Unlucky 21 As 3:30PM Ramp Proves Helpless To Preserve Streak

It's just not fair!! Today started off so well with Monday's late exuberance (which now looks like front-running the Tuesday gift) extending overnight through Asia and Europe and pushing beyond the open in the US. Then we started to fade - no news, no catalyst, just S&P futures tagged the ledge level from Friday's late dump. As the day progressed blame for the weakness in equities was put at Esther George's 'speechless' hawkishness - but Treasuries rallied on that weakness, hardly a sign of Taper concerns. We suspect the selloff was as much about the BoJ REIT-buying news as it was simply the retaliation of yesterday's bounce. Of course, 330 Ramp Capital played their part with some mild JPY weakness momentum ignition (and VIX was slammed), S&P futures scrambled up to VWAP - and stopped... This was the worst Tuesday in over six months... but as Maria B says "Anyway you look at it, this is a victory!"

 

 

 

The last 22 weeks of Tuesdays! It's over!

 

Will the Tuesday exuberance mean-revert?

 

Totally normal ramp to a totally human VWAP level... makes perfect sense... and from that point on it was all downhill!!!!

 

and in close up - nothing unusual here at all...

 

Credit markets had quite a day (major range and weakness)...

 

But elsewhere, asset classes were in general more subdued. Relative low ranges in FX markets...

 

The risk-asset proxy CONTEXT shows today's equity market movement was considerably more noisy than FX, rates, and commodities... the big shift occurred betwen US open and EU close once again...

 

It seems 3:30 PM Ramp Capital is at least trying as the rumor is that the Tuesday Total Return Fund has just been slammed with SAC-like redemption requests

 

Charts: Bloomberg and Capital Context