S&P 500 Futures 'Plunge' 1.25 Points - Most In 10 Days!

Tyler Durden's picture

Don't panic. Change is good. The S&P 500 futures market somehow dropped 1.25 points today - its worst in 10 days! - and yet, shock horror, data was positive, European leaders offered more jawboning support, and Treasuries weakened. NYSE volume remained bleak but S&P 500 e-mini futures (ES) volume rose to its highest in over a week (yes - we were stunned too - volume picked up as selling began) amid reasonable average trade size (especially as ES lost 1400). After VIX's implosion yesterday, it ramped over 1.25 vols higher today - testing back to 15% late on. The USD leaked higher all day, back to unchanged on the week (while Copper/Gold/Silver are all down 1.2-1.3% on the week - having gapped down on positive data this morning). Oil remains green on the week and spurted modestly higher on the day. Treasuries are still under pressure - not getting much back as equities sold off into the close - higher/steeper in yield by 4-8bps on the week now. Of course - the closing rampfest was inevitable as that stunning 4 point drop in ES was rapidly 'tickled' back up to near VWAP into the day-session close - though we note that ES was unable to get green and unable to reach the safety of VWAP with heavy 'down' volume after-hours. Cue 'Asian-opening-gap-worm' algo.


What? A red close in ES? also note how the 50 and 100 DMA are getting close to a bullish cross...


Equities (blue) ignored the good-is-bad news that gold/FX/TSYs saw initially but in the end leaked back down to the same levels...


FX markets - while the USD is unchanged on the week now - are very dispersed with AUD weakness (carry off?) and EUR strength relative to the USD...


Commodities are clumping together in a QE-off sense - though WTI remains bid as Iran headlines among other things hold it...


and highlighting the late-day stick-save...

note ES closed at the pre-Asian-gap levels and volume ramped up notably as we sold off...but of course in the end...

Last Second Stick Saves Will Continue Until Morale Improves

Charts: Bloomberg

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Gubbmint Cheese's picture

the horror.. the horror.



Mugatu's picture

When one of the biggest morons in the world calls you an idiot, you know it must be true!

Precious's picture

You MUST push the button!

sixsigma cygnusatratus's picture

I survived the GREAT S&P CRASH OF 2012!!!!!!!!!!!!!!!!!!!

Silver Bug's picture

Wheres the plunge protection team when you need them!!



CClarity's picture

Olympics over.  Back to athletic "feats" by the Central Bankers, with assists from the paid for pols and bankers that can break any law only to be fined 1% of their ill gotten gains.  Amazing, yet now the norm.

vast-dom's picture

that'd be the pole-vault that impales the already raped muppets. cramer wants fed to cut rates NOT for underwater homeowners but for his bankster pals since he needs to prop those insolvent institutions -- but why? let them fail! let them lose jobs. i mean, we have 10+% unemployment so what's a few thousand more? hahaaaa this system MUST collapse.

bagehot99's picture

Cutting rates, or principal, for underwater homeowners? I presume you are advocating stealing from the owners of the debt, to give to those who borrowed too much.

This sytem is collapsing because clowns like Geithner (and you?) think they can turn things around with just a spoonful more intervention, bailouts and debt.

Bankers don't typically own mortgage securities, they sell them, and they get picked up by retail investors and institutions (who are pools of individuals in insurance and pension funds). Principal cramdowns are the worst kind of theft from responsible savers to irresponsible borrowers. Right up Obrezhnev's alley.

Hohum's picture


I understand your righteous indignation.  Beware, though, if such borrowers don't get relief and then wake up one morning and think "I am leaving this house."

Id fight Gandhi's picture

Oh no, we need QE to the rescue.

Squid Vicious's picture

methinks ben shalom not gonna have the cajones for QE3 with Brent at $115... so this whole 80 point rally in the S&P is based on...? Olympic Fever?

NotApplicable's picture

I always get a good laugh when I see someone who thinks Bennochio is allowed to decide anything.

He's nothing but a facade for the real deciders who seek the shadows, not the public stage. FFS, Jamie Dimon likely outranks him.

Dr. Engali's picture

I was scared when I saw the red..started freaking out, running all over the place like a Karma on fire, grabbed my bug out bag,my AR and a bag of gold. It was scary man...my wife had to slap me in the face to shake me out of it....scary shit man.

NEOSERF's picture

Report on MW that Greece is going to ask for 2 more years to implement austerity ...do I hear Angela screaming?

Memphis10's picture

Waiting for VIX :)

Flaming Ferrari's picture

Plunged 1.25 points! Splendid! I've been wating for this. Can I BTFD now? Draghi and Bernanke got my back so I should be gearing up into this "corrrection"

Yen Cross's picture

 The German QoQ GDP was marginally better. The YoY sucked ass. " data was positive, European leaders offered more jawboning" support



German GDP (YoY)  0.5% 1.0% 1.7%
Mugatu's picture

They dropped?  Must have been a software bug in today's trading program.

NvrGivUp's picture

Nice taste of reality.... More to come. In other news Latin American Leaders Ponder the Decriminalization of Their Largest Exports: http://www.escapefromamerica.com/2012/07/latin-america-leaders-unite-to-...

US to follow in 2-3 years

Money By Trading's picture

Still in the GDX trade...for now.  Gonna let my stops work.  Crap out in gold this morning still insignficant from cycles standpoint.


Arnold Ziffel's picture

House prices are also still plunging in some areas...I visited my nephew in his "strong economy college town" in central texas and too-many-to-count boxes are on the market for less then $50 psf and they sit there for months....what a disconnect between MSM and Reality.

Many the S&P will enter the Real World this Fall. Who knows?

rsnoble's picture

Well let's see, since another article on here mentioned something about "no clients to fleece" perhaps they'll create some. We can start with mandated personal retirement accounts and confiscating social security.

Some of these bastards were reported to have recently said "retail is our bread and butter". If that doesn't tell you to stay out of the black hole nothing will.

YesWeKahn's picture

Someone must have to squeeze Bernanke's balls for this. The market must end green!

semperfi's picture

Sorry to be off-subject here but I just have to vent:

The problem with Romney and most conservatives is that there is not a drop of leadership blood in them.  He (they) are a bunch of wusses afraid to stand up and take it to Obama and the rest of the fucking liberal democommunists. Say what you will about Reagan, but at least he had the balls to stand up, diplomatically spit in their faces, and take the fight to them.  99% of the current crop of conservatives are a bunch of fucking wusses!  We need someone to give Obama a verbal beat-down ass-whuppin, which even a 5th grader can do.

semperfi's picture

Actually we need someone to come along and vaporize all the corrupt psychopathic control freak facists in govt.

FRBNYrCROOKS's picture

Take your meds!!!! Reagan=Obama, new boss is same as the old boss, fiscal cliff=500 trillion in new defense spending (HR 5856 112th Congress) http://www.gop.gov/bill/112/2/hr5856.

So as everyone freaks out about a 10% cut, across all programs, the 112th Congress was busy appropriating 500 trillion dollars in new defense spending that, if passed by the Senate, would not be subject to sequestration.

I have, way, to much time on my hands to be able to read, research, all of the chichanery deliberated by the traitors in the sitting Congress.

Thanks for your service Mr. Marine.

resurger's picture

No way, closed in Red!

amadeusb4's picture

Market doesn't top on bad news. Once all buyers are in, they start looking around the room to see who starts leaving.

gookempucky's picture

AU froze at + 3.03------------------------------zzzzzzzzzzzzzzzzzzzzzz something broken again.???? nevermind.

Dr that slap was a breakin moment for the future stasi interrogationssssssssssss.

funny shit doc.

CvlDobd's picture

I would comment on the market but I believe that Mr. Durden's sarcasm in this post is the real standout performer of the day.

edb5s's picture

Went into VXX today at $11.39, now I have to decide when to unwind it. Already saw a 3-4% gain.

Cheshire's picture

Funny :)

Darkness is spreading .....

absente reo's picture

Until jobless claims start rising, you can forget about any meaningful declines IMO.  Even when they do, it could be months before it falls heavily again.

chump666's picture

This market is dying to correct or crash.

And yes, cue is Asia.

chump666's picture

decoupling equity trades with collapsing commodity prices...frightening.