Stocks Up, Bonds Up, Gold Up, & Dollar Down But 'Middle-Class-Miracle' Fades

Odd day. Low volume, small range in stocks. Good macro. Some questions over just how 'miraculous' Trump's tax plan will be for the middle-class... but the day's trend across FX, bond, and commodities was set early on when Asia closed and dollar-sellers, bond-buyers, and precious-metal-purchasers came back to play...

 

Risk is "Contained"...

 

Tech stocks disappointed today (Nasdaq was red until the panic-buying into the close) as Trannies outperformed...new record for Russell 2000, S&P and Trannies

 

VIX was clobbered again desperate to keep S&P green above 2507.5...

 

Value slightly outperformed Growth today...

 

While most major stock indices ended green today, we note that "high-tax" stocks actually underperformed, wiping out yesterday's exuberance...

 

And while most sectors clung to a slight gain, Retailers were under pressure...

 

And FANG Stocks ended in the red...

 

Treasury yields were mixed on the day with the long-end underperforming...

 

And while US Treasuries stabilize, we note that 10Y JGBs are back near the 'BOJ Panic' 10bps yield limit levels (having unleashed unlimited buying in Nov, Feb, and July to stop the selling pressure)...

 

10Y Treasury yields ended the day unch as buyers arrived once Asia closed...

 

The Dollar Index rolled over today after Asia closed (first down day this week)

 

The question is what happens next?

 

Bitcoin closed marginally lower after yesterday's big day...

 

 

Gold managed to close green (barely) after rallying non-stop from Asia's close...

 

Don't forget that after tonight's close in China, it's Golden Week and we know what happens to gold...

Comments

Bigly Thu, 09/28/2017 - 16:05 Permalink

Since I am in Commie blue state, I am pretty sure Trump's tax plan will result in my paying way more.More. More. MORE.How do you like it? How do you like it?

Keltner Channel Surf Bigly Thu, 09/28/2017 - 16:15 Permalink

That's the least of your problems, 'cause if you can remember that tune, then you must be middle-aged like me :)   Health care will soon be your chief bugaboo …'Top 40' surely peaked in the 70s, a non-stop eclectic mix of tunes, many rather audacious in their single-minded solipsism (i.e., ‘we know this sucks, but you’ll be humming it in your sleep soon …’)Here's a link to that proto-disco, embarassingly wretched classic:  https://www.youtube.com/watch?v=lQV-w0pnZ3U

In reply to by Bigly

D.r. Funk Thu, 09/28/2017 - 16:40 Permalink

I reset EWV, I reset FAZ, I reset&added to TZA, I reset&added to UVXYOne of the aims of the overaggressive (index) manipulation is psychological extinction, of bearsNot happening to me. They know it. I zero my positions. Don't have to see any red. I maintain allocation. I'm outlasting them (YOU-THEM)

D.r. Funk Keltner Channel Surf Thu, 09/28/2017 - 18:04 Permalink

Basic and simple concept but I appreciate. Definitely not amusing that I-myself feel we're up against the globalist world order. I'm a permabear and not exiting my inverses ever. I believe that a part of all the manipulation going on is a conscious psychological component/game. Resetting: selling&rebuying an inverse to negate the only reason indexes are increasing (CB, pseudo CB, and proxy CB programming). Merely that they (Tptb) don't get to see me with red in my acct, or that I don't have to see it (mitigating massively the path of capitulation) Part of what they're doing based on many observational factors is eliminate anyone trying to beat them, and fuck with both sides!!of course!!

In reply to by Keltner Channel Surf

Keltner Channel Surf D.r. Funk Thu, 09/28/2017 - 18:59 Permalink

Though I assume you are a parody account (having fun with ZH ‘stereotypes’), a reply to your assertions by a full-time trader may be useful … or not, you decide:Indices aren’t manipulated green by some single, nefarious overlord (akin to the ancients viewing the sun and assuming a God of Fire driving a chariot across the sky was the only possible conclusion), in fact we’ve had many red days.  However, ‘programming’ is the key word in all medium time frames, where the COLLECTIVE action of algorithms, most of the mean-reverting variety, is the main driver of price action.Each day key levels are hit, though, contrary to conspiracists, they aren’t pre-determined, but instead the result of intra-day battles, largely by medium sized quant firms (big banks’ shitty recent trading results tells you they’re behind the curve).  For example, today SPX ended at the 2.0 weekly Keltner Channel top, NASDAQ the 1.5 Weekly top, DOW the Daily Keltner 2.0 while the QQQ’s bounced between the Daily 50 & 20 MAs.  There were other nearby levels other machines would have preferred, but lost out on.  Today was rather sleepy, though there was clear evidence of action at highs and lows. Do these daily algos always win?  No.  In the Russell, which has bounded above its weekly AND monthly volatility envelopes, without question machines who automatically shorted at these levels have had stops hit, giving evidence that non-passive buy-siders (a rare breed these days) have entered on a ‘tax reform’ allocation, or perhaps a short-term hedge-fund performance painting trade, with small names easily goosed on light volume.Ninety-five percent of trades are between institutions, no way are firms concerned about small retail accounts like ours, and spending the millions necessary to make a late-day move just to frustrate us.  This is pure fantasy.  Still, I’ll admit your version of events is far more fun.  Good luck.

In reply to by D.r. Funk

D.r. Funk Keltner Channel Surf Thu, 09/28/2017 - 22:38 Permalink

What the hell lol? Parody? Wtf lol? No lolIt is absolutely stunning how difficult that people have assessing authentic and nonauthentic entries. Absolutely stunned. I know you're an 'oldtimer' though from following things for a relatively long time. Maybe you're ingrained in perceptions.Very offensive in your dismission of my decently-established observational assertions. There's fucking plenty, of observational logic, that there is a central control over the indexes. Your lack of nuance is also stunning. How does saying a predetermined outcome Today of "3 green indexes" negate or relate to any possibility that another day, or any other day, might be or have been down. And uh, many red days have a clear design, intention, or 'allowance' to them.I would fight you 'to the death' on the master guidance vs. no-way-conspiracy-overlord theme. Yes, duh, I know there are algos fighting it out, at different levels, at different authorities and market influence. To be continued...There's so much logic against you Mr old fashioned full time trader. I have extremely solid trading credentials myself. SCOFF: Because it doesn't comport to your old paradigms and context. My version? Holy. F 

In reply to by Keltner Channel Surf

Keltner Channel Surf D.r. Funk Fri, 09/29/2017 - 06:56 Permalink

Thanks, I had a good laugh, was only kidding about the possibility of parody -- it's damn clear you're whole point is parody, but at least you do it with a bit of IQ and chutzpuh.  I especially like the part where you take a loss on leveraged short funds to 'zero out' your account, but ONLY so the evil lords won't see they're impacting you through losses (it's definitely NOT to avoid the built-in decay or a big overnight gap on a standard thrice-yearly Russell ninja ramp, oh no!  You're 'fighting good fight', how admirable!). Carry on, your 'credentials', sadly, match many who, unlike you, are actually serious.  

In reply to by D.r. Funk

D.r. Funk Thu, 09/28/2017 - 17:55 Permalink

Today's programmed outcome was 3 green indexes. Naz +0.19, achieved in the last 10min, it was red literally 95% of the trading session. (Get it?) This scenario is not new to a lot of us, an index being red predominantly the whole session, and moves fairly-suspiciously green in the last few minutes. (And has occurred, SoManyTimes, that all 3 become or are green by the last few minutes or seconds of the session...) Given the single-reaching index-close has happened 100s of times (in the last few years) and the degree to which we know&believe the indexes are manipulated (dow component hookups, vix hookup etc), It becomes very reasonable to suggest/speculate/ruminate that there is an actual programming-regime on the close. (Writing this out 1 for some of you 2 for the record 3 to the controller cabal to let them know how much some of us are on to them. I started saying this stuff years ago, started looking more correct in the last 18-24months)There was an inputted outcome for the day today, and it was close 3 indexes green, it's obvious I wish more of you would point it out, and that's the degree of the control and manipulation on the us stock market, which has merely produced valuation levels equivalent to precrash Oct 1929

Zeej D.r. Funk Thu, 09/28/2017 - 18:02 Permalink

Big whoop everyone knows this shit is more fake than Kim Kardashians ass they just don't give a shit until life is upside down enough for them to the point they are pissed off. We are being put to sleep.   When the fraud breaks they'll direct the anger and attention at China, NorKor, Iran, Russia or some BS blackswan. Its weaponized finance, nothing more nothing less.  Its not our system its (((their))) system and it doesnt change until we stop playing.

In reply to by D.r. Funk

D.r. Funk Zeej Thu, 09/28/2017 - 18:20 Permalink

Gave u thumbs. Just saying we need more intellectual or academic warfare exposition against em. Is one thing saying fake bs fraud manipulated bs. Is another saying "Hey the indexes were directly programmed today" "They get the nighttime news updates to show green arrows with propaganda intent" YOUR PHRASING ROCKS THOUGH

In reply to by Zeej

Zeej D.r. Funk Thu, 09/28/2017 - 19:41 Permalink

the evidence is out there and it is ample. i mean ZH has covered it pretty adeptly for 8 years. In terms of saying oh it was progrommed like this today or like that the otherday its really irrelevant. Just like its irrelevant who is pushing buttons at the BIS or NYFED on any particular day. The evidence its going on is there. If anyone can get hard evidence on the off balance sheet activity coming from the NYFED or the dark pools used by the CIA that camp out in the story stocks a la AMZN, TSLA etc. that is what we need more than anything.

In reply to by D.r. Funk

D.r. Funk Zeej Thu, 09/28/2017 - 21:52 Permalink

Not sure why you felt so bothered. Zh is godlike. But zh linguistics still, remain, somewhat figurative (and symbolic). "Panic buying" etc. I understand why but I believe they should be blow-by-blow mechanics at this point, which requires a further conceptual (and legal) step, and they're not. And I am.How is it not relevant? Lol. It's literally calling out what the guy behind the curtain is doing. Rather than saying, the guy behind the curtain is doing something. Great point on Fed/Nyfed. Fang. Cia. Etc

In reply to by Zeej

Jtrillian Thu, 09/28/2017 - 21:23 Permalink

Repeat after me:There are no markets, only the central banks.  What does the G3 balance sheet look like this month?  That's the question people need to be asking.