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As Equity Window Dressing Ends, Treasury Reality Begins

Tyler Durden's picture




 

No matter what you were told by the media (or your friendly 'stay fully invested' local wealth-manager), the equity market's exuberant surge of the last few days is evidently one of the clearest month-end window-dressing efforts (to desperately avoid redemptions) that we have seen recently (when put in context of the rest of the world's markets). Who is wrong? Who is right? We suspect we will see the truth (3 F's of US Fiscal Policy) shortly.

 

 

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Mon, 12/03/2012 - 16:18 | 3030572 realtick
realtick's picture

My advice - stick with Helvetica for the charts

Mon, 12/03/2012 - 16:19 | 3030576 LawsofPhysics
LawsofPhysics's picture

"Treasury rally" - Bwahh ha ha ha ha !!!!  Paying Uncle Sam to lose your savings. "winning"

Mon, 12/03/2012 - 16:27 | 3030602 akak
akak's picture

P.T. Barnum was absolutely correct:

"There is a sucker born every minute".

Mon, 12/03/2012 - 16:21 | 3030581 JeremyWS
JeremyWS's picture

BTFD.

Mon, 12/03/2012 - 16:22 | 3030588 HelluvaEngineer
HelluvaEngineer's picture

Queue stupid rumor.

Mon, 12/03/2012 - 16:23 | 3030594 spastic_colon
spastic_colon's picture

Hilsenrape on deck

Mon, 12/03/2012 - 16:23 | 3030596 The Axe
The Axe's picture

The NY Fed has a trading desk......the market may NEVER go down....especially with this kind of volume....

Mon, 12/03/2012 - 16:38 | 3030608 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Credit vs equity is a boring game.  Let's take a look at the dollar's chart to know where the shoes are dropping.

Mon, 12/03/2012 - 18:17 | 3030961 Jack Napier
Jack Napier's picture

Don't you mean the gold chart? All the dollar index tells you is whether it's beating the Euro to the bottom or not.

Mon, 12/03/2012 - 16:36 | 3030637 NotApplicable
NotApplicable's picture

Light as a feather!

Now, if only Kevin Henry doesn't hyperventilate from all of the blowing...

Mon, 12/03/2012 - 16:44 | 3030669 LawsofPhysics
LawsofPhysics's picture

worst of both worlds.  everything flat, no real returns, and all the paper promises and promissory notes evaporate.

Got physical?  You better, because there is a very real cost for capital creation, despite what the bernank pontificates, even more so when captial and resources are mis-allocated or mal-invested.

Mon, 12/03/2012 - 16:25 | 3030599 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

DXY still red.  What a day!

Mon, 12/03/2012 - 16:38 | 3030609 Quinvarius
Quinvarius's picture

Since the ten year has a break in the chart, and we are about to print 40B a month and then another 45B, I am going with stocks.  My thesis is bullish.  Kaminsky is still wrong.  And BTW, to the subject of my dislike for Kaminsky, he has been pulling that stunt since at least 2010.  He is full of crap.  Markets move on easy money and easy credit only.  It is the most basic principal out there.

Mon, 12/03/2012 - 17:05 | 3030724 ArkansasAngie
ArkansasAngie's picture

Principal?
There no principal in the market -- debt don't need no principal when it's somebody else's money anyway
And ... there ain't no principles either

Mon, 12/03/2012 - 16:29 | 3030611 youngman
youngman's picture

I could see why there might be selling pressure....to take you capital gains now....but why its going up..has me confundlued...or something like that

Mon, 12/03/2012 - 16:30 | 3030618 LongSoupLine
LongSoupLine's picture

not close enough to Christmas and the other holidays yet.  Bonus pool fuckheads still need a little more.

Mon, 12/03/2012 - 16:39 | 3030651 youngman
youngman's picture

One more play is the one time big dividend pre fiscal cliff  buys...but that is 10 stocks right now....more or less

Mon, 12/03/2012 - 16:39 | 3030653 q99x2
q99x2's picture

Now taking guesses to see who thinks we can cross DOW 13,000 by the close. A mere 13 points and counting.

Mon, 12/03/2012 - 16:41 | 3030657 debtor of last ...
debtor of last resort's picture

Poor is the new Standard.

Mon, 12/03/2012 - 16:45 | 3030674 fonzannoon
fonzannoon's picture

Late day ramp. Here we go again?

Mon, 12/03/2012 - 16:54 | 3030684 Everybodys All ...
Everybodys All American's picture

Bullard is indicating he would see the Fed buying an unsterilized 25 bil a month of treasuries rather than 40 bil a month of sterilized treasuries beginning next month. It will be interesting to see this play out. If only 25 bil a month then will that be seen as Fed tightening? It's a crazy world Bernanke has created when purchasing/monetizing 25 bil a month could be seen as tightening.

Mon, 12/03/2012 - 17:01 | 3030709 Widowmaker
Widowmaker's picture

Nothing but the Federal Reserve sucking incorporated dick.

Mon, 12/03/2012 - 17:05 | 3030726 EcoJoker
EcoJoker's picture

I have a trader friend who just quit the market this week.  He said if he trades anything over 15 contracts, the machines bend him over and screw him.  Everyone's quitting.   

Mon, 12/03/2012 - 20:49 | 3031237 chump666
chump666's picture

Nasty.

Mon, 12/03/2012 - 21:05 | 3031257 The.Oracle
The.Oracle's picture

Equities are going to eat shit. Everyone thinks that the FED is going to magically buoy all these totally overblown and overpriced technology stocks. Yeah fucking right. They're going to be blown bits, just how all powerful do you guys think the FED really is? 

Wed, 12/05/2012 - 15:36 | 3036755 one_fell_swoop
one_fell_swoop's picture

OVERLAY TWO CHARTS. IMPLY CAUSATION. NEXT POST.

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