While Cramer exclaimed this morning that his 'cult' stocks were unstoppable, the MoMo names were crushed today (for no good reason) with NFLX, FB, P (late saved by AAPL), and TSLA all monkey-hammered (as rumors of a major option algo going pear-shaped spread). Meanwhile, the S&P rose for the 9th day of the last 10 and closed once again at another all-time high above another magical level - 1750. Markets keyed off the weakness in the jobs report (ignoring the construction spending beat) and ran in a Taper-off-related manner across all assets - USD was battered, Bond yields compressed, Gold and silver soared. Oil prices did not follow the pattern leaking to $97.60 (-3% on the week). Market internals today were very "glitchy" though... EURJPY was in charge once again but VIX remains bid (and higher on the day), and while credit rallied, it remains less exuberant than stocks.
The market was a mess today as clearly algos went nuts early on with indices soaring and the widely held momo names bashed (and AAPL's mini flash crash) suggesting someone was knocked out of their market-hedged longs...
From last week's lows... this is just unreal...broadly...
and in sectors...
Treasuries bid...
USD sold...
But EURJPY ran the world today...
Gold and silver in demand... (but oil not so much - not exactly "growthy")...
S, we wonder... the Fed did not Taper last time because EVERYONE was expecting it... This time around, not only are the bubbles bigger (stocks and credit), the market technicals worse (fails are up), data is just as nebulous (some bad, some good)... but this time EVERYONE expected No TAPER... are you ready for shOctTaper...
Some seem more worried than others... notice the rise in VIX at the open even as stocks surged higher.... and the top came when AAPL flash-crashed... very fishy
And here's a close-up of the early going...
Charts: Bloomberg
Bonus Chart: NFLX is now losing out to Caracas as best performing idiocy of the year...
[5]