For the first time since July 2011's plunge, and with almost half its components already in bear market, the Russell 2000 looks set to experience a 'death cross' in the next few days (50-day moving average crossing below the 200-day). But don't look at that - the S&P 500 and Dow hit new record highs (despite market internals slumping) today ahead of the BABA IPO to keep the dream alive just a little longer ahead of tomorrow's quad-witching malarkey. Today's action was dominated by dismal housing data (demolishing yesterday's exuberance in homebuilders), Poroshenko's "Ukraine invasion" headlines, and hopes ahead of BABA and Scottish votes. USD down on the day, commodities down, bonds unch, stocks... UP.
Russell 2000 Nears Death Cross...
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As market internals collapse...
ALL ABOARD??? Uhm, no pic.twitter.com/jBmi8553tU [11]
— Not Jim Cramer (@Not_Jim_Cramer) September 17, 2014 [12]
With "Most Shorted" stocks dumped into the afternoon...after the big squeeze open...
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Since the FOMC statement, things changed quickly for homebuilders...
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And financials were the post-FOMC big winners - but credit continues to ignore that relative exuberance...
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Just like last time...
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Gold ansd silver were smashed early on but bounced back after Poroshenko's "Russia has invaded Ukraine" statement to The US Congress...
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And while stocks bounced back from the initial plunge, they struggled to hold post-Poroshenko gains... before the utter buying panic that happened in the last hour
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And on the week, while The Dow surges, Russell 2000 managed to get to unch after the usual late-day buying panic saved the day...
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Treasury Yields stabilized today after the post FOMC kneejerk - unchanged...
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Credit weakened into the close...
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FX markets saw USD weakness on the day, giving back most of the post-FOMC gains.. on EUR/GBP strength outweighing JPY weakness...
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USD Up, Stocks Up becomes USD Down, Stocks Up...
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Commodities dropped on the day - despite USD weakness...
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Stocks caught up to USDJPY's overnight ramp... led by AUDJPY all day again...
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As both WTI and Brent slipped...
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Charts: Bloomberg
Bonus Chart: While GBP vol is heavily bid, the modest recovery in cable today suggest traders think a "no" vote is coming - but don't seem convinced relative to the decline...
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And here's how undecideds made up their minds...
#indyref [28] Might help the undecided ? pic.twitter.com/bMEmbhv4Pb [29]
— Jon Tait (@jon_tait) September 18, 2014 [30]
