This page has been archived and commenting is disabled.
"Psychologically, We Closed Positive" - 8th All-Time High Dow Up-Day In A Row
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...
- 9871 reads
- Printer-friendly version
- Send to friend
- advertisements -










It's all about bragging rights now.
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.
Now You're Messin' With a Son of a Bitch
~~~
http://www.youtube.com/watch?v=kyXz6eMCj2k
Equity Market Bubble Forming 03-11-2013
http://www.youtube.com/watch?v=7qkcYoGYgOc
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
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)
"Psycho logically, We Closed Positive"Fixed.
'Hedonistically, we closed positive.'
For all you BLS economists out there ...
Wrong way down a one way street.
Sorry, buddy.
Well said.
SkyNet might be self-aware, but I doubt it falls for any carbon based psychobabble.
Ya! we are saved. Overlord Obama saved us! /sarc
Still stacking.
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!
Another miraculous ramp from 2PM...they wanted to make sure they got back to green by the close!!
'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?
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.
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.
Amerika, fuck ya! Pass me a (watered down) Budweiser, a beef (horse) hot dog, and lemme check FB.
pods
I just posted a picture of my burrito. It's like no burrito you've ever seen, pods. It shall earn numerous "likes".
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
This month is the 13th anniversary of nazz crash.
13 has interesting CONnotations.
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.
I always wonder if they were confusing Tulips with Poppies?
pods
This month is the 376 year anniversary of Tulipmania.
I paid for my tulips in bitcoins...
Tulipmania generally ends with marriage
I just have to buy some stocks now. Today's positive close confirms this is a bull market.
Would be nice to have enough money to make a profit buying and selling against vwap.
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 ...
This market stinks like those dead pigs in the Chinese river...something isn´t right....
"something isn´t right..."
Attack on Iran coming in 3...2...1....
http://world.time.com/2013/03/11/pakistan-iran-leaders-inaugurate-pipeli...
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.
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??
We are generating so much value, what would you expect?
DJ to 1,000,000 points and beyond.
I hate the fucking DOW, or should we call it Ben Jones Industrial Average
Perhaps you mean the Fiat Jones Infotainment Average.
Next up: S&P 500, still disgracefully 0.8% short of a record.
PUSH!!!
BTFD
Psychos alright.
Just keep on buying stocks and working to pay off the interest, goyim.
You talkin' to me, boy?
*wink*
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.
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.
Bernanke had to change the ink cartridge in the printer!