SPY

Watch as programs protect the 200 DMA in the SPY.

Intraday below: bounce right off the 200 DMA (white line)

First time in over a month where 1-2pm intraday low volume breakout has been rejected by the market.

The high/low beta pair trade is not working out too well either: IWM underperforming SPY substantially. Hey Credit Suisse, how is that $20 bn+ ETF basis trade working out for you today?

Just like yesterday, the SPY is bouncing off the June low (white line) technical resistance level. Directive #2 - protect the white line.

Just like yesterday, the SPY is bouncing off the June low (white line) technical resistance level. Directive #2 - protect the white line.

Nevermind the negative market breadth. Nevermind that there is absolutely no liquidity in the market. An election result in Iran is sufficient for programs to rape TICK (peak at almost 1,500? Come on - make it believable at least) and for JPM to gun the SPY for a little Friday ETF love: as if an excuse is really needed. (And now it seems both parties are saying they won. brilliant)

JPM trading nearly 50% of advertised SPY volume; MS trading over 60% of advertised IWM.

Indicative snapshot of SPY trades.

JPM trading nearly 50% of advertised SPY volume; MS trading over 60% of advertised IWM.

Indicative snapshot of SPY trades.

Everyone's favorite SPY gunner, chain smoker and owner of the 60th fastest supercomputer in the world is putting retirement plans on hold (hopefully not because he plans on driving the SPY to infinity+Pi), and instead is trying to dump a multi-billion portion of RenTec to China Investment Corp, just as that great regulatory Rip Van Winkle f/k/a SEC woke up from hibernation and decided to poke a tad in the East Setauket books.

[youtube=http://www.youtube.com/watch?v=zOZnRUZKf48&hl=en&fs=1&]

Down market got you feeling, well, down? JPM Red Bull (with or without coca plant additives) gives you (and the market) wings.

In other news, the Bberg SPY INDEX IOIA is now macro'ed to JPY.

Everyone's favorite Prime Brokers were working overtime today, chomping at the bits for those 3.1 and 3.9 million SPY blocks. Amusingly, JPM which today hopes to have met and exceeded Tiny Tim's capital needs (surprisingly Morgan Stanley thought the same before it was told it needs to raise more and more), had its CEO say the following yesterday:

Everyone's favorite Prime Brokers were working overtime today, chomping at the bits for those 3.1 and 3.9 million SPY blocks. Amusingly, JPM which today hopes to have met and exceeded Tiny Tim's capital needs (surprisingly Morgan Stanley thought the same before it was told it needs to raise more and more), had its CEO say the following yesterday:

Everyone's favorite Prime Brokers were working overtime today, chomping at the bits for those 3.1 and 3.9 million SPY blocks. Amusingly, JPM which today hopes to have met and exceeded Tiny Tim's capital needs (surprisingly Morgan Stanley thought the same before it was told it needs to raise more and more), had its CEO say the following yesterday:

Everyone's favorite Prime Brokers were working overtime today, chomping at the bits for those 3.1 and 3.9 million SPY blocks. Amusingly, JPM which today hopes to have met and exceeded Tiny Tim's capital needs (surprisingly Morgan Stanley thought the same before it was told it needs to raise more and more), had its CEO say the following yesterday:

Somebody is really getting reamed by the SPY - IWM hedging dislocation today.