Courtesy of ZeroHedge. View original post here.
Submitted by Tyler Durden.
Whether its AAPL, GOOG, or the broad equity indices, today saw the bulls 'Baumgartnered'. Despite a valiant attempt to rally into the close, because Bernanke forbid the Dow close the week red, the NASDAQ is 4% off its Wednesday lows (-1.3% on the week) as AAPL suffers its largest 3-week decline since the March 2009 lows (closing with a $609 handle -3.6% today!) and Tech is -5.7% from QEtc.
The weakness was absolutely systemic as cross-asset-class correlations were extremely high and CONTEXT (our broad risk-asset proxy) tracked lower and stabilized into the close. Gold, Copper, and Oil all ended the week clustered together down around 1.7% as the USD ended practically unchanged. Credit's mid-week epic short-squeeze lingers in traders' minds as equities underperformed. Treasury yields end the week up 9-11bps. VIX jumped back above 17% suggesting further weakness for stocks. S&P futures are dropping after-hours – closing at lows of the day – disregarding the late-day cash ramp.
Late-day surge pulls Dow back from the brink of weekly redness…but not the NASDAQ…
S&P futures plunged after-hours to the day's lows…on heavy volume…
S&P futures pulled back to the 50DMA and hover at a key trendline (off the May lows) – in the middle of the Bernanke-Draghi-Divide…
AAPL's largest 3-week decline since the March 2009 lows…
S&P Sectors post-QEtc…
Credit markets appear to have suffered a somewhat 'epic' short squeeze midweek and have been nervous to re-enter short – Monday will be interesting…
VIX was trampled at the close in an effort to ramp stocks we would suggest but that failed and it ends well above (below on the chart) QEtc. levels…
Gold, Copper, and Oil all huddled together this week – while Silver lagged…
Even as the USD ended the week unch…
Risk assets in general stabilized at the close but the weakness was very systemic…
On the year, Gold and Silver remain the winners…
Charts: Bloomberg and Capital Context
Bonus Chart: How over 200 hedge funds felt today…
