Five down days in a row (first time in 5 months) for the S&P 500 (cash) and it has broken its 50DMA for the first time since 12/20/11. Notably the equal-weight S&P 500 broke the 50DMA yesterday and is now down 4.4% (versus -3.5% for the cap-weighted S&P 500) from its highs on 4/2....
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Zero Hedge News
S&P 500 Breaks 50DMA For First Time In 4 Months
Guest Post: Calling All Crash Test Dummies: Big Crash Ahead
Submitted by Charles Hugh Smith from Of Two Minds
Calling All Crash Test Dummies: Big Crash Ahead
If the stock market can never crash again due to the Bernanke Put, then why have all the crash test dummies been ordered up?
I know, I know: the stock market will never go down because Ben Bernanke and the...
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Carnage Ala Milanese: Italian Stock Bloodbath
Italian bank shares are down over 8.5% in the last two trading days as all the majors (Intesa SanPaolo, Unicredit, Banco Popolare -7.14%, UBI Banca, Banca Pop Milano -6.3%) are still HALTED. As 10Y BTP spreads break above 400bps for the first time in over two months, it seems the marginal buyer of last...
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Exhibit A: The Market Has Become A Centrally-Planned, Liquidity-Addicted, Temperamental Abortion
We will have much more to say about the impact of central planning on price (lack of) discovery and general market manipulation shortly, courtesy of the just released latest must read report by our friends over at Artemis Capital Management, we wanted to show our readers Exhibit A of what everyone has intuitively known...
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Volatility at World’s End
If you are going to read one thing on Volatility, read this. Excellent as usual, courtesy of Artemis Capital Mangement.
Imagine the world economy as an armada of ships passing through a narrow and dangerous strait leading to the sea of prosperity. Navigating the channel is treacherous for to err too far to one side...
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Muppets Skewered: 10 Year Treasury At 1.999%
10Y Treasuries just broke below 2% yields for the first time in a month. Was it just 3 weeks ago that Goldman suggested selling bonds and buying stocks?
10Y < 2% once again…
Almost 40bps lower in yield since Goldman’s prescient Muppet-mauling short suggestion…
meanwhile 2Y Bund yields just crossed under 2Y JGBs for the first time...
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Apple: 36% Of S&P500 Q1 Earnings
As AAPL crosses $600bn market cap, we thought it worth a reminder (as we noted last week) of the outsize impact Apple-as-Market is having on top-down views of US corporate performance.
(h/t John Lohman)
http://www.zerohedge.com/
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Chinese Crude Imports Remain At All Time High For Third Month In A Row
Overnight Chinese trade data came in modestly disappointing, with imports rising just 5.3% on expectations of 9% increase. However one area where imports certainly did not decline, is commodities, and especially crude. As the chart below shows, Chinese crude imports in March were virtually unchanged from February’s all time high (and same as January),...
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Behind ‘The Iksil Trade’ – IG9 Tranches Explained
Via Peter Tchir of TF Market Advisors,
There is a lot of talk about IG9 these days. I think the story has a lot more to do with tranches than with outright selling of the index.
IG9 10 year is a 125 name, equally weighted CDS index that matures on December 20, 2017.
The index has had...
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The Rain In Spain
From Mark Grant, author of Out of the Box and Onto Wall Street
The Rain in Spain has not left the Plain
It sounds good when said and credible and positive but the problem is that it is one more absurd illusion. Spain, this morning, says the next round of budget cuts are going to come...
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