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Russell Closes At All Time High As VIX Has Biggest Two Day Drop Ever

Tyler Durden's picture




 

Update 2: MLNX down 22%. Earnings, and cash flows, matter. And now, time to ramp some other stock only to see it implode when it announces earnings or guides down.

Update: MLNX, a $2.6 billion market cap company, was up 3% today before being halted after hours and crushing guidance by preannouncing horrible revenues. Expect many other S&P 500 companies to be forced to do the same now that their market value, driven almost exclusively by "someone's" ceaseless selling of VIX futures and by correlation engines which assume every company has to rise (and sometimes even fall) by the same amount as the biggest synthetic indicator, the E-Mini, is so disconnected from any cash-flow reality, that only the Fed can possibly assume there is fair value for the stock market at current levels.

* * *

The drop in VIX in the last two days is the biggest percentage drop on record (based on Bloomberg's data) as the S&P 500 futures (ES) have managed a 70-point rally. The exuberance at today's open ebbed through the middle of the day but then resurged into the close as the day-session range was actually quite narrow (sub-10pts). High-yield credit surged (leading the way) coupled with VXX (huge odd volume spike) as pain trades were everywhere. FX markets were decidedly unimpressed even as Treasuries tracked along with stocks for most of the day (though lagged the late-day surge as 10Y yields stalled out at the 12/187 highs). Commodities held on to gains even as the USD turned positive on the week. On the bright side, all those who have been invested in the S&P since March 2000 can exit at (nominal) breakeven and all it took was a 400% increase in the size of the Fed's balance sheet. This feels very delicate and all anchored on a massive protection unwind (as volumes and blocks were dumped into the late-day ripfest).

 

Massive volume spikes into the closes of the last two days... as ES lurches over 70 points...


 

Last time we saw a two-day swing like this we sold back 75% of it within a week...

 

VIX drops over 35% in the last two days...

 

and the synthetic ETF VXX was crushed - with an odd volume spike... -11.5% to all-time lows...

 

The collapse in VXX was the major risk-on driver today

 

as was HYG's surge...

 

10Y Yields snapped higher to 12/18 recent highs and stalled out...

 

FX markets were not following along...

 

as EURJPY - which was heralded last night as indicating the world was bid - slid back to unchanged from New Year's Eve...

 

So - FX markets did not buy it;Treasuries did not buy it; and massive vol compression (remember how overly short vol the market is and just how painful that would be) drove a huge short-covering spike in stocks... and volume was not that big by the way - despite all the excitement of a 300+ point rally in the Dow on TV.

 

Blocks were big and volume was heavy as we spiked...

 

Charts: Bloomberg and Capital Context

Bonus Chart: The chart every NYSE floor trader is worried about... TRIN vs the index today...(h/t @eminiwatch) - TRIN is a technical analysis indicator that compares advancing and declining stock issues and trading volume as an indicator of overall market sentiment.


 

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Wed, 01/02/2013 - 17:11 | 3116176 Ness.
Ness.'s picture

Hide yo kidz, hide yo wife, hide yo husbendt -cause they rapin' airy-one up in her!

 

Wed, 01/02/2013 - 17:36 | 3116299 Manthong
Manthong's picture

The New Year’s party bender hasn’t ended yet, but the hangover is going to be a doozy.

Wed, 01/02/2013 - 17:49 | 3116350 Al Huxley
Al Huxley's picture

No hangover as long as everyone keeps drinking.  Pass the fucking lysol and vanilla - cheers!

Wed, 01/02/2013 - 21:24 | 3117171 economics9698
economics9698's picture

Vanilla wafers and beer, a dinner for the divine. 

Wed, 01/02/2013 - 17:50 | 3116352 Joe Davola
Joe Davola's picture

Hell, why stop now - avoid the hangover altogether!

Wed, 01/02/2013 - 17:12 | 3116177 WhiteNight123129
WhiteNight123129's picture

Hu**fucking**rah!!!

This year starts more bizarre the year before. As for interest rates rising alright but equity cheering? Ah please.......

 

Wed, 01/02/2013 - 17:36 | 3116302 Spider
Spider's picture

Money has to go somewhere - people just dont get it.  Its leaving bonds to go to.... stocks, commodities, PMs.  Like I said before, the market has no good fundamentals - but you have to be ignorant to short inflation

Wed, 01/02/2013 - 17:51 | 3116363 Joe Davola
Joe Davola's picture

While reviewing my 401k investment choices, it seemed oddly coincidental that all choices were up between 9.8 and 15% last year.

Wed, 01/02/2013 - 17:52 | 3116369 One World Mafia
One World Mafia's picture

Since Ben has run out of paper to twist and we know no way they will do what it takes to really bring the deficit down bc that would entail ending wars and bringing home US military from bases all over the world, then it's either inflation or a brotherhood of darkness nation will be propping up the US.

Wed, 01/02/2013 - 17:55 | 3116391 WhiteNight123129
WhiteNight123129's picture

The big mistake is to think that stocks have reacted to inflation. They do to certain extent, but how to explain bifurcation between Gold and STocks in 1970s?

Stocks react imperfectly to money printing, Gold too. However rising nominal yield ALWAYS contract P/E multiples. Gold does not give a shit, nomimal yield can rise to the moon, as long as real yield are negative it is all good.

When real yield keeps being negative while nominal yield start to rise you have your bifurcation between stocks and Gold not before. The catalyst for a wall on P/E multiples is long bong yield rising.

 

The bond yields can not go over 4% without starting to force dividend yields up, if the profit margins have peaked somewhat and dividend yields are low, and if inflation expectation set in, you have headwinds for stocks in real terms. Earnings might rise nominally but increase in long bond nominal yield hurt PEs.

 

 

Wed, 01/02/2013 - 19:16 | 3116743 TwoHoot
TwoHoot's picture

Nearly anything that happens over the next few months will tend to compress P/Es I think. Higher bond yields certainly will.

John Mauldin had a thought provoking article indicating either inflation or defaltion (indicated by rising or falling commodity prices) will also compress stock P/Es.

Right now, stock prices are rising to bring stock yields in line with ZIRP bond yields. That is probably the horse to ride for the short term.

When they get lined up, the P/E compression trade should be ripe because earnings are unlikely to rise enough to offset the price rise necessary to give ZIRP stock yields.

That sums up my stock planning for 2013. Now it is just a matter of executing.

Cordially,

TwoHoot

 

Wed, 01/02/2013 - 17:56 | 3116397 WhiteNight123129
WhiteNight123129's picture

On other hand I gladly buy some Chinese stocks at 7% dividend trading below liquidation value with no real issues affecting the business.

 

Wed, 01/02/2013 - 18:45 | 3116605 luna_man
luna_man's picture

 

 

Hey, "spider"... No need to be insulting!...

Just keep doing what you're doing (following the crowd), I'll just keep doing what I'm doing (shorting) this "motha" until I go broke or get my way!...

futhermore, why should you care??

Wed, 01/02/2013 - 17:37 | 3116311 max2205
max2205's picture

Ben just really wants YOU all to know who's in charge...regardless.

Wed, 01/02/2013 - 17:12 | 3116179 Bastiat009
Bastiat009's picture

Less than 1 week ago, experts at ZH called a bloodbath on the stock market because of some Friday night future contracts. Wow, yet another great calls by so-called experts.

Wed, 01/02/2013 - 17:16 | 3116201 NotApplicable
NotApplicable's picture

So... just who are these experts?

Don't you ever tire of attacking imaginary strawmen?

Wed, 01/02/2013 - 17:18 | 3116208 King_of_simpletons
King_of_simpletons's picture

US Stock market has decided to go beyond irrational exhuberance to utter bizarro.

Wed, 01/02/2013 - 17:26 | 3116245 SheepDog-One
SheepDog-One's picture

We got good nows?

No, bad news actually.

Hmmm....'fake it'?

Yea....fake it who gives a fuck ramp this dogshit!

Wed, 01/02/2013 - 17:24 | 3116235 Bastiat009
Bastiat009's picture

The experts? I really don't know who they are.

Wed, 01/02/2013 - 17:27 | 3116251 Bay of Pigs
Bay of Pigs's picture

Okay, STFU then.

Wed, 01/02/2013 - 17:33 | 3116283 fonzannoon
fonzannoon's picture

Bay of pigs....why can't we call a spade a spade around here? ZH is without a doubt the most informative source of info I have ever stumbled upon. But when it comes to short term market predictions I would rather just punch myself in the balls. I don't need ZH or anyone elses help.

Wed, 01/02/2013 - 18:06 | 3116450 Bay of Pigs
Bay of Pigs's picture

Agreed fonz. But throwing shit out there without naming anyone is so fucking weak. That's all I'm saying.

 

 

Wed, 01/02/2013 - 18:20 | 3116519 fonzannoon
fonzannoon's picture

I thought he was naming ZH and since we don't know who the Tylers are by name I gave him a bit of a pass. But I extend my had to help and he slaps it. Whatever with him, what a putz.

Wed, 01/02/2013 - 17:35 | 3116292 Bastiat009
Bastiat009's picture

Dude, relax ... if you don't want people to notice your bad calls, don't make them.

Wed, 01/02/2013 - 17:37 | 3116309 fonzannoon
fonzannoon's picture

I was defending you you dumb shit. You must have went to MIT you really are stupid.

Wed, 01/02/2013 - 17:55 | 3116389 Al Huxley
Al Huxley's picture

It was a nice try on your part Fonz, but some people just don't want to be helped, or are so full of themselves that they don't even recognize help when it's offered. 

Wed, 01/02/2013 - 20:11 | 3116929 samcontrol
samcontrol's picture

the dumb shit is musk from yahoo pbr message board, quite a case.. he hates zh. I

Wed, 01/02/2013 - 18:10 | 3116473 Bay of Pigs
Bay of Pigs's picture

What "bad calls"?

 

Wed, 01/02/2013 - 18:18 | 3116506 fonzannoon
fonzannoon's picture

They put up a chart once a week showing the market moving up and then they extrapolate the charts to imply that the market just about to crater. They do not come out and say "short the market" but the sentiment of their articles is usually of an impending collapse.

They properly disclose that they don't owe us any favors and that they can trade any way they want, including opposite of the way they indicate. So anyone who trades off this info gets whatever comes their way.

Wed, 01/02/2013 - 18:27 | 3116544 Bay of Pigs
Bay of Pigs's picture

They? Who? The Tyler(s)?

 

Wed, 01/02/2013 - 18:28 | 3116549 fonzannoon
fonzannoon's picture

Yes

Wed, 01/02/2013 - 17:42 | 3116332 kliguy38
kliguy38's picture

hey bro.....happy New Fuckin' year......ponzi masters only playing game with the stops ....they don't even give a shit about painting the tape here ....only distribution is the game and collecting the leverage chips now

Wed, 01/02/2013 - 17:19 | 3116213 Ras Bongo
Ras Bongo's picture

Do the opposite of ZH calls and you'll be rich

Wed, 01/02/2013 - 18:04 | 3116440 homersimpson
homersimpson's picture

Yea - that "gold" thing is really making us all broke *rolls eyes*

Wed, 01/02/2013 - 17:21 | 3116218 SheepDog-One
SheepDog-One's picture

Well as I recall, everyone and their gramma was saying for months that it was all 'for the election' then right after that reality would come crashing back in. 

No one knows when reality will come back in, but it will sometime whether tomorrow or maybe months away but the shit will hit the fan.

Wed, 01/02/2013 - 17:25 | 3116247 Bastiat009
Bastiat009's picture

Sure, the shit will hit the fan ... tomorrow or in ten years and that makes a huge difference because as we all know on a long enough timeline ....

Wed, 01/02/2013 - 17:30 | 3116270 SheepDog-One
SheepDog-One's picture

Its a war of attrition. 

Wed, 01/02/2013 - 19:02 | 3116648 chump666
chump666's picture

I see your point.  But 95% of anyone playing this market knew that markets will rally year end and on the money printers last gasp post fiscal cliff.  The market is rigged via money printing and HFTs, so when we see a HFT crash on mini futures it does show that the flows of the market no longer correspond with fundamentals or liquidity dynamics i.e rigged. ZH imo is making a lot of good calls, for me, the main one is the tensions in the middle east and south china sea.  In which the Japan/China dispute will go hot etc. 

The big market issue this year will be algos or HFT trading, again ZH is onto this whilst most commentators don't even touch it.  In summary the money printers will lose grip (sooner than we think) on this market as reality hits.  It will be ugly.

Wed, 01/02/2013 - 17:13 | 3116182 dirtyfiles
dirtyfiles's picture

massive rally on massive denial

Wed, 01/02/2013 - 17:14 | 3116185 Boilermaker
Boilermaker's picture

And, they banged the living shit out of the close.  Just a big cherry on top.

This has reached all time retardation. 

Oh, it's up AH also. 

I guess this is it, huh?  Just keep getting a larger and larger sledge hammer and smash it upward daily.  Eventually, retail will enter, TBTF will be recapped, and then the bottom can fall out.

This is disgusting.

Wed, 01/02/2013 - 17:13 | 3116187 mrktwtch2
mrktwtch2's picture

i bought some vol in the last minute..at least it was cheap..lol

Wed, 01/02/2013 - 17:22 | 3116223 SheepDog-One
SheepDog-One's picture

That's that new Russian vodka right?

Wed, 01/02/2013 - 17:14 | 3116189 fonzannoon
fonzannoon's picture

It is the gift that keeps on giving. 3 weeks of bad macro news to rile up the shorts and the sick bastards that want to play the vix followed by 1 week of totally scortching the shorts. The debt ceiling set up on the way now. Should be fun to watch.

Wed, 01/02/2013 - 17:18 | 3116211 ekm
ekm's picture

Fonz

It's an insect trap. Sudden moves like this show pure despair. There are no suckers.

 

Did you buy a dacha already?

Wed, 01/02/2013 - 17:21 | 3116216 fonzannoon
fonzannoon's picture

Not yet, I am making my plans though.

EKM how does the trillions in 401k money by individuals fit into your concept?

Wed, 01/02/2013 - 17:23 | 3116229 ekm
ekm's picture

I'm slowly adopting your thoughts on this, slowly though.

Check this one;

http://ftalphaville.ft.com/2013/01/02/1319753/banks-refuse-to-clear-trad...

 

I think that money will be stolen by Obama.

Wed, 01/02/2013 - 17:27 | 3116250 ekm
ekm's picture

Those funds already own a lot of stocks, which in storage.

They can't churn stocks though.

It's quite, quite, quite possible one or two or three of these would be obligated to vanish and dump their stocks into the market for liquidation.

Wed, 01/02/2013 - 17:34 | 3116268 fonzannoon
fonzannoon's picture

People get paid (mostly) biweekly. So every two weeks there is a lot of inflows into stock funds. It just seems like your theory is largely correct, but there are still some assets coming in.

Hey I can't open that link but it looks interesting...whats the gist of it?

Wed, 01/02/2013 - 18:21 | 3116528 ekm
ekm's picture

Links works.

Pension funds want to buy protection but it's denied.

Big bank can claw back their assets.

Wed, 01/02/2013 - 18:21 | 3116529 ekm
ekm's picture

Links works.

Pension funds want to buy protection but it's denied.

Big bank can claw back their assets.

Wed, 01/02/2013 - 18:45 | 3116601 ekm
ekm's picture

Thi is what I'm thinking right now.

Inflow have been into stock ETFs, not stocks.

ETFs are simply storage of stocks by itself. So big banks buy stocks nobody wants and package them into ETFs to sell them to suckers that have no control of of 401k accounts. Since the portfolio managers hold the decision making, buying index ETFs or major ETFs is the best way to get a juicy salary but not get blamed for anything.

 

Fonz

I think we found it. I think we did.

Wed, 01/02/2013 - 17:14 | 3116191 Theta_Burn
Theta_Burn's picture

Luckily I was wiped out a couple yrs ago selling similar news like we had the last couple days.

I certainly would have been smoked today...

Wed, 01/02/2013 - 17:15 | 3116192 qqqqtrader
qqqqtrader's picture

I stole my grandma's pension check today and bought SPX, she'll thank me for doing so in a few years!

Wed, 01/02/2013 - 17:38 | 3116316 GMadScientist
GMadScientist's picture

If she finds her way back...

Wed, 01/02/2013 - 17:15 | 3116194 ReptilianSlaveMaster
ReptilianSlaveMaster's picture

This market is going to the moon - buy now or die!

Wed, 01/02/2013 - 18:16 | 3116500 walküre
walküre's picture

+1 buy now or be priced out forever! we need moar suckas!

Wed, 01/02/2013 - 17:15 | 3116195 Cognitive Dissonance
Cognitive Dissonance's picture

Skynet should be scanned for disc errors.

<Because this just does not compute.>

Wed, 01/02/2013 - 17:15 | 3116196 dirtyfiles
dirtyfiles's picture

common really?`

Wed, 01/02/2013 - 17:15 | 3116197 Future Jim
Future Jim's picture

What is supressing the VIX? Is it intentional?

Wed, 01/02/2013 - 17:44 | 3116335 Schmuck Raker
Schmuck Raker's picture

That's the rumor. Or "Tylerism" is better.

Great clue HD! LOL

Wed, 01/02/2013 - 20:59 | 3117087 Future Jim
Future Jim's picture

So no one knows?

Wed, 01/02/2013 - 17:19 | 3116212 HD
HD's picture

Whatever tiny amount amount of faith I had in politicians and financial markets finally and completely evaporated today.

There really is no shame, no truth, no courage and no integrity. Everything is about optics and nothing more.

The tinfoil hat wearers of the world are right. I guess I'm going long Alcoa.

Wed, 01/02/2013 - 17:24 | 3116232 SheepDog-One
SheepDog-One's picture

All 100% totaly fake and rigged....anyone who believed in any way there was real 'political rancour' or actual markets can now rest totaly assured its all completely fake.

Wed, 01/02/2013 - 17:31 | 3116274 HD
HD's picture

Agreed.  The fact that a lame duck GOP approved a last minute craptacular deal is proof enough for me.

Wed, 01/02/2013 - 17:23 | 3116227 Alpha Monkey
Alpha Monkey's picture

Markets gonna beat 2007 peaks in nominal terms(forget real terms) ?  I think not...

Wed, 01/02/2013 - 17:54 | 3116385 Panafrican Funk...
Panafrican Funktron Robot's picture

85 billion unsterilized pumping per month.  Think again.

Wed, 01/02/2013 - 17:25 | 3116238 Bay of Pigs
Bay of Pigs's picture

CRACK UP BOOM bitchez

Wed, 01/02/2013 - 17:25 | 3116240 mr. mirbach
mr. mirbach's picture

Today's rise in the market only reflects the latest devaluation of the dollar thanks to CONgress' can kicking.

 

Wed, 01/02/2013 - 17:25 | 3116243 Ras Bongo
Ras Bongo's picture

ZH, give up on the bearish calls. You are make idiots poorer.

Wed, 01/02/2013 - 17:32 | 3116261 CaptianSpaulding
CaptianSpaulding's picture

No are... Fixed it for ya

Wed, 01/02/2013 - 17:37 | 3116312 GMadScientist
GMadScientist's picture

All your grammar are belong to us with sense of humor.

Wed, 01/02/2013 - 17:42 | 3116334 CaptianSpaulding
CaptianSpaulding's picture

I are get it. My bad

Wed, 01/02/2013 - 17:31 | 3116266 otto skorzeny
otto skorzeny's picture

i never remember any ZH articles giving advice to buy or sell anything-other than a few hack contributors. also-you gots the gud inglish.

Wed, 01/02/2013 - 17:55 | 3116390 ebworthen
ebworthen's picture

If someone is standing outside a casino telling people the slots and table games are rigged - yet they go in and gamble anyway - whose fault is it if they lose?

Wed, 01/02/2013 - 18:18 | 3116513 walküre
walküre's picture

You wish... the day ZH turns bullish is the day of the ultimate top and short entry.

Wed, 01/02/2013 - 17:26 | 3116249 ebworthen
ebworthen's picture

Pigs fly, monkeys fly out of Bernanke's butt, debt is meaningless, unemployment good, up down, day night, etc., etc., etc.

When do I get a raise and free healthcare for maxing out my credit card and not paying my bills?

Wed, 01/02/2013 - 17:29 | 3116258 steveo77
steveo77's picture

Free 10 ounce Silver contest.  The new contest is posted!!!!!!!!

Enter early, only the first correct price gets the bar.

I did 35.21 (so don't use that one, right?)

Use the link on the side of my blog

http://oahutrading.blogspot.com/2013/01/new-silver-contest-is-open-10-ou...

Wed, 01/02/2013 - 17:32 | 3116278 chancee
chancee's picture

My opinion is the E-mini is the end-all-be-all driver of everything.  It is the epicenter of manipulation for all asset classes.  And has been for about three years now.

Wed, 01/02/2013 - 17:50 | 3116353 BlueStreet
BlueStreet's picture

And a rat hole to throw money down.  

Wed, 01/02/2013 - 17:35 | 3116295 zendome
zendome's picture

Oh for f's sake...I had a valid buy signal on 12/31 on the ES and I didn't take it because I didn't want to hold through the year end cliff crap.  Joke's on me I guess.  There is no upper limit to how absurd this thing can get.

Wed, 01/02/2013 - 18:05 | 3116446 Al Huxley
Al Huxley's picture

Well yes, one thing was fucking dead-to-right certain, and that was that there would be a 'deal' at the very last minute, and there would be no 'going over the cliff'.   So buying should have been a no-brainer.  But the intensity of the buying today WAS pretty surprising.

Wed, 01/02/2013 - 17:36 | 3116298 youngman
youngman's picture

Japan markets way up....China´s..Germany..the USA...wow....and only one bad HFT today..one algo gone bad...just amazing actually...we can see them stealing right in front of us...and we just yawn....

Wed, 01/02/2013 - 17:37 | 3116301 Rompoculos
Rompoculos's picture

So, you are happy to sell to the Fed, who is happy to pay any price for your assets, the higher the better. But, are you happy to buy from the Fed? At any price?

Wed, 01/02/2013 - 17:36 | 3116303 DrDre
DrDre's picture

"If that markets takes off and you will not be long it, you'll regret it. Maybe not today. Maybe not tomorrow, but soon and for the rest of your life."

 

Wed, 01/02/2013 - 17:37 | 3116308 tahoebumsmith
tahoebumsmith's picture

Money for nothing and your chicks for free. It's all one big party, until it isn't...

Wed, 01/02/2013 - 17:40 | 3116322 Zen Bernanke
Zen Bernanke's picture

Hell ya.  It's all good baby!

Wed, 01/02/2013 - 17:42 | 3116331 inevitablecollapse
inevitablecollapse's picture

do you think that 4q earnings will tamper any of this exuberance?

Wed, 01/02/2013 - 17:54 | 3116382 Sudden Debt
Sudden Debt's picture

well, for europe Q4 earnings are looking at a -2% average eps vs. last year.

so that's going to stink the pop up

Wed, 01/02/2013 - 17:46 | 3116342 Racer
Racer's picture

Have you got an overlay of small business confidence with the RUT?

Wed, 01/02/2013 - 17:49 | 3116348 HD
HD's picture

The question is - after a day like today with beginning of the year allocation and massive short covering, if this was (more or less) the 2013 top.

We already know Ben is printing forever along with every other central bank  - everyone is margined to the max, so I have to wonder what's the upside catalyst for 2013?

Wed, 01/02/2013 - 17:58 | 3116412 Panafrican Funk...
Panafrican Funktron Robot's picture

"what's the upside catalyst for 2013?"

85 billion in unsterilized printing per month, for at least 12 months, if not longer, and may potentially be more.  Remember, the stock market is priced in nominal terms.  

Wed, 01/02/2013 - 18:35 | 3116570 walküre
walküre's picture

Sure, try and make money trying to catch a crumb of that $85 billion in unsterilized printing. It doesn't work that way. It didn't work that way in 2011 or 2012 either. This money is not being printed for your benefit. Maybe for your entertainment and most certainly for your pain.

No gain but lots of pain.

Wed, 01/02/2013 - 17:51 | 3116370 Sudden Debt
Sudden Debt's picture

copper up bigtime...
silver up bigtime...
gold... up... but not that much....

let's hope gold has some catching up to do when people realize printing the shit out of America will still happen.

Wed, 01/02/2013 - 18:08 | 3116466 Al Huxley
Al Huxley's picture

Since I only buy it when the bears are out in full force, and full control of the psychology, and since now more than ever is the time to own it, I kind of hope it doesn't catch up - as long as I get paid in digital paper, lower exchange rate is better.

Wed, 01/02/2013 - 18:56 | 3116647 The Joker
The Joker's picture

Hey Hux, a couple of weeks ago I said Gold will dip at 1550.  You said 1660.  Someone else, I think Roosting Chicken, said 1650.  How did you know that Hux?  What are you looking at Hux?  You work for GS don't you Hux?  I knew it.  You're the fucking manipulater aren't you?  Hux?  Inquiring minds want to know Hux, how the fuck did you know that?

Wed, 01/02/2013 - 19:13 | 3116723 Al Huxley
Al Huxley's picture

If I worked for GS, I would be telling you the WRONG answers, not the right ones LOL.

Thu, 01/03/2013 - 17:58 | 3120148 The Joker
The Joker's picture

Thanks for the smackdown today Hux ;)

Wed, 01/02/2013 - 19:15 | 3116736 Al Huxley
Al Huxley's picture

And BTW, what I was looking at when I said 1660 was the RSI.  It generally doesn't drop much below 30 for gold.

Wed, 01/02/2013 - 19:37 | 3116801 The Joker
The Joker's picture

Thanks Hux, the check is in the mail.  Wait...oh, I see what you did there.  You gave me the WRONG answer didn't you.  You sly dog you.  Go back to work now Hux, I need you to smack it down tonight.

Wed, 01/02/2013 - 19:31 | 3116785 Roosting Chicken
Roosting Chicken's picture

Easy.  Just take the day's volume and divide it by 2yr avg SP500 multiplied by the VXY and the 3 yr avg GDP divided by the current ES2 minus the SPY and then invert it...but only after you factor the DOW with 10yr TSY multiplied by the real inflation rate (use your best guess on that one). 

 

Wed, 01/02/2013 - 19:33 | 3116789 Al Huxley
Al Huxley's picture

Oooo, I'll try that next time then!

Wed, 01/02/2013 - 19:42 | 3116822 The Joker
The Joker's picture

I like Hux's method better.  I would tip you but I haven't left a tip since I was circumcised.

Wed, 01/02/2013 - 17:55 | 3116393 Schmuck Raker
Schmuck Raker's picture

Confession: It would appear my call, in Dec. of 2011, for a VIX spike to 80 in 2012 was a bit wide of the mark.

Anyone who wants their money back, well...

Wed, 01/02/2013 - 18:00 | 3116423 Schmuck Raker
Schmuck Raker's picture

I predict a VIX spike above 80 in 2013. September 6th. You can take that to the bank. Double or nothin'.

Wed, 01/02/2013 - 17:57 | 3116403 razorthin
razorthin's picture

Hyperinflation has arrived...

Wed, 01/02/2013 - 18:10 | 3116472 jeff314
jeff314's picture

when hyperinflation will be here VXX will climb a lot higher

Wed, 01/02/2013 - 18:04 | 3116438 Frank N. Beans
Frank N. Beans's picture

i did one, and only one, smart thing lately, even tho i was tempted:

i did NOT buy TVIX

 

Wed, 01/02/2013 - 18:04 | 3116439 chump666
chump666's picture

Surely no one shorted this?  DXY collapse Asian session was the indicator there was going to be big rally.

Dow and S&P are still trading below Oct 2012 highs.  It is Europe and Asia that is overbought. 

Lets see how the money printers handle break outs of oil inflation, Asian geopolitical issues, Europe 2013 endgame...with German election and widespread riots, war in the middle east and south china sea, corn price blow out again, some more inflation, extra nasty riots, environmental uncertainty, HFTs going bananas, rogue trades with extra sauce on top, another bank bailout - probably a Wall Street brokerage firm etc etc etc.

Tight.

Wed, 01/02/2013 - 18:15 | 3116497 razorthin
razorthin's picture

"Stocks"  was trending last night on Yahoo!  You know what that means.  Surrogate to your shoeshine boy.

Wed, 01/02/2013 - 18:23 | 3116535 MarcusLCrassus
MarcusLCrassus's picture

Thank you, Barack Obama!

Wed, 01/02/2013 - 18:29 | 3116551 walküre
walküre's picture

MLNX is I$rael Jew money baiting - Sha$om

I hope every dual citizenship holder in Congress is totally "in" on that. They deserve to lose every penny for their stupidity and greed.

Did anyone really expect that either Senate or Congress would vote for a collapse of their ponzi system that delivers them paycheque after paycheque without ever lifting a finger? They're lazy ass actors who get paid to show up. Now they're getting paid even more. Yes that's right, the deal they voted on was basically sweetened with a pay raise. How could they not vote FOR it? Where I'm coming from that's called a conflict of interest. Just sayin'. Where's the rule of law in this country? They gag everyone until the last minute, make everyone hold their breath literally and vote in the middle of the night on the last day of the year?

IS EVERYONE JUST TOTALLY FUCKING NUMB AND INSANE TO NOT SEE WHAT IS HAPPENING?

HANG THEM!

Wed, 01/02/2013 - 18:51 | 3116611 The Joker
The Joker's picture

DELETE! @#$%^

Wed, 01/02/2013 - 18:48 | 3116618 The Joker
The Joker's picture

Rule of law.  BWAH HA HA HA HA!

You're in the jungle baby, you're gonna die!

Wed, 01/02/2013 - 18:43 | 3116598 Chartist
Chartist's picture

Here's what I don't like, all the super bears like Janjuah, Rogers and Faber have zip locked mouths now that the market is ripping...I expect these guys to say they were wrong....Of course they'll admit it after they've accumulated their long positions.

Wed, 01/02/2013 - 19:12 | 3116721 dwdollar
dwdollar's picture

Oh yes, everything is FUCKING FANTASTIC. Way to go market. Way to go...

So when does +QE4VER end again?

Wed, 01/02/2013 - 19:24 | 3116760 EclecticParrot
EclecticParrot's picture

On days like this, in times like these, for some odd reason I always find it helpful to re-watch 1964's "Les Parapluies de Cherbourg," with the unequaled teamwork of Jacques Demy/Michel Legrand (oh -- and, by the way, Deneuve at age 20 makes one's LCD screen levitate in the air), as a reminder of the difference between true artistry and public masturbation, i.e., Congress and these markets.

Russell all-time highs, eh ?  Oh, really !  Anyone not seeing this coming with that rambunctious index being goosed daily at 10:35 in 2012 should be forced to use a photo of that dork from the Fox Network's gold commercials, who resembles a cross between a lizard and Alfred E. Newman (forever discouraging teens from smoking pot in a pet store), as their ZH avatar.

Without question, today was one big self-flagellating wizz-job.  As grandma said, if you don't stop it, you'll go blind (or crack your head open).

Wed, 01/02/2013 - 19:34 | 3116794 salami_tsunami
salami_tsunami's picture

well, my portfolio jumped $700 today. not bad for sitting around in pajamas.

Wed, 01/02/2013 - 19:38 | 3116805 salami_tsunami
salami_tsunami's picture

anyone interested, it's TC, INTC (bought at $19 low), DLPH, NVDA, and LLTC

 

TC has almost doubled up since I got it for 2.80

 

these are all super long, not a day trader, just a freelancer with no pension lol

Wed, 01/02/2013 - 20:07 | 3116810 salami_tsunami
salami_tsunami's picture

the rest of my money is in a cashbox

Thu, 01/03/2013 - 08:00 | 3118091 overmedicatedun...
overmedicatedundersexed's picture
just got my 2013 property tax assessment, they dropped my assessment 50,000 dollars..thats gotta be good for the re market and economy, note live in maryland land of high taxation.. 
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