Saturday, 29 June 2013

The market

Stocks Plunge In Last Minute On Rebal Day, June Is Worst Month Since October 2012



28 June, 2013


The S&P 500 ended the month with an odd shade of green (called red). This is the worst month in stocks for 8 months and makes only the 5th negative month in the 20 months since the global central bank co-ordinated save in Q4 2011. The week, however, saw the S&P gain around 1.25% on the back of endless repeated bullshit from various Fed heads about how we all got it so wrong... which also saw Treasury yields drop notably (30Y -8bps on the week and 10Y down 16bps from its Monday highs). Equities remain the big year-to-date winners and despite some of the biggest single-day gains in over a year today gold and silver remain at the lower end of the pile. The Nikkei and the S&P lead global DM equities (now what do they have in common?). Then with minutes to go, S&P futures collapsed on massive volume to the lows of the day...



Risk... Schmisk... Taper... Schmaper...


Only the 5th drop in the last 20 months... do not panic!!


leaving the S&P (and the Nikkei) as the big winner year-to-date in global stocks...


and relative to other asset-classes...



which must mean the US is the cleanest dirty short right? Well no! It's second worst year-to-date only to China for crappy macro data relative to expectations...



Since the FOMC, we have recovered somewhat but it seems the 61.8% retracement stalled index performance even with all the Fed jawboning...


and the sectors also dropped into the close en masse with Builders worst and Utilitie sbest post-FOMC...


and Bond and FX markets have had qquite a ride since the FOMC (with JPY down over 5%!!)...



Gold and Silver had quite a day with Silver almost back to unchanged on the week...


With a few minutes to go in the day, month, quarter, it was all going great and then 330RAMP Capital stepped away and...


as S&P 500 e-mini Commitment of Traders positions plunged (h/t @AndrewYorks)





No comments:

Post a comment