, almost impossible for the markets to sit "quietly" for very long. Particularly with all the interventions. Absent a smackdown on PMs, there ought to be a steady climb for Au and Ag. Unmanipulated, that should move some currencies and their alter-ego equities.
And someone out there surely has been saving up some bad news for a Friday-afternoon news whitewashing...
Yeah, this quiet is unnerving to say the least. Wierd.