The Farce Is Complete: Stocks Soar Most In 4 Years As US Job Market Disintegrates
We suspect more than a few traders will need this tonight…
First things first, we have this…
Chinese stocks (trading in US) rose 6.5% today – the biggest day since May 2010:
And this -Today saw an epic squeeze of shorts – “most shorted” surged 5% off the opening lows which is the largest swing we could find on record
And finally this: Today was the biggest intraday reversal higher in The Dow since 2011
Thanks to this…
spoofer in eMini using a order size of 584 $ES_F $SPY
— Eric Scott Hunsader (@nanexllc) October 2, 2015
With cash indices all ramped into green for the day:
But there was only one thing driving US equities today… USDJPY, which got the momo going:
So 120 will be used to launch the 3:30pm ramp
— zerohedge (@zerohedge) October 2, 2015
SPX would already be above 2000 if payrolls were negative
— zerohedge (@zerohedge) October 2, 2015
And a collapse in VIX finished it off:
And US equities (except Small Caps) were ramped all the way into the green for the week, even Trannies
But credit was not buying it at the end:
Away from the silliness in stocks, everything else was ‘silly’ too:
Treasuries soared at the payrolls print with yields collapsing and flattening across the curve… before Europe closed and the Treasury selling was unleashed…
But remained lower on the week:
The USD was crushed lower after payrolls but bid back to the moon alice after Europe closed:
Commodities were very mixed on the week but industrials soared later in the day after precious metals exploded on payrolls data:
But Silver (up 6%) was the big winner from Payrolls:
And here is crude on the week… testing and failing at the week’s close…ramping today onthe rig count dcline after tumbling after payrolls
The bottom line – The Pure-Play QE Trade is back on… but be careful what you wish for because of reflexivity…
Rate Hike Odds vs. What Determines Rate Hike Odds pic.twitter.com/qjOsJoJMx3
— Not Jim Cramer (@Not_Jim_Cramer) October 2, 2015
Charts: Bloomberg
Source: http://silveristhenew.com/2015/10/02/the-farce-is-complete-stocks-soar-most-in-4-years-as-us-job-market-disintegrates/
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