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Hedging The Great Unwind - Second Highest Treasury Put Volume On Record Hits The Tape

Tyler Durden's picture




 

In early June 2007, Treasury futures saw their largest-ever put volume traded (821,978 contracts) and within a few days, Treasury yields had peaked at 5.32% and never looked back. Yesterday, according to CME data, Treasury futures put volume hit 758,020 contracts (second only to that 2007 high) as 74% of the entire options trading volume was in puts (and 88% of 5Y futures options were puts!). With the FOMC tomorrow and everyone seemingly convinced that the 'great rotation' is in place, it would appear the crowded trade is being bearish bonds.

 

 

Is the world expecting a 'hint' at relative tightening from Bernanke tomorrow? and what will that do to equity prices?

 

(h/t Brad Wishak of NewEdge)

 

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Tue, 01/29/2013 - 13:44 | 3195329 whatsinaname
whatsinaname's picture

The Dow has to hit 14000 before any real action (or reaction) occurs.

Tue, 01/29/2013 - 13:46 | 3195342 SmoothCoolSmoke
SmoothCoolSmoke's picture

That should be about 2 pm.

Tue, 01/29/2013 - 13:55 | 3195370 camaro68ss
camaro68ss's picture

i feel like the pig on the geico Commercial, Weeeeeeeeeee, we, we, we, weeeeeeeee 

Tue, 01/29/2013 - 17:05 | 3196216 darteaus
darteaus's picture

After touching you all last night, I'd have to agree.

Tue, 01/29/2013 - 14:10 | 3195417 bonzo112358
bonzo112358's picture

You're probably right.  I didn't realize how close we were too the 14k mark.  Buying more vxx call spreads.  I still haven't learned my lesson on going against the fed.  If you want to make money just do the opposite of what I'm doing.

Tue, 01/29/2013 - 14:15 | 3195439 SeverinSlade
SeverinSlade's picture

Fighting the Fed isn't a losing battle.  But it certainly is a lengthy war; and lengthy wars can be expensive. 

But that's the whole point of current Fed policies though.  Doing the right thing doesn't generate the returns they should.  The Fed has, in effect, made the correct moves far too expensive.

This strategy will work until it doesn't.  You can be like the CNBS lemmings and just keep BTMFD each and every time.  But one day you will be the one left holding the grenade as it explodes.

Tue, 01/29/2013 - 14:20 | 3195465 Karlus
Karlus's picture

I agree. The easiest way to "fight the Fed" is with PM positions. That said, it does look like a top, but we will bust it because if you print Dow has to rise.

Tue, 01/29/2013 - 15:34 | 3195837 darteaus
darteaus's picture

Exactly right - get out of their fake money as much as possible.

Tue, 01/29/2013 - 18:09 | 3196486 Fish Gone Bad
Fish Gone Bad's picture

You are right and wrong.  It absolutely should be a top, but with all this liquidity sloshing around it has to go somewhere.  Things just aren't fucked up enough yet for the market to tank.

Tue, 01/29/2013 - 15:05 | 3195680 EmmittFitzhume
EmmittFitzhume's picture

Don't fight the Fed. Just stand back and watch it destroy itself.

Tue, 01/29/2013 - 14:35 | 3195544 thismarketisrigged
thismarketisrigged's picture

2 PM?  Prob sooner with these crooks, lol. i actually called 14,000 yesterday in a post in another thread, sure enough looks like ill be right,

 

bunch of crooks these bankers are

Tue, 01/29/2013 - 14:03 | 3195395 SeverinSlade
SeverinSlade's picture

All of these signals that generally coincide with a market top...I don't know about everyone else, but it sure feels similar to late 2007...

Tue, 01/29/2013 - 15:00 | 3195646 Temporalist
Temporalist's picture

It's felt like 2007 for 5 years.

Tue, 01/29/2013 - 13:44 | 3195331 fonzannoon
fonzannoon's picture

the day rates ever actually ratchet up is the day you better head to your lakehouse after you wipe out the grocery store. until then the game goes on.

Tue, 01/29/2013 - 13:48 | 3195350 cxl9
cxl9's picture

Precisely so. If interest rates ever normalize, the whole system comes apart. They're not going anywhere.

Tue, 01/29/2013 - 14:25 | 3195489 Groundhog Day
Groundhog Day's picture

in a currency war the absolute last thing you do is raise interest rates as that sends the currency higher.  Ask yourself if this is even remotely possible...you know the answer.  the next time rate actually go up it will be because the central banks have lost control, until then be long bonds and hedge with gold and silver

Tue, 01/29/2013 - 14:19 | 3195457 Ham-bone
Ham-bone's picture

Currently $8+T in 3yr and less Treasury debt...yielding .4% to .04%...any move back toward '07's 5% yields on this debt (of which Fed owns none after its Op Twist) and POW, to the MOON

Tue, 01/29/2013 - 13:45 | 3195335 VonManstein
VonManstein's picture

bonds will tank tomorrow.

Tue, 01/29/2013 - 13:51 | 3195357 LawsofPhysics
LawsofPhysics's picture

Bullshit.  The Fed has a floor under everything.  There is no "market" for true price discovery anymore.  Unless you really believe those yields reflect a true cost for capital.

Personally I think it would be great and would certainly make the budget/debt ceiling debate more interesting.  Tell us, how much interest are taxpayers giving to the Fed right now?  What would that number be if rates went above 3%?

Think about it, rates will never go up.

Tue, 01/29/2013 - 13:56 | 3195376 Water Is Wet
Water Is Wet's picture

+1.  Anyone who reads in "hints" of tightening in tomorrow's language needs a lobotomy.

Tue, 01/29/2013 - 13:59 | 3195386 LawsofPhysics
LawsofPhysics's picture

Dealers simply have no incentive to help their customers come clean, of course they don't want to kill them either, at least not until the addict's children are also hooked on debt as well.

What's up with student loans again?

Tue, 01/29/2013 - 14:05 | 3195409 Temporalist
Temporalist's picture

And for those that wonder how the Fed can manage this let's not forget that the zombie bailed out banks have an obligation to grovel to their master printer for free money and abide his wishes. 

 

Ben's zombie army will buy bonds as if they were brains for eating.  "Moarrrr....bonds!"

Tue, 01/29/2013 - 14:26 | 3195493 Nothing To See Here
Nothing To See Here's picture

There will be hints of tightening, that is 100% certain. It's going to be only MOPE though. Fed must hint at tightening to cap gold price. Then don't tighten, but hint again. Rinse. Repeat.

Tue, 01/29/2013 - 23:07 | 3197562 garypaul
garypaul's picture

That's exactly what the Bank of Canada has been doing re:mortage rates!

Tue, 01/29/2013 - 14:21 | 3195466 SeverinSlade
SeverinSlade's picture

I'd also add that when pretty much 100% of investors finally begin thinking that way: that the Fed will rescue any and all markets...Is right around the time the Fed will have officially lost all control.

The fact that more and more people are giving up and just going long is definitely concerning IMHO.

Tue, 01/29/2013 - 13:56 | 3195378 Urban Roman
Urban Roman's picture

... except Au and Ag. There's no floor under them, and they're not backed by anything. 

Somebodyorother said that in CNBS the other day. 

still waiting for that crash to 0

Tue, 01/29/2013 - 14:19 | 3195450 Nothing To See Here
Nothing To See Here's picture

I saw that awesome segment too. Talking head blaming gold for not being backed by anything (like by US dollars?). At some point, they're going to argue that cars should push the engines.

Tue, 01/29/2013 - 14:37 | 3195526 nope-1004
nope-1004's picture

It was this idiot that said "gold isn't backed by anything".  LOL.

http://tv.naturalnews.com/v.asp?v=94051052ECB937B813C37910C72A9CD7

 Original clip starts at 13:50

 

Tue, 01/29/2013 - 16:20 | 3196023 Frank N. Beans
Frank N. Beans's picture

gold is not backed by anything except human history

Tue, 01/29/2013 - 16:41 | 3196107 LawsofPhysics
LawsofPhysics's picture

"backing" is irrelevant, it is all about counterparty risk.  Gold has been a safe store of value for 6000+ years. Why?  Because an ounce is an ounce is an ounce.  the metal remains rather inert to this day and unlike a paper promise it won't fuck you over, hence, no counterparty risk.  Seem like the world needs another lesson in risk and value.

Tue, 01/29/2013 - 14:00 | 3195382 VonManstein
VonManstein's picture

With a name like "lawsofphysics" you seem to have little respect for Sir Newton.  Or the basic concept of what goes up....

Are you really suggesting Ben Bond is invincible? At some point soon rates will rise.

What could Ben possibly say or do to jam rates lower and bonds higher? He has pretty much done all he can... He will of course continue this and perhaps increase it but when last QE forever was upped to $85 Bill TSY sold off 2% almost.

What do you think will happen?

 

Tue, 01/29/2013 - 14:03 | 3195393 fonzannoon
fonzannoon's picture

a mini correction should do it. a nice european crisis sparked up. there are plenty of tricks in the playbook.

Tue, 01/29/2013 - 14:09 | 3195416 VonManstein
VonManstein's picture

I agree with your angle Fonz.

I was just stating that the FED cant do much more other than "stabilise" TSY. The laws of physics will prevail and the US gov will go bankrupt. Ben is powerless to this.

I say any anouncement will spark a sell off. Only breifly however as things will remain "orderly" for now. DX also going down.

Tue, 01/29/2013 - 14:11 | 3195424 fonzannoon
fonzannoon's picture

I hear you man. smoke and mirros. 

Tue, 01/29/2013 - 14:23 | 3195475 Karlus
Karlus's picture

They just print. There is no limit to the number of zeros. Even if there is, we are not near it yet. I dont see wheelbarrows yet...

Tue, 01/29/2013 - 15:19 | 3195753 Stoploss
Stoploss's picture

What happens to banks if Ben raises rates tomorrow?

Tue, 01/29/2013 - 14:05 | 3195403 LawsofPhysics
LawsofPhysics's picture

The laws of physics have little to do with paper promises, paper valuations, and manipulated markets.

I didn't junk you and will only ask if you really believe all the "book values" for the underlying collateral behind all those bank "assets"?

I certainly don't, nor do I believe that the true cost for capital is 1.98 % (using the ten year as a reference).

Ah, if only I could use the same accounting rules that the big banks do, or control the market (i.e. housing) by intentionally removing inventory to push prices higher.

Nothing changes until the supply lines break.  As for when that happens, just track the prices you actually pay and start believing your own lying eyes.

Tue, 01/29/2013 - 14:12 | 3195429 VonManstein
VonManstein's picture

Calm down Sir.

I am just stating that Ben is only the King of paper untill he isnt. and that that time is nearing.

We are on the same side comrade

Tue, 01/29/2013 - 14:21 | 3195473 LawsofPhysics
LawsofPhysics's picture

ZH just put up the 5-year results.  The Fed/PDs are the only buyers, period.

Tue, 01/29/2013 - 14:35 | 3195543 VonManstein
VonManstein's picture

So. So what?

Its ridiculous to say they will tighten and its equally as ridiculous to suggest rates will never go up.

I say they lose control soon and would rather short these fuckers on a bounce.

Lows/highs are in

Tue, 01/29/2013 - 15:00 | 3195647 LawsofPhysics
LawsofPhysics's picture

So make that bet.  Personally, I won't and I am betting we stay range bound until you see some real protectionist policies and war.  Again, history is very clear on this.

Either way, it's still a paper promise to pay, good luck collecting on that should they lose control.  

Tue, 01/29/2013 - 15:18 | 3195741 VonManstein
VonManstein's picture

You know the bold text doesn’t make your comments more effective.

Tue, 01/29/2013 - 15:29 | 3195802 LawsofPhysics
LawsofPhysics's picture

Yes, but it can provide the appropriate emphasis for the less asute reader.

Tue, 01/29/2013 - 16:16 | 3195996 VonManstein
VonManstein's picture

i think you mean "astute"

have a great day

Tue, 01/29/2013 - 16:41 | 3196109 LawsofPhysics
LawsofPhysics's picture

Yes, glad to see you are paying attention.

Tue, 01/29/2013 - 14:14 | 3195438 Dr. Engali
Dr. Engali's picture

Ben is not invincible and neither is the dollar, but I'll bet we see a sub one percent ten year before this is all over.

Tue, 01/29/2013 - 14:20 | 3195459 VonManstein
VonManstein's picture

You may be right but im not betting on it.

Everyone here is Bullish TSY it seems and i think the lows/highs are in.

Now the rest of the "market" will flake around untill this is understood. Then... well... heads up

Tue, 01/29/2013 - 14:41 | 3195567 fonzannoon
fonzannoon's picture

Good luck Von. I am rooting for you. I meant that.

Tue, 01/29/2013 - 15:03 | 3195663 Temporalist
Temporalist's picture

You misinterpret people's cynicism for bullishness.

Tue, 01/29/2013 - 14:09 | 3195414 SeverinSlade
SeverinSlade's picture

Rates will never go up?  I think the more accurate statement is: The Fed will never willfully allow interest rates to go up.  As with the death of all fiat currencies, eventually Mr. Market wins and the Keynesians lose.

Risk can only be artificially mispriced and ignored for so long. 

Tue, 01/29/2013 - 14:21 | 3195467 LawsofPhysics
LawsofPhysics's picture

amazingly, this has been the case since 1971.

Tue, 01/29/2013 - 16:18 | 3196007 Meat Hammer
Meat Hammer's picture

Rates will go up when Ben and the other cocksuckers see that the middle class, finally, can no longer afford $5/gal milk, $6/gal gas, etc., and it's time to pop the bubble and start the second phase of the plan: destroy the market and buy back the world at pennies on the dollar. 

Tue, 01/29/2013 - 16:44 | 3196117 LawsofPhysics
LawsofPhysics's picture

Indeed, and if the populace is disarmed, taking possession will be considerably easier.  The problem the kleptocrats face may be in that people will demand something real in exchange like gold or they may not be interested in selling (for those with the deed/title).

MBAs hate it when asked what the "price" is for something a person isn't willing to sell.

Tue, 01/29/2013 - 13:46 | 3195344 DeadFred
DeadFred's picture

Help me! They think bond prices are going down or is it bond rates?

Tue, 01/29/2013 - 14:08 | 3195396 Randall Cabot
Randall Cabot's picture

The puts think prices are going down, they think bonds will be sold and the money rotated into stocks.

 

 

Tue, 01/29/2013 - 14:12 | 3195428 FL_Conservative
FL_Conservative's picture

That would be true if the money being used to pump the equity market wasn't coming from the Fed.  If the Fed hints at slowing bond purchases, that will decrease expectation of future funding (banks' excess reserves) and cause banks to start withdrawing funds from the equity market to prepare for "tightening".  But I'm with the camp that believes there's NO WAY the Fed can stop the merry-go-round that they're pushing or all hell WILL break loose.

Tue, 01/29/2013 - 14:19 | 3195458 DeadFred
DeadFred's picture

Thanks. I thought that's what it meant but found it hard to believe that so much money would think the Fed and Treasury would let bond rates rise. Who knows, maybe their right but it's sooo easy for them to create a risk off scenario and keep the rates low (and keep all the put money).

Tue, 01/29/2013 - 14:04 | 3195399 Dr. Engali
Dr. Engali's picture

They think bonds are going down and rates are going up with possible fed tightening. I would be willing to take the other side of that trade. Rates will not go up with 8% deficits and the Bernank at the helm.

Tue, 01/29/2013 - 14:24 | 3195486 Bob Sacamano
Bob Sacamano's picture

So opposite of what happened in 2007 - where prices went thru the roof (yields down).  A little unclear on what the 2007 comparison in the post meant,

Presumably there are sellers of those puts who are betting the same amount as those buying puts.

Tue, 01/29/2013 - 14:44 | 3195578 Dr. Engali
Dr. Engali's picture

Like I said... I'm willing to bet the trade does the other way..yields down and bonds up. I believe we will see the ten year below one percent before this is all over with.

Tue, 01/29/2013 - 14:46 | 3195581 Orly
Orly's picture

Sheer numbers in put volume.

Today is the highest put volume for Treasury, second only to 2007.

Tue, 01/29/2013 - 13:48 | 3195347 Temporalist
Temporalist's picture

"Rotate" on this

Overdue Student Loans Reach ‘Unsustainable’ 15%, Fair Isaac Says

"Delinquency rates on student loans made in the past two years stand at 15 percent in the U.S. as recent graduates struggle to find jobs, Fair Isaac Corp. (FICO) said.

The rate for 2010 through 2012 compares with 12.4 percent for loans made from 2005 to 2007, Fair Isaac’s FICO Labs said in a statement today, citing data from October. Average student- loan debt last year rose to $27,253 from $17,233 in 2005, and almost 60 percent of bank managers surveyed in December expect delinquencies to worsen in six months, FICO said."

http://www.bloomberg.com/news/2013-01-29/overdue-student-loans-reach-uns...

Tue, 01/29/2013 - 14:25 | 3195492 Room 101
Room 101's picture

Cue student loan forgiveness push in 4...3...2...1

Tue, 01/29/2013 - 15:19 | 3195746 Bam_Man
Bam_Man's picture

The Fed will have to buy ALL OF THEM first. And they probably will, eventually.

Tue, 01/29/2013 - 16:01 | 3195950 youngman
youngman's picture

Illegals first..have to get all 40 million of them on welfare first....

Tue, 01/29/2013 - 13:47 | 3195348 Gamma735
Gamma735's picture

Gandalf: It's the deep breath before the plunge.

Tue, 01/29/2013 - 13:48 | 3195349 virgilcaine
virgilcaine's picture

Buy TLT. We are at Peak Inflated everything .. again.

Tue, 01/29/2013 - 13:49 | 3195352 disabledvet
disabledvet's picture

Zero coupon bonds (H/t Dr. Lacey Hunt) have achieved equity like returns ever since Wall Street was "collapsed." with the Fed going "full on (get to work) Japanese" and zero economic recovery...well, let's just say I'd be amazed if the only thing we achieved in 2008 was a massive deflation...but I've been nothing BUT amazed since that epochal...and apocryphal...year.

Tue, 01/29/2013 - 13:51 | 3195354 buzzsaw99
buzzsaw99's picture

Bullish as fuck for Ts.

Tue, 01/29/2013 - 14:17 | 3195449 Sophist Economicus
Sophist Economicus's picture

Yup, I'm with ya.    Another tease to sucker the shorts....

Tue, 01/29/2013 - 13:50 | 3195356 thepigman
thepigman's picture

The Bernank is going to murdalize those put buyers or his

reputation will be shot and da markets will tank.

Tue, 01/29/2013 - 13:52 | 3195362 JustPrintMoreDuh
JustPrintMoreDuh's picture

The bottom will not be allowed to fall out until DHS receives all that hollow point ammo & AR's, local police fully militarized, TSA rolled out to all transportation sites, more elite puppet scumbags jump ship and head to secluded getaways, american populace unarmed, 401k's, pensions etc raided ... what am I doing ... this iz ZH ... you all know the script being played out.  

 

REVOLUTION bitchez. 

Tue, 01/29/2013 - 14:02 | 3195397 RiotActing
RiotActing's picture

Revolution? good luck with that against tanks, drones and apache helicopters. Any fantasies of "revolution" will be blown up and smashed real quick buddy. Wake up. 

I laugh at the idiot who think AR-15s are going to stop the government from taking more freedoms. You believe that? You are part of the problem.

Tue, 01/29/2013 - 14:08 | 3195413 JustPrintMoreDuh
JustPrintMoreDuh's picture

There are other means of revolution beyond .223  ... walk away from their system ... perhaps it is your ilk that is the problem?

Tue, 01/29/2013 - 14:34 | 3195535 DeadFred
DeadFred's picture

The system will die of starvation.  Right now Ben can print money so DHS can buy guns with air and people accept it. Some day there won't be any faith in the funny money and DHS won't have guns or many people willing to stand behind the guns. Choices are being made by people now on how things resolve at that time. Make choices toward one of the better outcomes.

Tue, 01/29/2013 - 14:58 | 3195636 RiotActing
RiotActing's picture

Unless you are talking about massive non violent sit ins with 100,000s of people, not a damn thing is going to stop any of this... including stupid POS AR-15s.

Tue, 01/29/2013 - 16:30 | 3196062 A. Magnus
A. Magnus's picture

Really? How's that 'domination' of Afghanistan going? Rumor has it all the Taliban has are AK-47s and RPGs, after 12 years your 'super soldiers' with all their high tech toys STILL can't control that fucking agrarian country.

Your argument is bullshit.

Tue, 01/29/2013 - 14:22 | 3195476 otto skorzeny
otto skorzeny's picture

are you kidding me? do you know the kind of maintenance that it takes to keep the army going? and when every base is in hostile territory in a country the size of the US?

Tue, 01/29/2013 - 14:48 | 3195595 Orly
Orly's picture

...and half the mechanics are "double-agents"...

Tue, 01/29/2013 - 14:55 | 3195623 RiotActing
RiotActing's picture

Ok man, you can be the first to be blown up. Ill be long gone... morons think they are going to 'fight' the government. Its fucking priceless really. LOL

Tue, 01/29/2013 - 16:23 | 3196043 A. Magnus
A. Magnus's picture

Hey dumbass - All the Iraqis had to fight with was AK-47s and rocket propelled grenades with the occasional IED supplement. The Pentagon had to PAY OFF the Sunni militias in 2006 so they would stop attacking our supply lines. Now the Iraqi resistance fighters all get free food and room and board from Washington DC for NOT fighting your supposedly invincible US armed forces. No air force, no navy, no tank forces worth mentioning on the Iraqi side.

#Winning - with just a lousy assault rifle

Tue, 01/29/2013 - 16:28 | 3196056 Meat Hammer
Meat Hammer's picture

I laugh at the idiots who think that our boys in the military will side with the same government who threw the shit at the fan and fire on US citizens.  

Tue, 01/29/2013 - 13:56 | 3195366 Ignorance is bliss
Ignorance is bliss's picture

What about that old adage "Don't fight the Fed"? Recently, replaced with "Fuck the Fed."

Since everything seems to be traded on insider info. and fraud. I wonder if my congressman's money is shorting T-Bills. There should be an ETA that tracks those scoundrals. 

Tue, 01/29/2013 - 13:54 | 3195371 Gamma735
Gamma735's picture

Dumb money plays in the stock before 3PM EST.

Tue, 01/29/2013 - 13:57 | 3195379 realtick
Tue, 01/29/2013 - 14:06 | 3195408 RiotActing
RiotActing's picture

What's with the 14 year old? What a stupid fucking website.

Fuck they just let any fucktwad post here dont they? 

Tue, 01/29/2013 - 14:19 | 3195452 TrumpXVI
TrumpXVI's picture

WTFs WRONG with you, dude?

A pic of a nude Sara Michelle Geller will get my motor runnin' EVERY time.  BTW, she's now 35.

Tue, 01/29/2013 - 15:00 | 3195649 RiotActing
RiotActing's picture

Anyone who thinks Sara Michelle Geller is hot IS living in their moms basement and needs to get out more. Again, she looks 14, but hey if thats your thing...

Morons...

Tue, 01/29/2013 - 14:24 | 3195480 knowless
knowless's picture

yup

Tue, 01/29/2013 - 14:38 | 3195552 Karlus
Karlus's picture

realtick, you gotta put a NSFW tag on there before you go there. We are all not in Mom's basement

Tue, 01/29/2013 - 15:19 | 3195750 Mi Naem
Mi Naem's picture

Thanks for taking a moment out of your porn-browsing, shaft-fapping day to share here on ZH. 

Don't look now, but your mommy's behind you...and she's into it. 

Have fun. 

Tue, 01/29/2013 - 13:59 | 3195381 EmmittFitzhume
EmmittFitzhume's picture

NIRP will come before the fall

Tue, 01/29/2013 - 14:14 | 3195436 DR
DR's picture

Please explain why you believe so....

Tue, 01/29/2013 - 14:36 | 3195542 EmmittFitzhume
EmmittFitzhume's picture

Fed will have to pay people to take their worthless paper. The last effort to delay, albeit a short time, the inevitable unwind and collapse of the financial system.

Tue, 01/29/2013 - 14:02 | 3195394 LongSoupLine
LongSoupLine's picture

Fuck you Bernanke and your corrupt fucking "market" you fucking run.

I hope you fucking get what's coming to you in spades you motherfucker.

Tue, 01/29/2013 - 14:11 | 3195425 DR
DR's picture

And consumer confidence hits a new low.

Only the hedgies, HFT and 1% are playing the market. The question is-who is the dumb money now?

Tue, 01/29/2013 - 14:18 | 3195447 yogibear
yogibear's picture

Oil making a nice steady rise.

Finally breaking out.

Tue, 01/29/2013 - 15:10 | 3195706 El Hosel
El Hosel's picture

... Yeah, oil up  just like the "Market" nice steady rise. Yes, we have no price discovery. No supply and demand just the machine painting the "appropriate" illusion .

Oil is going to drop like everything else when any wiff a reality is priced in..... meanwhile DOW 14,000 hats all around.

Tue, 01/29/2013 - 14:21 | 3195471 youngman
youngman's picture

"Bernanke Seen Buying $1.14 Trillion in Assets in 2014 "....this is so wrong...so wrong..you can double it if a bond runs starts to take off...and maybe even more....I am not on the roller coaster...I am on the ground watching the bolts fall off of the ride....

Tue, 01/29/2013 - 14:24 | 3195483 yogibear
yogibear's picture

Oil just so much higher.

Probably in the mid $100s.

Tue, 01/29/2013 - 14:33 | 3195523 q99x2
q99x2's picture

Buy The F'n Ammo.

I swear that the banksters have come out with a method of personal graphs where each time you look at your stock price it is down but for everyone else it is up.

Tue, 01/29/2013 - 14:44 | 3195579 Confundido
Confundido's picture

Tomorrow at 14:15, gold gets kicked in the balls big time...We'll see though if it punches through $1,625/oz.... Nobody comfortable below $1,625/oz should leave now before it's too late.

Tue, 01/29/2013 - 14:55 | 3195616 Catullus
Catullus's picture

Fed underwriting puts again. The stealth monetization.

Tue, 01/29/2013 - 15:02 | 3195653 Lmo Mutton
Lmo Mutton's picture

Is it possible that the bankrupt banks are using their bankrupt ethics to avoid a public bankruptcy thus bankrupting themselves personally?

 

I just don't get it.

 

ETA: terminology

Tue, 01/29/2013 - 15:10 | 3195700 Bam_Man
Bam_Man's picture

This is not the beginning of the "great unwind" - it is merely $trillions of newly created funny money sloshing around the global casino. Into equities, out of bonds. Then out of equities and back into bonds.

When the inevitable "great unwind" actually does take place, it will be at lightning speed - trapping everyone because they will get no warning. This move will prove to be nothing more than another head-fake that traps no one.

 

Tue, 01/29/2013 - 16:13 | 3195990 Gary US Bonds
Gary US Bonds's picture

More of those puts were costumer sales. That's the problem w/ traded put call ratios or volume spikes, they don't diffentiate buys from sale.  

Tue, 01/29/2013 - 16:19 | 3196015 Remington IV
Remington IV's picture

tighten your sphincters

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