This page has been archived and commenting is disabled.

"Mission Accomplished"

Tyler Durden's picture


We could tell you all about the fact that high-yield credit did not play along with this rally today (and that the underlying cash market for corporate bonds has been weak for well over a week now); we could note that VIX did not take part in this surge today as the stops were run; we could point to the total lack of volume (NYSE or futures) confirming the move; we could highlight the fact that Treasury yields rose a de minimus 1.5bps on the day and while the USD slipped modestly on the day, it is only down 0.22% on the week and that Gold, Silver, and Oil are all unchanged on the week. But - all that matters, in this headline-driven algo-aided market is - The Dow hit all time highs - 'Mission Accomplished' Mr. Bernanke, well played - record stocks, record debt, record food stamps recipients.


Since The Dow last hit these levels, Gold and Silver are up 111%, the long-bond has gained 31% (in price alone), Oil is 9% higher in price and European stocks are 40% lower...


Since the Italian elections cast doubt of the Merkel-Draghi wager's success, Stocks remain the only asset class in full risk-on mode...


Today saw stocks surge up to the up-trend-channel, see some professional large block activity up there...


and then hang around volumelessly for the rest of the day... with a late day pull to VWAP


Credit markets look on and smile wryly - we've seen these Johnny-5's do this before - and we draw attention to the fact that the underlying cash value of the HYG ETF (the dark red line in the chart below) has been falling for around 10 days now - real men are selling risk-assets in the bond markets...


VIX didn't want to follow through on this today... as instead of conviction buying we saw concerned hedging...


Another day, another total disconnect from risk-asset reality for stocks... as correlation to reality fell away quickly


The late day sell-off no real surprise given the spurt - but hardly a positive high conviction signal for the new highs.


"More media attention than investor attention" summed it up perfectly


Charts: Bloomberg and Capital Context


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 03/05/2013 - 17:09 | 3302126 Say What Again
Say What Again's picture

OK -- Now I'm ready to start buying stocks again.

Unless MDB thinks I should do something else.

Tue, 03/05/2013 - 17:10 | 3302146 Tim Knight from...
Tim Knight from Slope of Hope's picture


Tue, 03/05/2013 - 17:11 | 3302151 Divided States ...
Divided States of America's picture

he meant refill stocks in artillery and rocket launchers.

Tue, 03/05/2013 - 17:23 | 3302190 Pladizow
Pladizow's picture

Q1: How different are the Dow 30 components from what they were at the previous high - and if much different, what would this difference make?

Q2 - What is the inflation adjusted high that must be reached using shadow stat #'s?

Tue, 03/05/2013 - 17:30 | 3302214 McMolotov
McMolotov's picture

Are you expecting the media to ask these questions? Their job isn't to tell the truth, it's to polish the turd of government. The sheep will hear "all time high" and that's it. Nothing about nominal versus real, nothing that would cast today's "achievement" in anything less than a shining light.

Increasingly, people will be asking themselves if they're doing something wrong in their lives. After all, the Tee Vee tells them everyday that things are better and life is swell. So why do their own lives seem to suck? Are they screw-ups, or have they been sold a lie? More and more people will come to the latter conclusion, and that's when things will become interesting.

Tue, 03/05/2013 - 17:57 | 3302311 Spastica Rex
Spastica Rex's picture

Do you have any recommendations on luxury cars? I've never owned a new car in my life, but I'm thinking I've been a little too conservative with my money. I don't need a job to qualify for an auto loan, do I? I'm sure I'll get a great new job, soon.

Tue, 03/05/2013 - 18:35 | 3302544 HelluvaEngineer
HelluvaEngineer's picture

Well, Bob, I think it's time for you to live large.

Tue, 03/05/2013 - 22:23 | 3302794 TruthInSunshine
TruthInSunshine's picture

Just looking at the S&P, it has gained 128% since the lows put in as of March of 2009, compliments of...

....wait for it....

...the 1.5 trillion USD companies listed on the S&P 500 have expended in buying back their own shares of stock (why wouldn't they when they can float a 3 year corporate bond for 1%, and the execs that are massively compensated vis-a-vis share price can so easily boost that compensation by using such share buybacks?).

"In this run-up, nearly all the buying has come from companies repurchasing their own stock in an effort to boost its value. Companies in the S&P 500 have bought $1.5 trillion since the Great Recession began in December 2007."

See Dow closes at all-time [nominal] high, beating 2007 record

I'm trying to find similar ratios for the Fab 30 Dow and the Nasdaq, but I'd imagine it's roughly proportionate on a market cap ratio basis, as that excerpt suggests.

So, the Fed has printed trillions from thin air, distributed this money base to Primary Dealers and banking/financial entities at near zero cost basis to "invest" (aka speculate, aka gamble), while at the same time, the Federal Reserve has swapped Treasuries for shitty assets banks and financial firms wouldn't otherwise be able to unload (aka "a way above fair market value transaction"), and corporations that are publicly traded on the Dow, Nasdaq & S&P500 have used near free loans to buy back a record amount of their own shares.

And that's your rally in a nutshell, which will end in tears for nearly every person who has purchased or will purchase anything stock "market" related with their own money; aka same as it's always been, but this one is the a 10 trillion dollar bubble inflated in 4 years that will ultimately (once the extreme leverage being utilized, even by recent, historical standards, is accounted for) dwarf the 2000 bust and the 2008 bust.

With a depression-esque economic backdrop, where nearly 1/2 of new cars sold are based on loans provided to individuals with subprime credit ratings (car buyers taking out bigger loans, set new record; 44% of new car loans provided to subprime credit applicants in Q4), the Federal Government (via FHA) guaranteeing 90% of all new home mortgages (FHA inches closer and closer to bailout), an unemployment rate that would easily exceed 15% if the same metric to calculate it during the 1980s were being used today by the BLS (Alternative Measures of the Unemployment Rate), a trillion dollar Student Loan Bubble underway, consumer debt rising to record 2.77 trillion USD , real wages & benefits falling, and the government and quasi-governmental agencies working hand in hand with the Financial/Banking complex to allow these financial & banking entities to get new, even greater leeway in valuing (unicorn & rainbow methodology) their assets, while the BLS and other governmental and Federal Reserve-related (is the Fed governmental or not? It depends on who is asking and why, according to the Fed) also manipulating every statistical economic data point, from the rate of inflation to the rate of GDP growth (which would show contraction for quite a few quarters, including the last one, if it weren't for statistical manipulation)...

...all is well.

Thu, 03/07/2013 - 02:26 | 3307893 prains
prains's picture


Wed, 03/06/2013 - 04:54 | 3304043 Mentaliusanything
Mentaliusanything's picture

just the back of a beer coaster sum for Q2, using rule 72 and the real inflation rate( to be confirmed by the additional monies that need to be borrowed or created to cover the spend by the US) DOW should be 17348. 

Q1 ... does GM count as a loser and who was the replacement.

Peals to Pigs really. I drink Makers Mark.... A box of 12 is fair.

Tue, 03/05/2013 - 17:12 | 3302157 Shell Game
Shell Game's picture

Relax, Tim, he's buying these stocks... personally engraved with 'The Bernank'.

Tue, 03/05/2013 - 17:16 | 3302167 wee-weed up
wee-weed up's picture

Mission Accomplished...

Ha! Can you imagine fat-assed Bernanke in a flight-suit? What a blivit!

Tue, 03/05/2013 - 17:18 | 3302173 Squid-puppets a...
Squid-puppets a-go-go's picture

watch that a##hole bernanke announce a snap retirement tomorrow

Tue, 03/05/2013 - 17:20 | 3302181 Say What Again
Say What Again's picture

We can only wish. 

I would buy everyone a round of drinks, if that were to happen!!!

Tue, 03/05/2013 - 17:22 | 3302189 Catflappo
Catflappo's picture

I'd rather imagine him in that than imagine him in the Missionary position.....

Tue, 03/05/2013 - 17:23 | 3302195 wee-weed up
wee-weed up's picture

Who's on the bottom? Little Timmy?

Tue, 03/05/2013 - 17:32 | 3302218 Catflappo
Catflappo's picture

Be careful - "bottom" could mean two things there....

Tue, 03/05/2013 - 17:37 | 3302243 wee-weed up
wee-weed up's picture

Bwarney Fwank please pick up the white courtesy phone in the lobby...

Tue, 03/05/2013 - 17:52 | 3302289 eatthebanksters
eatthebanksters's picture

Ben's going to need more helicopters...a lot more...a whole fucking army of helicopters

Tue, 03/05/2013 - 17:25 | 3302200 God Bless The V...
God Bless The Virtuous's picture

What the f*** does V W A P  stand for?

Tue, 03/05/2013 - 17:32 | 3302220 adr
adr's picture

Volume Weighted Average Price

essentially used by the Algos to make sure trades are generating the greatest amount of commission for brokerages.

Basically total bullshit and another way for the computers to scam Mr. Retail fuck investor.

Tue, 03/05/2013 - 18:34 | 3302538 El Oregonian
El Oregonian's picture

"Let's get to WORK!"

Tue, 03/05/2013 - 17:16 | 3302158 Ahmeexnal
Ahmeexnal's picture

Meanwhile, in neufeudalist monarchy -aka paradisial socialist welfare state- Sweden, top general instills fear on the sheeple in order to achieve a fast-track entry into NATO. Using a Russian invasion wargame scenario, the plutocrat in charge of "defense" argues that Sweden would only last "a week".
Wasting no time, Russian TV blasts back and makes Sweden the world's laughing stock:


And in order to appease the swedish sheeple who are victims of inflation, the Monarchs blurt out: "let them eat human-excrement-laced cake":

Faecal bacteria found in Ikea chocolate cakes

Apparently, the cakes have also been shipped to China, in what constitutes a clear and blatant act of bio-warfare.

Tue, 03/05/2013 - 17:41 | 3302256 earleflorida
earleflorida's picture

+ 1000

Tue, 03/05/2013 - 17:50 | 3302282 resurger
resurger's picture

that's even worse than horse meat! Ill never eat at Ikea ever again.

Tue, 03/05/2013 - 18:12 | 3302418 GolfHatesMe
GolfHatesMe's picture

Its just a lower cut of horse meat, toward the back

Tue, 03/05/2013 - 17:16 | 3302161 TruthInSunshine
TruthInSunshine's picture

Neither the Dow, the Spooz, the Naz or any other "stawk" index made new  REAL highs today. The 30 ticker Dow, which changes in composition approximately 20% every 5 to 8 years on average (so it's a new list of symbols as others, like old GM, bite the dust and take Grandma's "investment" with it), hit a new NOMINAL high today.

Bernanke must press on much more intensely with the conjuring of zero cost bais fiat and distribution to the Primary Dealers (where the Fed buys MBS & US Treasuries from Primary Dealers with a computer keystroke/journal entry on its balance sheet) if he wishes to get to anywhere near new REAL records on the Dow or any other stock "market" index.

Price this "market" in gasoline, heating oil, groceries, gold, meat (whether beef/horse/oily-anal-leakage-inducing-Escola), just about any commodity, silver, ammunition or WHATEVER, and these indexes are 40% to 80% (Naz) off their REAL highs.

Trillions upon trillions in printus maximus, and all Bernankus got the few "investors" left was a massively debased Dow "high" amidst an economic Depression.

Go, Bernanke, Go!


Tue, 03/05/2013 - 17:21 | 3302175 McMolotov
McMolotov's picture

We've skipped ludicrous speed, gone straight to plaid, and the next stop is paisley.

Tue, 03/05/2013 - 17:28 | 3302207 adr
adr's picture

I would prefer houndstooth, you just can't wear paisley.

Tue, 03/05/2013 - 17:50 | 3302281 CClarity
CClarity's picture

Me thinks hairshirts before long.

Tue, 03/05/2013 - 17:19 | 3302176 Say What Again
Say What Again's picture

I would like to see an "index" of ALL of the stocks that have been in the DOW 30 for the last 15 to 20 years. 

Its easy to make an index go up when you keep replacing the losers with winners.  Now add to this the fact that the DOW is a price weighted index and you have enough math to fool 80% of the viewing audience.

Tue, 03/05/2013 - 17:51 | 3302283 CClarity
CClarity's picture

Eastman Kodak for starters

Tue, 03/05/2013 - 18:05 | 3302377 max2205
max2205's picture

Have you beat the Dow over the last 30 years. Didn't think so

Tue, 03/05/2013 - 17:06 | 3302131 Confundido
Confundido's picture


Tue, 03/05/2013 - 17:08 | 3302141 Ima anal sphincter
Ima anal sphincter's picture

Record number of traitors running the show. Man, I hope they get EXACTLY what's coming to them!!!

Tue, 03/05/2013 - 17:35 | 3302234 Frank N. Beans
Frank N. Beans's picture

look who's talking!

Tue, 03/05/2013 - 17:08 | 3302142 DblAjent
DblAjent's picture

Welcome to the TOP.

C U down below

Tue, 03/05/2013 - 17:09 | 3302143 EclecticParrot
EclecticParrot's picture

As someone who (unfortunately) stares at every  bar in the markets (in my case the Russell 2k), today was interesting.  While charts of 15 min + remained static after the opening ramp, the 2 and 5-min were pathetically skittish post-lunch, with basement-level ADX and sudden lengthy red bars .  Even more telling, this is the first up day in weeks we were unable to convincingly muster a post-2:00 ramp -- instead, we had a fake 1:45 run-up followed by a general collapse.  Not until 3:40, when most little guys were out, did the algos light a few whopper green candles back toward the highs.  Sorta like, at the end of a long wedding reception, when bride, groom and bartender have left, the DJ starts to crank "brown-eyed girl" for the 37th time and the dancers go through the motions, moving only their upper bodies.  In truth, it looks to me like institutional 'distribution' is happening, but this time without quite so many shorts to screw.  For the first time, it looks like the big boys may be playing with themselves, quite literally, rather than their imaginary friends …

Tue, 03/05/2013 - 17:14 | 3302162 Panafrican Funk...
Panafrican Funktron Robot's picture

Reminded me a lot of late March/early April of 2012.

Tue, 03/05/2013 - 17:19 | 3302177 slaughterer
slaughterer's picture

E-Parrot, exactly what our Jonny-5 computers saw as well--even down to the "Brown_Eyed Girl" (i.e. VH "Dirty Movies") dancers going through the motions on too few shorts (i.e. drunk Middle-age white guys) to screw.  Ahh Bernanker, good days like these keep em'cumin.

Tue, 03/05/2013 - 17:10 | 3302148 malikai
Tue, 03/05/2013 - 17:11 | 3302150 Tsar Pointless
Tsar Pointless's picture

"...correlation to reality fell away quickly"

Reality? I got your reality right here, pal!

It isn't enough that she clubbed a Seal and tells aspiring designers whether they are in or out (I suppose that could be another Seal reference - perhaps we wasn't "in" often enough). Now, she is going to judge the - ahem - "talent" of Americans.

Reality iz fun, bitchez!

Tue, 03/05/2013 - 17:11 | 3302153 Getting Old Sucks
Getting Old Sucks's picture

Didn't this happen before?

Tue, 03/05/2013 - 17:12 | 3302156 ekm
ekm's picture

It is simply a auction with one bidder only, the Government - Federal Reserve.


The bidder can assign any price he wants, 14254, 17000, 21000, any.

It's no longer a market. It is simply an object for adoration.

Tue, 03/05/2013 - 17:43 | 3302264 resurger
resurger's picture

your comment makes me believe Jim Cramer or Tom Lee when they say that the dow will hit 21K, that means the dow will hit 21K!

It's a club, we are not in it.

Tue, 03/05/2013 - 18:30 | 3302519 Ned Zeppelin
Ned Zeppelin's picture

Politico March 3, 2009:

President Barack Obama did his best imitation of a CNBC market analyst Tuesday, suggesting this week’s market swoon is a good time to buy stocks.


Responding to a question about the suffering Dow, Obama said, “What you’re now seeing is profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal, if you’ve got a long-term perspective on it.”


That’s tricky territory for a chief executive. Presidents usually steer clear of dispensing anything that sounds like an Oval Office stock tip, mindful that their very words can shake the global markets.


Not only that, but Obama’s team has repeatedly cautioned reporters against judging him by the ups and downs – and lately downs – of the stock market, scraping 12-year lows.


Then there’s the more practical issue — it’s famously difficult for investors to “call a bottom,” or predict the very moment at which a downturn reverses course and buying stocks is, in fact, a good idea.

Obama’s advice came a day after the Dow Jones Industrial Average dropped nearly 300 points, but it was down only slightly Tuesday, a 37-point dip to 6726.


“It sounds like he’s been listening to his good friend Warren Buffett,” said Shannon Zimmerman, a senior analyst and advisor at The Motley Fool, a financial services company based in Alexandria, VA. “He might be a value investor himself.”

Zimmerman largely agrees with Obama’s take on the market. “Unless you think Depression 2.0 is under way, if you are a long-term investor, the goal is to buy value on the cheap and now is a good time to do it.”

Tue, 03/05/2013 - 19:08 | 3302671 ekm
ekm's picture

A simple order from Obama will collapse it.
That's all it hangs on.

Tue, 03/05/2013 - 17:15 | 3302163 ebworthen
ebworthen's picture

If their goal was to take me from someone who believed in saving, the rule-of-law, and the future of the U.S.A. to someone who has no trust or allegiance to the country and wants to get the hell out I say "Mission Accomplished".

Tue, 03/05/2013 - 17:24 | 3302198 Shell Game
Shell Game's picture

+1  one hell of a true comment..

Tue, 03/05/2013 - 17:45 | 3302268 McMolotov
McMolotov's picture

+100. I had next to no faith in my government ten years ago. I have absolutely none anymore, and what little faith I had originally is gone forever, never to come back.

I honestly believe an enormous group of people coming of age right now, say 20-40 years of age, will spend the rest of their lives loathing the system and not trusting any form of authority. This is the stuff from which revolutions are born, and I welcome it. This country needs an enema, and the people who believe at this moment that their good fortune can never end will find themselves sorely mistaken.

Corruption of this magnitude always invites blowback.

Tue, 03/05/2013 - 17:14 | 3302165 busted by the b...
busted by the bailout's picture

When the Fed has lost control of the economy, the prestige is the only trick left to attempt to influence it.

I.e, the new Dow high means all is well with the economy, and you should act accordingly: GO SHOPPING!

Tue, 03/05/2013 - 17:17 | 3302172 Id fight Gandhi
Id fight Gandhi's picture

No skin in this game other than metals but can't help but feel sad as we know the pain coming from this orgy of manipulation will be great.

Tue, 03/05/2013 - 17:21 | 3302186 Panafrican Funk...
Panafrican Funktron Robot's picture

I don't know if any of you are familiar with the brilliantly designed and unbelievably buggy/exploitable computer game called Shadowbane, but there are some interesting parallels here.  A typical Shadowbane server lifecycle:

1.  Lots of competition and enthusiasm at first.  Many people attempt some level of ethical behavior in the competition for resources and land.  There are a few "exploiters" (those that manipulate the underlying coding to their advantage), but generally speaking, there is enough honest players to ensure healthy competition.

2.  Within a few months, the exploiters gain permanent footholds in high value resources, and they choke the supply while continuing to exploit the system for essentially unlimited cash.

3.  These exploiters methodically destroy competing guilds/cities, running them off the virtual world/server entirely, primarily because of cheating, but also because of that sense of utter helplessness in their defeat.

4.  Eventually, there are only a few stragglers left, the exploiters get bored, and they exit the virtual world/server for another one they haven't yet fucked up, leaving behind an empty, hopelessly fucked husk.

Pretty fucking familiar, eh?

Tue, 03/05/2013 - 17:23 | 3302187 Shell Game
Shell Game's picture

Welcome, my machine.

Tue, 03/05/2013 - 17:46 | 3302254 CaptainSpaulding
CaptainSpaulding's picture

I'm from the factory. I make the machines.

Tue, 03/05/2013 - 17:22 | 3302188 Mark123
Mark123's picture

We live in a nice old house in a great place (been in the family for generations)...but Dad lost his job a few years back and had to take a part time job working at Burger King. Our life was pretty miserable.

A few months back Dad came home driving a new car, took us out for dinner and told us he had taken out a reverse mortgage on the house from a a lender that advertised on the TV (late night shows).

We are living like kings....Dad quit his Burger King job, and the future is looking bright!!!

Tue, 03/05/2013 - 18:27 | 3302502 SunRise
SunRise's picture

and the present is looking bright   (Fixed it for ya)

Tue, 03/05/2013 - 17:24 | 3302197 EclecticParrot
EclecticParrot's picture

Holy fucking shit !  Maria "Nails-on-Chalkboard" Bartiromo on CNBS just quoted from today's ZH article on the Dow and asked her talking head committee to comment.  Like asking a gas station attendant to opine on Finnegan's Wake.

Tue, 03/05/2013 - 17:30 | 3302216 azzhatter
azzhatter's picture

I'm waiting for Cramer to quote ZH.  BTW, who takes financial advice from Bozo the Clown?

Tue, 03/05/2013 - 17:37 | 3302242 EclecticParrot
EclecticParrot's picture

Smoke signals in the shape of a donkey will indicate he's been selected as the new Pope.

Tue, 03/05/2013 - 17:26 | 3302201 adr
adr's picture

The last few times NEW RECORD HIGH!!!! was enough to get the muppets singing in chorus and jumping in stocks without even looking to see if the pool was filled with water.

Let's see what happens this time. It doesn't matter that certain corporations would need to put out every competitor and sell to every person on the planet plus a few billion martians to justify their valuations, GROWTH WILL SOLVE ALL!!! Where it comes from does not matter just the promise is all the market needs.

You can use a store count, daily sales rate, and dollar store calculator to disprove every word uttered on CNBC, but facts are so passe. If Cramer waxed his head in the morning, buy, if it looks dull, sell.

Last time the DOW was here every member of my extended family had a job. Right now 75% of them have a job and those that do have a job, only half of them have the job they had four years ago. I had two uncles lose $50k jobs and replace them with $25k jobs. One aunt is working part time making $9 an hour. Funny thing is that she is doing OK because she hasn't had to pay her mortgage for two years and the bank refuses any offer on her house below what she owes. I guess the bank really wants that extra $10k from Bernanke.

The middle class impalement spike has moved through the colon and is heading for vital organs. Once you're placed on the spike, you know you aren't getting off, the true pain is not knowing how long it will take for you to die. Thanks Bernanke, even Vlad was more humane than you. His spikes were sharp, you blunted the end for an even more agonizing death.

I only hope the fate that awaits you is the torturous death of the rapist and killer from Law Abiding Citizen. In fact that may even be too good of a death. I don't even think the sickest and most depraved in human history could come up with an appropriate punishment. The medical tests in Auschwitz would be like a three year old getting a balloon at the fair. Being slowly lowered feet first into a vat of acid, like getting your first car. Besides shock would probably set in too soon. I would wish for the power to bring one back to life, so you could be killed over and over and over again.

Tue, 03/05/2013 - 17:32 | 3302219 azzhatter
azzhatter's picture

I went from over $300K to $55K last year. This year should be even lower. Thank god for my CD's earning all that interest. FUCK YOU Bernanke

Tue, 03/05/2013 - 17:35 | 3302230 Oldwood
Oldwood's picture

At what point did you finally realize you were doing your "fair share" for the peoples? No longer of the evil 1%.

Tue, 03/05/2013 - 17:39 | 3302248 Frank N. Beans
Frank N. Beans's picture

Thanks, I feel better now

Tue, 03/05/2013 - 17:27 | 3302204 MoneyThangs
MoneyThangs's picture

The markets would not be where it is today without ZeroHedge's bearish articles creating a legion of shorts to squeeze

Tue, 03/05/2013 - 17:33 | 3302224 Oldwood
Oldwood's picture

We all play our role.

Tue, 03/05/2013 - 18:52 | 3302610 PAWNMAN
PAWNMAN's picture

Who's short? The way to win is to refuse to play the game.

Tue, 03/05/2013 - 17:34 | 3302227 A Lunatic
A Lunatic's picture

Rah, Rah, Rah..........

Tue, 03/05/2013 - 17:34 | 3302229 fuu
fuu's picture

All out of snark.

Tue, 03/05/2013 - 17:41 | 3302258 Oldwood
Oldwood's picture

Yes, we all have been so convinced that this shit was going to hit hit the fan and while many of us have seen our own situations backslide, we have also had to watch the constant rise in the markets. While I think the whole thing is corrupt and want nothing to do with it, up or down, I think this may well be the moment we have been waiting for. Our momentary sense of defeat might well be the catalyst that propells the market over the top and down the cliff.This little signal is all that many will need to go in, guns blazing, which ultimately is what the thieves have been waiting on. On the other hand I could just be rationailzing victory from defeat. Kind of like hoping they choke on me while they are trying to eat me.

Wed, 03/06/2013 - 04:39 | 3304035 mkhs
mkhs's picture

I only come for the snark.  Viva Zerohedge!

Tue, 03/05/2013 - 17:35 | 3302232 Caviar Emptor
Caviar Emptor's picture

We are in Biflationary Nirvana: Stock market at all-time high, economic growth at all-time lows. In other words, it's a great economy BUT you can't afford it!

Good luck in the coming acceleration phase!

Tue, 03/05/2013 - 17:36 | 3302235 DelusionalGrandeur
DelusionalGrandeur's picture

Ben should buy a cod piece and strut around for a while to know what a real american hero feels like.../sarc off.


I never claimed to understand these markets, nor will I, but I can't, for the life of me figure out how much longer this facade of a market can last. HFT algo's, front running, insider trading, a toothless sec, trillions of debt in theback pocket of largest commie country to exist, liberty's erroding faster than anyone can imagine, investigative journalism just goes on and on. 


Fuck you bernake and the rest of the tribe hell bent on destroying what's left of a once great country.

Tue, 03/05/2013 - 17:39 | 3302246 NoWayJose
NoWayJose's picture

Today will be remembered in the economic history books, as what central banks can accomplish with unlimited money creation.  Of course, the history books will only mention this briefly on the first page of the chapter - before devoting the remainder of the chapter on how the unintended consequences of the central bank actions led to the great global economic and monetary collapse of 2013.

Tue, 03/05/2013 - 17:39 | 3302247 bornlastnight
bornlastnight's picture

Nice job, Ben.  Now, what are you going to do for me tomorrow?

Tue, 03/05/2013 - 17:42 | 3302260 Frank N. Beans
Frank N. Beans's picture

unfortunately this is a superficial accomplishment, just like Bush's war on Iraq. 

Time will tell, but I don't think Bernanke and friends have accomplished anything but to get us closer to armageddon


Tue, 03/05/2013 - 17:46 | 3302272 Uber Vandal
Uber Vandal's picture

This is totally ancedotal, so treat this as you will:

Today, one of my friends who has had the same job for over 20 years at a mail order company warehouse told me he had no choice but to apply for food stamps, due to his hours have been cut to shreds, he is unable to relocate, and he is unable to find another job, or part time job, and he has sold off pretty much everthing of value that he once had, including his 401(k) when he quit his job for a while to go back to school to get a degree. He was unable to land a job due to not having any experience, and ended up where he started, and at the bottom of the totem pole to boot.

My cousin became frustrated with her job as a CNA and quit. She landed a job in a retail setting, and I had to have her repeat what she said to me twice. She said she is only guaranteed three HOURS per week. I could not wrap my mind around three hours per week, I kept thinking three DAYS per week, but no, three HOURS. Per. Week. She is applying at other jobs, and commented that she may need 12 jobs and hope they all line up right.

Of course, it may be easy to sit back and call both of these people losers for quitting thier jobs, not getting a degree in a "better" field, etc.

My cousin makes me wonder about unemployment data, since she is techincally employed, unemployment would look better, but would be meaningless as pretty much everything else is becoming.


Tue, 03/05/2013 - 17:52 | 3302286 Atlantis Consigliore
Atlantis Consigliore's picture

$ 85 B a month of counterfeit isnt enough, PRINT $ 100 Billion a month 

everyone flip condoes with 3% down from FHA and if they dont go up,   WALK.

its a CondoFED fumble economy stupid. steal all you can , as fast as you can.

citation: Las VEGAS:  6000 empty homes for rent from speculators,  50,000 shadow inventory with non mtg paying owners.

and NO HOMES TO SELL, so buy new.  LOL....

Theres no place like the FED.  (says Bubbles Bernank.) 


Tue, 03/05/2013 - 17:58 | 3302288 UnRealized Reality
UnRealized Reality's picture

Besides all the tin foil hat crap when are markets going to zero. I keep hearing ZH preach this and everyone on here, like good little sheep keep repeating it but haven't happen in 4 years. Waiting, waiting and waiting. So tell me how it feels to be wrong, LOL. I made money today on this, going to zero market and looking forward to tomorrow to make more. But, wait, only robots trade this market, what am I doing here!!!!! Geez, people need to wake up.

PS; ZH needs to consolidate all these sheep posts, I think one would cover all of them since they are like parrots.

Tue, 03/05/2013 - 20:32 | 3302965 notadouche
notadouche's picture

Should the fact that the Dow index now isn't the Dow index that existed 4 years ago be ignored?   The only fair comparator would be take out the recently added companies of the Dow 30 and replace them with the GM's etc... that made up the Dow in 2007.  Should we also ignore that the "success" of the market is a function of corporate actions such as cost slashing through massive job loss and either price increases or the more stealth inflation of reducing the amount of product though keeping the packaging and pricing fairly stable?  

The market is not the economy and can stay irrational longer than you can stay liquid.  At some point coroporations will reach the law of diminishing returns in employment reduction and will not be able to continue pushing through price increases without the bottom line being affected.  When that happens, and it will at some point in time if the economy continues to contract the market will more accurately reflect the economy and it won't be pretty.  I hope the market is "forward looking" and foretelling a better economy but I think it safe to view that with a jaundiced eye.  It is fun while it last though, no doubt, unless your one of the poor bastards that got reduced out of a job.  

When in doubt follow the copper market.  What is that canary doing? 


Tue, 03/05/2013 - 17:55 | 3302299 BigDeuceLittleToilet
BigDeuceLittleToilet's picture

This market is just one big deuce in a little toilet

Tue, 03/05/2013 - 18:26 | 3302499 Ned Zeppelin
Ned Zeppelin's picture

Rachet wrench market.  Up 2, down 1, up 6, down 2, ever higher. 

Tue, 03/05/2013 - 18:41 | 3302571 Mr. Saxby
Mr. Saxby's picture

Let's see here. Print $85B a month and jam it into the equity markets. Public companies share prices rise, so they sell more shares, which generates income. This lowers P/Es allowing even greater share price incerases. Repeat as necessary, what could go wrong?

Tue, 03/05/2013 - 18:55 | 3302622 carefreemanjoe
carefreemanjoe's picture

With 85 billion dollars every month, suprising it took so long to reach here......Dow 100K next on Ben Beard's target.

Tue, 03/05/2013 - 19:35 | 3302773 hairball48
hairball48's picture

I hear the sound of a crash coming soon...but no, the dow can't crash yet. The retail sheeple investors aren't all in yet. The banksters, et al have to wait until enough retail sheeple buyers are in before they dump their holdings and crash the market....fleecing the sheeples once more.

Wed, 03/06/2013 - 11:41 | 3304824 benbushiii
benbushiii's picture

Or in simpler terms to the entitled majority:  We’ll feed you in your cell, but that’s all you’re going to get.

Do NOT follow this link or you will be banned from the site!