"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


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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zorba THE GREEK's picture

It's all about bragging rights now.

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. 

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:


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.”


jeff montanye's picture

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


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


Stoploss's picture


"Psycho  logically, We Closed Positive"



machineh's picture

'Hedonistically, we closed positive.'

For all you BLS economists out there ...

devo's picture

Wrong way down a one way street.

Sorry, buddy.

espirit's picture

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

Atlasshruggedme's picture

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

Still stacking. 

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!

Translational Lift's picture

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

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?

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.

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.  

pods's picture

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


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".

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.


goldbear1974's picture

This month is the 13th anniversary of nazz crash.

espirit's picture

13 has interesting CONnotations.

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.

pods's picture

I always wonder if they were confusing Tulips with Poppies?


goldbear1974's picture

This month is the 376 year anniversary of Tulipmania.

francis_sawyer's picture

I paid for my tulips in bitcoins...

GolfHatesMe's picture

Tulipmania generally ends with marriage

breakyoself's picture

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

q99x2's picture

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

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 ...

youngman's picture

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

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.

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??

TLT's picture

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

DJ to 1,000,000 points and beyond.

dcohen's picture

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

machineh's picture

Perhaps you mean the Fiat Jones Infotainment Average.

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


razorthin's picture

Psychos alright.

dolph9's picture

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

machineh's picture

You talkin' to me, boy?


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.



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

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.

venturen's picture

Bernanke had to change the ink cartridge in the printer!