Deja 'Exuberance' Vu Or Different This Time?

Tyler Durden's picture


Looking at the trading action over the past three days we had a certain sense of deja vu... and then we placed it: the start to 2013 is merely a repeat of the Draghi and Bernanke "bailout" preventing the market from crossing the seemingly all too critical 1380 support, beyond which there may well be tigers...



and for all those discussing the big rotation from stocks to bonds - think again - (H/t @TFMkts) - the shift into QE3 was far more dramatic than this measly move in 30Y yields...

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Thu, 01/03/2013 - 13:45 | 3119111 Zer0head
Zer0head's picture

so far 5 against boener


one guy just voted for Collin Powell

Thu, 01/03/2013 - 13:44 | 3119120 firstdivision
firstdivision's picture

Obama's Boner

Thu, 01/03/2013 - 13:48 | 3119156 IvyMike
IvyMike's picture

So the omniscient and omnipotent and invisible hand of "Teh Market" can be wrong? Say it isn't so!

Thu, 01/03/2013 - 13:46 | 3119126 spastic_colon
spastic_colon's picture

'bout the only thing stoppin this trend now is an "event" terrorist or otherwise, but since all the terrorists are paid off it will have to be somethin' else

Thu, 01/03/2013 - 13:46 | 3119132 Cursive
Cursive's picture

When 1380 goes, it's 1250 next, but 1474 is on everyone's radar ATM.

Thu, 01/03/2013 - 14:13 | 3119275 Cdad
Cdad's picture

When was it that FREE markets delivered up what is on "everyone's radar"?  

Thu, 01/03/2013 - 13:47 | 3119145 system failure
system failure's picture

desparate times call for desparate actions...all so predictable.

Thu, 01/03/2013 - 13:53 | 3119188 ekm
ekm's picture

Let me re-post this one again. I will keep beating the same dead donkey until people understand how it actually works.


I've been telling you guys, over and over and over and over. This is an INSECT TRAP. Hence financial industry has a in effect become a PUBLIC UNION.

A Public union is:

- useless

- extractive


Everything at this point is up to Obama as in 2008 everything was up to Bush.

Same as for Benghazi, everybody passed the buck to Obama to make a decision and he fucked up.

Right now the decision to continue the lunacy or crap the market has been deferred squarely on................Obama. Same as for Benghazi.

May God help us.

Thu, 01/03/2013 - 13:56 | 3119201 IvyMike
IvyMike's picture

What do you think is the significant difference between a public union and a corporate boardroom?

Thu, 01/03/2013 - 14:01 | 3119230 ekm
ekm's picture


Boeing is a public union as a corporation. It can't exist without gov contracts.

Thu, 01/03/2013 - 14:09 | 3119261 Winston of Oceania
Winston of Oceania's picture

The only way any entity be it person or thing can avoid dependence on government is to shun any business dealings with them at all.

Thu, 01/03/2013 - 14:19 | 3119309 Clint Liquor
Clint Liquor's picture

Nothing is useless. It can always be useful as a bad example.


Thu, 01/03/2013 - 14:21 | 3119314 ekm
ekm's picture

You forgot to say PERIOD.

Thu, 01/03/2013 - 14:13 | 3119274 pvbflorida
pvbflorida's picture

IvyMike, interesting question. Union officals are elected by union members. The corporate boardroom is comprised of people selected by shareholders. The problem is that if you own mutual funds ask yourself when was the last time you participated in voting for the board members. So who is electing that board and how do they make their decision? Wonder if the answer has anything to do with the rapid rise in the multiple of executive pay to average wage earner.

Thu, 01/03/2013 - 14:08 | 3119253 Freddie
Freddie's picture

You keep posting insect trap?  WTF is that?  Is this like a bear trap?

Benghazi was Obama redoing Libya, Egypt and Syria into more islamic calpiphates for Al Queada/Mo Bro Hood.  This was all planned. It was a gun running deal like fast and furious.   He should be impeached for both of them.

Thu, 01/03/2013 - 14:15 | 3119280 SheepDog-One
SheepDog-One's picture

Gun running deal went bad...and covered up by the bobblehead media. One day a wheel will fall off their Mad Max hoopdie and it will be all over for them.

Thu, 01/03/2013 - 14:18 | 3119297 ekm
ekm's picture

Seth Klarman's terminology.


When one buys a stock to sell it to a greater fool, if there are no greater fools left, then he is the greater fool.

Like an insect trap, you can get in, you cant get out.

Thu, 01/03/2013 - 14:09 | 3119259 Joe moneybags
Joe moneybags's picture

Thanks for the lecture, ekm.  We guys have been confused about the relationship of financial institutions, public unions, and presidential responsibility for the Benghazi tragedy.

Thu, 01/03/2013 - 14:16 | 3119290 ekm
ekm's picture

See my comment above.

Thu, 01/03/2013 - 14:11 | 3119265 SheepDog-One
SheepDog-One's picture

ObaMao doesnt call any shot, he gets orders from a council of central banksters and carries them out.

Thu, 01/03/2013 - 14:16 | 3119286 ekm
ekm's picture


What I mean is that Obama is the only one who has the LEGAL responsibility to do something. Same as for Benghazi.


Only Obama has LEGAL power to tell the plunge protection team to stop.

Thu, 01/03/2013 - 14:18 | 3119295 SheepDog-One
SheepDog-One's picture

Well, I believe its the other way around, but whatever.

Thu, 01/03/2013 - 14:23 | 3119326 ekm
ekm's picture

I agree. But the people behind him have no legal power to make decisions.

They tell him what to do and he does it.

Like Hank Paulson. He was the one making the moves, but only Bush had the power LEGALLY to make a decision to tell the PPT to stop.

Thu, 01/03/2013 - 13:58 | 3119209 pragmatic hobo
pragmatic hobo's picture

I just couldn't help myself but to snatch up some otm vix calls ...

Thu, 01/03/2013 - 14:01 | 3119223 Solon the Destroyer
Solon the Destroyer's picture

No Tigers (Bernanke isn't on a lifeboat yet), but beyond that cliff there be Dragons.  Bernt ass, anyone?

Thu, 01/03/2013 - 14:13 | 3119267 The Shootist
The Shootist's picture

You took my line.

Thu, 01/03/2013 - 14:03 | 3119237 Cdad
Cdad's picture

Every last fund manager on The Street, right now, is using this move to sucker in lazy retail guys making their bets for the year.  Bullish chatter coming from even more bearish fund managers....everyone using this dip-n-rip to coax Average Joe back into the market.

There are also several very curious streams out there...including one guy who is out making the case that N. Roubini is the reason Average Joe is not in the argument so devoid of any rationale, and so utterly steeped in self-denial [of the fact that the market is what keeps people out of the market] that it makes quite the interesting study in banker/broker/PM psychology.

As is always the case during such sharp inflection points as this, the communication streams are filled with Wall Street desperation...that is if you know how to translate the language. 

But don't worry Average Joe...'cause any second now everyone in the world will commence fighting the Fed [selling bonds] and use the proceeds to buy equities ahead of February budget reconciliation and debt ceiling fight.

Good grief [and by that I mean...fascism is truly exhausting] 

Thu, 01/03/2013 - 14:13 | 3119271 SheepDog-One
SheepDog-One's picture

Can i buy some stawks with this here EBT card?

Thu, 01/03/2013 - 14:15 | 3119277 Freddie
Freddie's picture

Idiots need to unplug the TV and avoid spammy bullish web sites. 

The average Joe, if he has an IQ above 60, knows that Mugabe/Chavez/Stalin is king and everything is f***eded.  The sheep will get all excited about the Super Bowl or some other shit.

Thu, 01/03/2013 - 14:03 | 3119240 system failure
system failure's picture

The other advent to the mystery machine referred to as the MARKET lately:

1) Normal MARKETS drop faster than they climb.

The mystery machine MARKET climbs faster than it declines.

Deja Vu

Thu, 01/03/2013 - 14:10 | 3119264 Mark123
Mark123's picture

Nothing matters until foreigners stop accepting US fiat (or Euro fiat) in exchange for their hard work.  Until then the rape and pillage of the western world will continue unabated as the rabble is kept fed and entertained by the crooks.


Keep on creating more fiat debt out of thin air - full steam ahead.  Mussolini would be so jealous!

Thu, 01/03/2013 - 14:16 | 3119288 Obchelli
Obchelli's picture

Wait untill tomorow fabricated NFP will be announced over 250K - We all bears wil be f&^%d

Thu, 01/03/2013 - 14:19 | 3119308 SheepDog-One
SheepDog-One's picture

Yea? Then what?

Thu, 01/03/2013 - 14:23 | 3119328 Dr. Engali
Dr. Engali's picture

Maybe you haven't been paying attention , but there aren't any bears. There are people who are bearish, myself included, but I sure as hell won't go against a hedge fund with unlimited capital. I'm bearish... not stupid.

Thu, 01/03/2013 - 14:20 | 3119299 Dr. Engali
Dr. Engali's picture

I just don't believe there's a such thing as a critical support area any longer in this market. "Critical support" is where ever they determine it will be.

Thu, 01/03/2013 - 14:21 | 3119319 SheepDog-One
SheepDog-One's picture

They'll prop it up to whatever, and pull the rug out whenever it best suits them, that's all.

Really the way its always been just never this blatant. Markets are dead now forever, thats the real result of all this, so they better really enjoy this while they can its just a 1 shot deal.

Thu, 01/03/2013 - 14:28 | 3119353 Dr. Engali
Dr. Engali's picture

I am surprised that they have a pulled it by now, I guess they're waiting to get more of the police state set into place.

Thu, 01/03/2013 - 14:47 | 3119432 ekm
ekm's picture

It's quite a bigger problem.


When Bush gave the order to PPT to stop buying because crude oil was stored everywhere and the economy was being starved of energy, Russia attacked the country of Georgia and China started to claim Taiwan and the whole South China Sea territory as payment for the debt.


Obama has absolutely no capacity to deal with international problems. Check Benghazi.

Thu, 01/03/2013 - 14:30 | 3119340 Cycle
Cycle's picture

How to deal with insolvency?  Why pretend it's due to lack of liquidity, keep printing debt so interest payments can be made to avoid default, lather, rinse, repeat.  Great way to run a country.

Thu, 01/03/2013 - 14:58 | 3119493 Stock Tips Inve...
Stock Tips Investment's picture

Technically speaking, the SP-500 has a good chance of reaching a new high. Most indicators are in positive territory.

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