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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Zer0head's picture

so far 5 against boener


one guy just voted for Collin Powell

IvyMike's picture

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

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

Cursive's picture

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

Cdad's picture

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

system failure's picture

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

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.

IvyMike's picture

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

ekm's picture


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

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.

Clint Liquor's picture

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


ekm's picture

You forgot to say PERIOD.

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.

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.

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.

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.

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.

SheepDog-One's picture

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

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.

SheepDog-One's picture

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

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.

pragmatic hobo's picture

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

Solon the Destroyer's picture

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

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] 

SheepDog-One's picture

Can i buy some stawks with this here EBT card?

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.

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

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!

Obchelli's picture

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

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.

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.

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.

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.

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.

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.

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.