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"Psychologically, We Closed Positive" - 8th All-Time High Dow Up-Day In A Row

Tyler Durden's picture




 

Because all that matters is the Dow, as one intellectual giant noted - whether we close red or green "psychologically, we closed positive." Unfortunately, AAPL closed at its lows, Nasdaq -11 points, S&P 500 futures in the red perfectly balanced at their VWAP (which saw nothing but selling all day) for the fifth lowest volume day of the year (following yesterday's lowest volume day). The S&P stayed in its uptrend channel as the USD-Stocks correlation algos gave up today - as did the Treasury-Stocks algos. 10Y closed -3bps on the week (-6bps today). HY credit closed at its lows, VIX rose 0.75 vols today at 12.3% - leading stocks south, and while commodities pulled back off early spike highs, they are all in the green on the week (with gold just shy of $1600 intraday). While it is of little import as the sixth consecutive all-time Dow highs is all that counts for the headlines this evening, we would note that we haven't seen such weakness in AAPL and selling pressure at VWAP in S&P 500 futures for a while (and that was with a 19/30, $650 to the sell side MOC in the
DJIA).

 

S&P 500 futures VWAP was resistance all day as every ramp was hit with volume selling...

 

as it appears Treasuries did not play along with stocks late-day rally from yesterday...

 

but S&P 500 futures stayed in their up-channel for now...

 

even as credit and rates slipped away in the last hour equity ramp...

 

Commodities pulled back off early spikes with Gold almost tagging $1600 and Silver and Oil recoupling...

 

The algos were certainly in charge for much of the US day session as an overnight dump and pump in EURJPY failed to spark an initial equity move of risk-assets (as proxied by Capital Context's CONTEXT model below)

 

Charts: Bloomberg and Capital Context

 

Bonus Chart: The S&P 500 has had 49 rallies and 27 sell-offs in the last hour of the day over the course of this rally...

 

Bonus Bonus Chart: Financials have once again run way ahead o credit into the CCAR extravaganza...

 

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Tue, 03/12/2013 - 16:23 | 3323690 zorba THE GREEK
zorba THE GREEK's picture

It's all about bragging rights now.

Tue, 03/12/2013 - 16:29 | 3323698 flacon
flacon's picture

I bought DIA puts at close. Just a small position. Who knows... I might get lucky (or the dow might get reality). Today's candle is weak.  

 

One of they alphabets said that every single Friday so far this year has seen a positive day for Dow Jones. 

Tue, 03/12/2013 - 16:30 | 3323718 francis_sawyer
francis_sawyer's picture

Now You're Messin' With a Son of a Bitch

~~~

http://www.youtube.com/watch?v=kyXz6eMCj2k

Tue, 03/12/2013 - 16:33 | 3323733 flacon
flacon's picture

Equity Market Bubble Forming 03-11-2013

http://www.youtube.com/watch?v=7qkcYoGYgOc

Tue, 03/12/2013 - 20:00 | 3324340 Spirit Of Truth
Spirit Of Truth's picture

There's national security intelligence, and then there's Wall Street's irrational collective beliefs and expectations. They could never be farther apart IMHO:

http://www.secondkoreanwar.com 

A source from northerly Hoeryeong in North Hamkyung Province told Daily NK today, “Before the [ROK-U.S. ‘Key Resolve-Foal Eagle’] military exercises started on the 11th, orders were handed down telling us to raise the readiness posture one step from ‘combat mobilization.’” Therefore, he added, “There will be high level drills for a week, including not just underground training but also some combined drills involving simulated enemy action.”

But most importantly, the source said he had heard from military cadres that “sometime today or tomorrow there will be an important announcement.” It is unclear when the announcement will occur or what it is set to reveal, but the source predicted that a quasi-state of war could be declared.

“There have been orders to distribute all reserve supplies to the people. The emergency supplies stored in the No. 2 Depot have been sent out to public distribution locations,” he said. “They are just waiting for the order to distribute it.”

http://www.dailynk.com/english/read.php?cataId=nk01500&num=10394

Tue, 03/12/2013 - 23:58 | 3324953 jeff montanye
jeff montanye's picture

new highs in the dow; high level exercises in the korean peninsula and now this:

http://live.huffingtonpost.com/r/archive/segment/high-times-associate-pu...

(percent of job seekers rejected for drug test failure highest since 2007)

 

Tue, 03/12/2013 - 17:34 | 3323922 Stoploss
Stoploss's picture

 

"Psycho  logically, We Closed Positive"

 

Fixed.

Tue, 03/12/2013 - 17:39 | 3323938 machineh
machineh's picture

'Hedonistically, we closed positive.'

For all you BLS economists out there ...

Tue, 03/12/2013 - 16:49 | 3323791 devo
devo's picture

Wrong way down a one way street.

Sorry, buddy.

Tue, 03/12/2013 - 16:26 | 3323700 DJ Happy Ending
DJ Happy Ending's picture

Well said.

Tue, 03/12/2013 - 16:29 | 3323714 espirit
espirit's picture

SkyNet might be self-aware, but I doubt it falls for any carbon based psychobabble.

Tue, 03/12/2013 - 16:30 | 3323719 Atlasshruggedme
Atlasshruggedme's picture

Ya! we are saved. Overlord Obama saved us! /sarc

Still stacking. 

Tue, 03/12/2013 - 16:22 | 3323692 GolfHatesMe
GolfHatesMe's picture

This is like musical chairs with Hotel California or Freebird playing forever and ever.  Can we get a Bernank countdown to 2014?  Make it stop!

Tue, 03/12/2013 - 17:01 | 3323798 Translational Lift
Translational Lift's picture

Another miraculous ramp from 2PM...they wanted to make sure they got back to green by the close!!

Tue, 03/12/2013 - 17:44 | 3323951 machineh
machineh's picture

'Can we get a Bernank countdown to 2014?  Make it stop!'

Yes, we can!

325 days till Bernanke's term ends (bye bye Benny)

How about a ZH countdown clock?

Tue, 03/12/2013 - 18:09 | 3324043 venturen
venturen's picture

Are you joking...Obama is going to pick his buddy Rod from back in the hood...or some other trust worthy crook. Krugman is also in the running.

Tue, 03/12/2013 - 16:25 | 3323696 Cdad
Cdad's picture

S&P 500 futures in the red perfectly balanced at their VWAP (which saw nothing but selling all day)

 

Absolutely true.  But in the New Normal Bernankicized market, selling actually often causes things to RISE.  

The 156.01 triple intraday, flash dash, above the ask on $SPY this afternoon was...precious.  

Tue, 03/12/2013 - 16:25 | 3323699 pods
pods's picture

Amerika, fuck ya!  Pass me a (watered down) Budweiser, a beef (horse) hot dog, and lemme check FB.

pods

Tue, 03/12/2013 - 16:28 | 3323712 Meat Hammer
Meat Hammer's picture

I just posted a picture of my burrito.  It's like no burrito you've ever seen, pods.  It shall earn numerous "likes".

Tue, 03/12/2013 - 16:37 | 3323757 pods
pods's picture

I always tell people to look me up on FB if they are bored.  They say "You're on facebook?!?!? (I am pretty much me in RL).  I chuckle and say no, but you can look for me.

pods

Tue, 03/12/2013 - 16:26 | 3323706 goldbear1974
goldbear1974's picture

This month is the 13th anniversary of nazz crash.

Tue, 03/12/2013 - 16:31 | 3323722 espirit
espirit's picture

13 has interesting CONnotations.

Tue, 03/12/2013 - 16:27 | 3323707 Meat Hammer
Meat Hammer's picture

Anyone wanna buy some tulip bulbs?  

What?!?!  You think the tulip bulb market is going to come crashing down.  It's at an all-time high!

You're crazy.

Tue, 03/12/2013 - 16:39 | 3323763 pods
pods's picture

I always wonder if they were confusing Tulips with Poppies?

pods

Tue, 03/12/2013 - 16:28 | 3323715 goldbear1974
goldbear1974's picture

This month is the 376 year anniversary of Tulipmania.

Tue, 03/12/2013 - 17:19 | 3323869 francis_sawyer
francis_sawyer's picture

I paid for my tulips in bitcoins...

Tue, 03/12/2013 - 17:21 | 3323875 GolfHatesMe
GolfHatesMe's picture

Tulipmania generally ends with marriage

Tue, 03/12/2013 - 16:29 | 3323717 breakyoself
breakyoself's picture

I just have to buy some stocks now. Today's positive close confirms this is a bull market.

Tue, 03/12/2013 - 16:42 | 3323774 q99x2
q99x2's picture

Would be nice to have enough money to make a profit buying and selling against vwap.

Tue, 03/12/2013 - 16:46 | 3323780 EclecticParrot
EclecticParrot's picture

Algos in charge, or Charles in Charge -- same difference.  Both are run by a creepy guy living on the ground floor and, uncannily, things always seem to end positively in the final minutes of the show.  

Still, one suspects the perky blonde nubiles to be the real reason Charlie enjoys his job so much and that, once they're off to college (and the rally grows longer in the tooth), the algos desire to clean the garage each weekend will fade noticeably ...

Tue, 03/12/2013 - 16:46 | 3323783 youngman
youngman's picture

This market stinks like those dead pigs in the Chinese river...something isn´t right....

Tue, 03/12/2013 - 17:42 | 3323948 The Heart
The Heart's picture

"something isn´t right..."

Attack on Iran coming in 3...2...1....

http://world.time.com/2013/03/11/pakistan-iran-leaders-inaugurate-pipeli...

 

Tue, 03/12/2013 - 16:49 | 3323792 optimator
optimator's picture

They always forget to mention an, "Ajusted for inflation" closing price.....even what the Gov't says is inflation, much less the real inflation number.

Tue, 03/12/2013 - 16:59 | 3323814 Translational Lift
Translational Lift's picture

Yea well the Gubment is planning on fixing that too....they are going to eliminate everything that reflects an increase in cost of living and thereby keep the CPI from increasing...........

CPI....Hmmmm...could that also be Central Planning Idiots??

Tue, 03/12/2013 - 16:59 | 3323800 TLT
TLT's picture

We are generating so much value, what would you expect?

DJ to 1,000,000 points and beyond.

Tue, 03/12/2013 - 16:57 | 3323808 dcohen
dcohen's picture

I hate the fucking DOW, or should we call it Ben Jones Industrial Average

Tue, 03/12/2013 - 17:51 | 3323978 machineh
machineh's picture

Perhaps you mean the Fiat Jones Infotainment Average.

Next up: S&P 500, still disgracefully 0.8% short of a record.

PUSH!!!

Tue, 03/12/2013 - 17:07 | 3323835 Devils Advocate
Devils Advocate's picture

BTFD

Tue, 03/12/2013 - 17:08 | 3323836 razorthin
razorthin's picture

Psychos alright.

Tue, 03/12/2013 - 17:27 | 3323905 dolph9
dolph9's picture

Just keep on buying stocks and working to pay off the interest, goyim.

Tue, 03/12/2013 - 17:53 | 3323983 machineh
machineh's picture

You talkin' to me, boy?

*wink*

Tue, 03/12/2013 - 17:38 | 3323937 Panafrican Funk...
Panafrican Funktron Robot's picture

Just wanted to point out that there are exactly one days left in March that don't have a POMO attached to it.  That just so happens to be March 20th.

Also:

http://www.newyorkfed.org/markets/tot_operation_schedule.html

Notice the fat ramp in billions served into opex this week.  Thursday and particularly Friday would be extremely stupid days to be short.

Tue, 03/12/2013 - 17:48 | 3323965 Tombstone
Tombstone's picture

The only thing you need to do is exit a day or two before Benny does.  In 5 or 10 years, after Benny has cut down every tree in the country to use for printing his fake money, I expect the Dumbo-Dow to fall over 1000 points in a day when Benny announces QE is done.  The fall from 36000 won't be all that bad, though.

Tue, 03/12/2013 - 18:07 | 3324036 venturen
venturen's picture

Bernanke had to change the ink cartridge in the printer!

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