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Schizophrenia: Retirement ON By <1 DJIA Point, But Retirement OFF By <1 S&P Point

Tyler Durden's picture




 

This evening, as many boomers on the verge of stepping into the golden hue of retirement sit down for dinner and watch the news, they will be perplexed at their next move. The Dow closed at 13000.71 (just in the realm of the Fed's 3rd mandate to enable retirement) but stunningly the S&P 500 closed at 1399.48 (below the dreaded 1400 level that gives everyone a green-light to retire). Volume was average for the recent lows and despite the S&P 500 e-mini's 'tickle-algo' efforts to get back up to the day-session opening levels (cutting half the day's losses), the last few minutes of the day saw a plunged back down to the lows. AAPL fell over 1.5% - its worst day in five weeks - enabling NASDAQ to catch-down to the S&P in performance terms since the 8/21 highs (down ~1.2%) while the Dow Transports is down 3.8% in the same period. Healthcare and Staples outperformed (though all sectors were red today) as Energy and Tech were the biggest losers. A strong 7Y auction sent TSYs bid to the week's low yields this afternoon but the early comments from Europe were the driver of USD strength (EUR weakness) and Treasury strength - which implicitly dragged commodities (though mixed) and stocks lower. VIX traded over 18% just before the European close, fell back and then rose once again into the close up 0.75 vols to its highest in a month. As everyone holds their breath for tomorrow, the after-hours crack lower in S&P futures - to end at the lows of the day - suggests some urgency to cover longs (as opposed to hedge - as VIX did not keep pace).

 

It was the best of times; it was the worst of times...

 

The After-hours flush in ES was not pretty, heavy volume and large average trade size... anyone would think that the market was levitated just to allow the bigger boys out...

 

As average trade size (lower pane) rose very significantly as we tumbled 6 points (from the day-session open levels)...

 

NASDAQ is catching down to the S&P 500 as Trannies continue to suck...

 

NASDAQ weakness is in large part due to AAPL's coring - its worse day in five weeks - coincidence that it had hit that magic 20% weighting of NASDAQ level? who knows but we hope you traded on it...

 

Commodities were mixed - oddly - with Oil and Silver down from the US equity close yesterday but Copper and Gold unch

 

though all commodities are notably red on the week even as the USD is now fractionally stronger on the week (though the weakness in AUD -1% on the week is not encouraging for carry trades)...

 

Charts: Bloomberg

 

Bonus Chart: AAPL's worst day in 5 weeks... at a familiar level...



 

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Thu, 08/30/2012 - 16:33 | 2750598 Seasmoke
Seasmoke's picture

you must give up retirement until age 90....how else can the public employees collect their pensions at age 49

Thu, 08/30/2012 - 16:40 | 2750607 LMAOLORI
LMAOLORI's picture

 

+1 the public employee's another entitled class

 

Half of Americans Die With Almost No Money

 

Thu, 08/30/2012 - 17:59 | 2750810 css1971
css1971's picture

Another way to put that is.

 

"Half of Americans die having enjoyed almost all of their money."

Seems like a good way to go to me.

Thu, 08/30/2012 - 18:19 | 2750851 Stoploss
Stoploss's picture

God it must suck to not have your own self directed retirement plan.

Thu, 08/30/2012 - 17:14 | 2750688 Dead Canary
Dead Canary's picture

I'm 54 and on disability (bad heart). Can't get a job as a programmer. I will probably die before 65. I can't decide if I'm lucky or not. Strange as it may sound, I think I am.

Thu, 08/30/2012 - 18:23 | 2750858 LouisDega
LouisDega's picture

I hope you live a long time. If you have friends , family and the desire to love your fellow man, You are lucky.

Thu, 08/30/2012 - 19:01 | 2750939 Xanthias
Xanthias's picture

A couple of Mensches.  Solidarity.  DC, I've had my share of pink slips and bad news from the cardiologist, and I've somehow survived.  I take my pills, exercise, and try not to get too strung out.  For myself, I think one of the worst things I can do is let other people define me: I refused to think of myself as nothing but an unemployed invalid; rather I'm always asking what I have to offer, and I try to get out, work, contribute something, even if it's tangential and part-time.  LD's description of luck (and implictly true wealth) is the noblest expression I've read on this Web site.  Godspeed to you both.

Thu, 08/30/2012 - 23:24 | 2751455 DavosSherman
DavosSherman's picture

A lot can happen in a few years, hang in there!  Don't let the script kiddies who call themselves programmers get you down.

Thu, 08/30/2012 - 16:35 | 2750602 SKY85hawk
SKY85hawk's picture

Perhaps the ALGOS are threatening our Bennie?

See what we can dooo????????

Let's hope he has more courage than the other Pols  .  .  .

If you're too young to remember 1969 thru 1981, ask someone u trust.

If you were there recall the politician's responses.

It was a time of Stagflation.   That word will be used soon, in this era.

The 'Bob Hope" generation entered their 'spend less-save more' life stage.  YOUR Grandparents!

Understand that the baby-boom is in the same life-stage. YOUR Parents!

NOT ONE POLITICIAN WILL ADMIT THEY ARE HELPLESS to restart Growth! 

They will wait this thing out, just like before.

We must demand cuts in Government spending, to match cuts in REVENUE.


Thu, 08/30/2012 - 16:37 | 2750605 gjp
gjp's picture

wake me up when some real damage is done to US momo darlings (AAPL, AMZN, CRM, WFM, etc) - that's all the whole market is hanging on to and for now the brilliant fund managers using their sophisticated buy-at-any-price strategy are still winning

Thu, 08/30/2012 - 16:39 | 2750608 Hype Alert
Hype Alert's picture

Are we warming up for tomorrow? 

 

And

http://www.zerohedge.com/news/aapl-198-nasdaq-another-rebalancing-imminent

Thank you!

Thu, 08/30/2012 - 16:46 | 2750631 zebrasquid
zebrasquid's picture

No one much is talking about the usual September ugly market, so I take that as a good sign to be long some cheap puts.

Worked in May, in spite of its reputation most junior contrarians seemed to be thinking they would go against that....to their surprise, it did pay to sell in May.

 

Thu, 08/30/2012 - 16:46 | 2750633 mammoth mo
mammoth mo's picture

History shows bet with the FED.

I don't do it because it seems so wrong. 

Tonight is classic Dragon chasing by TPTB.  They have all the controls in the market, but are playing a game of catch with themselves.  There will be no QE but the market could still rise.  Tomorrow will not be the end, nor the beginning of the end, it will only be a continuation of the inevitable end. 

My guess a slight open downward.  Rumors buffered around rumors as they keep the ship steady - an annoucement of no QE but enough language in it to suggest this new program is just as good.  The market buys it and finishes flat....

As we wait on some news from Europe next week.

 

 

Thu, 08/30/2012 - 16:50 | 2750640 PrintingPress
PrintingPress's picture

Price Targeting FTW

Thu, 08/30/2012 - 16:54 | 2750650 Motorhead
Motorhead's picture

Charts, bitchez!

Thu, 08/30/2012 - 16:59 | 2750654 Yen Cross
Yen Cross's picture

 I hear ya tyler. ;-) Never fear, that elusive (1) spx point will get taken out long before the " Chairsatan" hits the PODIUM!

Thu, 08/30/2012 - 17:00 | 2750658 buzzsaw99
buzzsaw99's picture

still waiting for the river of blood

Thu, 08/30/2012 - 17:00 | 2750659 GraveyardSpiral
GraveyardSpiral's picture

Tyler: Trannies will always suck because it just ain't right, brother!

Thu, 08/30/2012 - 17:06 | 2750673 RmcAZ
RmcAZ's picture

So the late day sell off means no QE3 announcement, right? People "in the know" bailed before the non-announcement.

On the other hand, with this market, it's probably the opposite.

Thu, 08/30/2012 - 17:11 | 2750682 FuzzyDunlop21
FuzzyDunlop21's picture

I can see there being a bump tomorrow reguardless of whether or not helicopter Ben sees his shadow because this shit is fucked.

Thu, 08/30/2012 - 19:21 | 2750988 lotsoffun
lotsoffun's picture

i won't do it because i have the 30 day holding period.  but btfd.  bennie is singing tomorrow and he's going to make every cantor of the past look like an amateur. moses couldn't have sung better if he'd had a burning bush in his 401k portfolio. 

 anything lost this week will be doubly repaid positive.  anybody short is going to get crushed.  bennie crushs shorts.  you need to believe in the fed, the us economy, the us people.  yourself.  the fed.  they are working for you!

bennie's got your back.

 

 

Thu, 08/30/2012 - 17:16 | 2750695 otto skorzeny
otto skorzeny's picture

How bout-'This evening as Baby Boomers sit down in their underwater house to eat their cat food and look forward to working til they die as their out-of-work recent college grad offspring with $100K in student loans fires up another bong in the basement '-fixed it for you

Thu, 08/30/2012 - 17:20 | 2750717 Yen Cross
Yen Cross's picture

otto skorzeny   Recent out of work?

Thu, 08/30/2012 - 17:34 | 2750756 Squid Vicious
Squid Vicious's picture

what time does Ben S. open his bagel-hole tomorrow, anyone?

Thu, 08/30/2012 - 17:57 | 2750804 Yen Cross
Yen Cross's picture

  Here ya go Squid Vicious.    http://www.forexpros.com/economic-calendar/

    10:00 a.m. ( est)

Thu, 08/30/2012 - 18:35 | 2750881 Brazillionaire
Brazillionaire's picture

How could AAPL fall 1.5%? That's not possible... something is bad wrong...

Thu, 08/30/2012 - 19:29 | 2751017 chump666
chump666's picture

Bernanke's put is somewhere on the Dow 12400 range, Mario's is higher.

5% to 10% wipe-out coming

Again, indust commodities and equities have to re-couple, with iron ore/copper at depression levels.

 

Fri, 08/31/2012 - 02:12 | 2751647 q99x2
q99x2's picture

I guess it won't be me that's retiring tonight. I quite working a long time ago. I wasn't cut out for it. I have a brother that worked for 3 weeks as a roofer. He quit too and hasn't worked since. I got married 3 times. They all wanted me to work. I'm divorced - 3 times!

Meditation is a much better way to go. Dancing at the feet of the lord. All is bliss. All is bliss. JM

Can't wait to hear what the ChairSatan doesn't say tomorrow. He should quit working too. Maybe he has. How would we know.

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