Mkt Fag: Relief "rally' bounce and the liquidation abrogation -until tomorrows CPI edition
Today was all about making it look "good" for the impending disaster known as CPI coming tomorrow-Mkt up "good" fake inflation reading over 9% 'ok' cause they will say "It has 'peaked'"for the umpteenth time and it was 'unexpected' this time again-(really it's much higher go here for closer to real: https://www.shadowstats.com/ ) But there is still much tension underlying all of this. They can't "go" anywhere and are all sitting with thumbs up ass saying "WTF do we do now?". Ag/Au will catch a huge bid after that (CPI) mess is released -it may not be right away but look at how much an industrial metal and (real) money has been smershed in the last 10 days. Not rocket science with Ag-429,205,000/ozs "traded" yesterday. https://www.cmegroup.com/markets/metals/precious/silver.volume.options.html#optionProductId=458
See they are already prefacing the CPI # tomorrow
CPI, PPI: Markets look for signs of U.S. inflation peak
https://www.reuters.com/world/us/cpi-ppi-markets-look-signs-us-inflation-peak-2022-05-10/
Most shorted stocks not really helping that much here because they were left fer ded yesterday. They got what they could out of that bounce that started at 1:22pm est as about 40 minutes into the close it gave up half of that
Top winner/losers-you can see it's pretty normal looking but there are some dumpage in them volume-wise. Example Pelton (-10.16%) a5 5.5x avg volume.
Dow, NAS'', ''SP500',
https://markets.businessinsider.com/index/market-movers/dow_jones
https://markets.businessinsider.com/index/market-movers/nasdaq_100
https://markets.businessinsider.com/index/market-movers/s&p_500
First Goldman Sachs with "muh market drop coming" and now JP Morgue and both in front of the CPI#s a comingโฆโฆ.which will be a disaster 'as fake as they are.
JPMorgan's Head Of US Trading: I Haven't Seen Investors This Bearish Since 2008
https://www.zerohedge.com/markets/jpmorgans-head-us-trading-i-havent-seen-investors-bearish-2008
They don't want address the reality of the situation that they all createdโฆ.and that this comes form the Morgue..CLASSIC!!!
Looked tired from the open and although the big sales seem to have abated-this is just 'space' to sell into. See after Jerry's FOMC pressor and the skying it did on information they already knew back in February. This is how they do it. NAS lost it's "space" right after 11am est. They got what they could "out" on that bounce that started 18 minutes in and sold down since 10am est. All the indices identical slide. Just look across all the indices for individual stocks that are getting HAMMERED. PTON but one example (-14.83%) on over 5x volume so far. This is massive leverage being unwound but the ESF (Exchange Stabilization Fund) can support the markets with some strategic buys of the products that track them (ETFs) so it "looks" less robotic and moar organicโฆProTip:..NOT. There are individual news stories affecting some of these and I am not getting into those but the liquidity is just NOT presentโฆZH tweet yesterday here "3MM moves ES one tick. This is a market for ants" https://twitter.com/zerohedge/status/1522625979541336066
Then at approximately 1:22pm est it was muh up button pushed (the NAS is hilarious..really watching all dhat on L2 was quite fun!!) They even dragged the RUT from it's depths-but could not close it green, nor the DOW and once again the volume pick-up into the close was biggest in the SP500 and they managed to get that green by +0.24%
>>16245810 Aussie issues in mkts
>>16245362, >>16245380 China Tech Stocks Tumble Near 7% as Traders Return From Holiday
NASDAQ 100 Markets Movers
https://markets.businessinsider.com/index/market-movers/nasdaq_100
Treasury complex-see cap#3. 10 year backed off 3% after a spike early to 3.08% @8:47am est. 30 yr similar action but remains above 3%-had quite a spike to 3.21% @11am est -30 yr fixed tells a different story and the points you see are basic and do not reflect your variables-tread lightly with what you see as "quotes". +/- 5% depending on location etc. Treasuries were mixed with the long-end bid while the short-end saw yields rise very modestly (20Y -6bps, 2Y +2bps). 2s and 30s are now both down 12bps on the week with the belly outperforming. 10Y yields closed back below 3.00%
FOREX- USD-Ruble-Yen-see cap#4 for US$ Rubel is 0.014260 -0.000025 -0.18%on the US close but was up 0.50% on Europe's close earlier . Muh ยฅ still above 130 @130.39 0.09 +0.07% and strengthened after Europe's close . US$ closed 103.91 +0.25 +0.25%-Previous Close $103.65
NYFRB Operations today -the paper game vs 'cash' but first this..
Fedโs Waller promises to tackle inflation, says mistakes of the โ70s wonโt be repeated
https://www.cnbc.com/2022/05/10/feds-waller-promises-to-tackle-inflation-says-mistakes-of-the-70s-wont-be-repeated.html
the $ quote: "โThey had zero credibility, so Volcker just basically said, โIโve got to just do this shock and awe,โโ Waller said. โWe donโt have that problem right now. This is not a shock-and-awe Volcker moment.โ
Muh sides!!
Mortgage backed Securities (MBS)-but we are really gonna stop this we promise
$6.914B submitted vs. $2.076B accepted-2 operations today
https://www.newyorkfed.org/markets/desk-operations/ambs
Reverse Repos
$1.864T submitted and all of that "cash" exchanged for paper
https://www.newyorkfed.org/markets/desk-operations/reverse-repo
Securities Lending Operations
$38.93B submitted vs. $38,72B accepted
Biggest chunk was CUSIP# 91282CDY4 and same as yesterday the 10 yr Note w/ $5.286B
https://www.newyorkfed.org/markets/desk-operations/securities-lending
Oil/Energy-see cap#. WTI bounced on a hundy ($100.6x) recovered and right back at it on Europe's close. Natty Gas sold down to the $6.5X level and has recovered to $7.3X level and sideways after that-prices spiked after reports that Ukraine was shutting off one of the pipelines for Russian gas into Europe. WTI under a hundy -3.72(-3.61%) at 12:15pm est on some biggish volume. WTI finished at -3.30(-3.20%)'''see upper right of cap#2 Biggest volume of the day @ @:15pm est right at $99.6x
>>16248890 lb US oil request rejected (by Brazil) US NatGas
Metals-see cap#5 for after the bell pricing on Ag Berry quiet early on as just re-buying already covered territory. But then between 1pm on the nose and 1:24pm est Ag HALO'd and tried to work that 'off and but did not and by 2:52pm est right back there @ -0.34 -1.56% while the CB pet Au is at -12.80 -0.69% and has teh same pattern. Improving the Gold/Silver ratio again 85.728 +0.608 +0.71%. For some context here is the 1 month change in this +7.294 +9.30%, 1 year +18.478 +27.48% Gold was dumped again, back below $1850
https://goldprice.com/gold-silver-ratio/
Some thangzโฆ
>>16248426 pb Pfizer to buy rest of Biohaven for $11.6B
Mortgage Origination's by Credit Score and Age and see below this for some "highlights" of that Report.
The NY Fed released the Q1 Quarterly Report on Household Debt and Credit this morning. Here are a couple of charts from the report.
https://www.calculatedriskblog.com/2022/05/mortgage-originations-by-credit-score.html
Consumer credit reports increased by $250 billion during the first quarter of 2022 and stood at $11.18 trillion at the end of March. Auto loan balances increased by $11 billion in the first quarter. Student loan balances now stand at $1.59 trillion, and increased by $14 billion in the first quarter of 2022. In total, non-housing balances grew by $17 billion, boosted additionally by a $7 billion increase in other balances, which include consumer finance loans, retail cards, and unclassified loans.
https://www.newyorkfed.org/microeconomics/hhdc.html
muh, muh crypto
Yellen Cites UST Breakdown While Calling for Stablecoin Rules
Treasury Secretary Janet Yellen said the de-pegging of TerraUSD shows the urgency to have a regulatory framework on stable coins, which aim to minimize the volatile price swings seen in most cryptocurrencies. โA stablecoin known as TerraUSD experienced a run and had declined in value,โ Yellen said during testimony before the Senate Banking, Housing and Urban Affairs Committee on Tuesday. โI think that simply illustrates that this is a rapidly growing product and that there are risks to financial stability and we need a framework thatโs appropriate.โ
https://www.bnnbloomberg.ca/yellen-cites-ust-breakdown-while-calling-for-stablecoin-rules-1.1763888
remember that some of Musk's financing comes from Brookfield-$250 million
They started off in 1899 as the Sรฃo Paulo Tramway, Light and Power Companyโฆ..
Brookfield Decides to Spin Off Its Asset-Management Unit
Brookfield Asset Management Inc. plans to spin off its asset-management business, according to a person familiar with the matter โ a step designed to simplify the organizational structure at one of the worldโs largest alternative investment firms. The new publicly traded entity will control Brookfieldโs fee-generating assets, such as real estate, infrastructure, credit, private equity and renewable energy. The unitโs assets under management were $364 billion as of Dec. 31.
https://www.bnnbloomberg.ca/brookfield-decides-to-spin-off-its-asset-management-unit-1.1763871
https://finance.yahoo.com/quote/%5EIXIC
https://www.marketwatch.com/investing/bond/tmubmusd30y
https://www.marketwatch.com/investing/bond/tmubmusd10y
https://www.marketwatch.com/investing/index/dxy
https://www.marketwatch.com/investing/currency/rubusd
https://www.marketwatch.com/investing/currency/usdjpy
https://www.kitco.com/charts/livegold.html
https://www.kitco.com/charts/livesilver.html
https://www.livecharts.co.uk/MarketCharts/ngas.php
https://www.macrotrends.net/2566/crude-oil-prices-today-live-chart