Only one clip possible really...
Before we start, we want to note the major convergence of technical signals that is occurring in S&P 500 cash market... (Fibonacci Time and Price extensions, downtrend resistance, and 100-day moving-average resistance)
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Source: @NautilusCap via @Not_Jim_Cramer
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Of course, the story of the day was the evisceration of Valeant...*ACKMAN SAYS HE HASN'T SOLD A SHARE OF VALEANT.. but the bounce died when they issued a 2nd statement via CNBC
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Which weighed on Biotechs...
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And dragged Nasdaq lower on the day...
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As Algos bounced The Dow back to unchanged but were unable to hold it..
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Quite a day for Stocks - Dow ~700 points of swing...2 words - Gamma bitches!!
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Don't say we didn't warn you... (via Mr.Gartman) [17]
We are still of the opinion that the “bear market” that began in late May ran its course, when stocks at their worst were down just a bit more than 19%. We look for stock prices still to move higher, and to finish the year higher, but likely not materially so. As such, we are buyers of any intra-and inter day weakness on balance for that is what one is to do in a bull market."
But note every ramp in S&P Futs stalled at VWAP as institutional sell orders were filled...
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As VXX was "used" and "abused" to creats every turn...
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The Dow clung to unchanged on the week but Small Caps, Nasdaq, and S&P all turned red...
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VXX had its best day in a week...
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Ferrari was a "flop"...
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Treasury yields plunged all day...
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As Stocks tried twice to decouple and failed...
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The USDollar rose notably on the day, thanks to CAD weakness (no rate move) and JPY 120 Tractor...
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Commodities all lost ground on the day (as The USD rose) but crude was worst, even with its crazy bounces..
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Which slammed Crude to its lowest in a month...
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Charts: Bloomberg
Bons Chart: Another Recession Indicator...
CAT down 25% YOY = Recession? pic.twitter.com/lq1MKSJn7T [28]
— Not Jim Cramer (@Not_Jim_Cramer) October 21, 2015 [29]
Bonus Bonus Chart: S&P 500 Ends The Day Perfectly Unchanged From The End Of QE3
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