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Daily Divergence: Pick The Odd One Out

Tyler Durden's picture


It's one of those days. US equity markets are levitating oin extremely thin volume against the trend in every other risk-asset market. Treasury yields are pushing lower as safety is sought, VIX is bid as protection is sought ahead of the weekend, credit markets are leaking lower (at lows of day), and JPY strength is not helping the carry traders... but then again, none of that matters... we need moar...because all that matters is a green Dow close for the week.



VIX bid versus stocks as it seems everyone wants protection going into the weekend...


and across the markets...


and FX carry


Must Close Green On The Week...


and summing it all up - US equities are on their own for now...


Charts: Bloomberg and Capital Context


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Fri, 03/22/2013 - 13:52 | 3362913 redpill
redpill's picture

It's fucking stupid.  Can someone give a single legitimate reason for stocks being valued at nominal record highs?

Fri, 03/22/2013 - 13:55 | 3362927 otto skorzeny
otto skorzeny's picture

legitimate? no. stay stupid-my friends.

Fri, 03/22/2013 - 13:57 | 3362937 James_Cole
James_Cole's picture

All reasons are legitimate, pick whatever works! China unstoppable, Euro solid as a rock, US booming economy!

Fri, 03/22/2013 - 14:03 | 3362963 Dr Paul Krugman
Dr Paul Krugman's picture

Speaking of rocks: What's gold doing? Silver?

Fri, 03/22/2013 - 14:04 | 3362972 toys for tits
toys for tits's picture

You're going to have to knock off these ad foruminum attacks or we're all going to leave.

Fri, 03/22/2013 - 14:14 | 3363014 mick_richfield
mick_richfield's picture

You just broke the Latin parser in my head.

Fri, 03/22/2013 - 14:54 | 3363188 El Viejo
El Viejo's picture

I thought Market Manipulation was Illegal.

Fri, 03/22/2013 - 17:09 | 3363799 Haager
Haager's picture

It's legal when "the masters" are doing it. Very soon it will become illegal to talk about it in public.

Fri, 03/22/2013 - 14:59 | 3363204 Stock Tips Inve...
Stock Tips Investment's picture

Since last November, the market is allowing us to make money if we are in the "long side". Why not? why waste time announcing disasters? Let's get out to the market that goes up now. When the market begins to fall, we will change place, we will in the "short side" and we can still make money.

Fri, 03/22/2013 - 15:13 | 3363281 mick_richfield
mick_richfield's picture

The market is only rising because it is being pumped full of newly created false 'money'.

That kind of 'money' is wealth stolen from all the people who use the FRN currency, including many who are forced to by 'their' 'government'.

I don't want to profit that way.

Fri, 03/22/2013 - 17:34 | 3363930 Umh
Umh's picture

Hurting yourself will not change anything.

Fri, 03/22/2013 - 14:14 | 3363018 knukles
knukles's picture


Worth having the little peckerhead here...


Fri, 03/22/2013 - 14:18 | 3363036 toys for tits
toys for tits's picture

Just paraphrasing what douchebag said yesterday before he ran away.

Fri, 03/22/2013 - 14:29 | 3363087 knukles
knukles's picture

He does that when challenged ...
from a distance ...
on line.

Fri, 03/22/2013 - 14:05 | 3362974 Dr. Richard Head
Dr. Richard Head's picture

Nestled nicely in a hole in the ground on my compound. 

Fri, 03/22/2013 - 14:06 | 3362982 Dr Paul Krugman
Dr Paul Krugman's picture

Awaiting the Second Coming I presume?

Fri, 03/22/2013 - 14:19 | 3363045 Dr. Richard Head
Dr. Richard Head's picture

I already came all over your stupid op eds.  Dropping loads on your loads of shit.

FYI - I know you aren't the real paper pushing Krugman, just wanted to vent.

Fri, 03/22/2013 - 14:28 | 3363084 Dr Paul Krugman
Dr Paul Krugman's picture

Yes, I am quite sure, you know me so well.

Fri, 03/22/2013 - 14:05 | 3362977 The Invisible Foot
The Invisible Foot's picture

Being manipulated by JP Morgan.

Fri, 03/22/2013 - 14:12 | 3363009 Dr Paul Krugman
Dr Paul Krugman's picture

There is no substance to that claim.

Fri, 03/22/2013 - 14:16 | 3363027 mick_richfield
mick_richfield's picture

Is so.

Fri, 03/22/2013 - 14:19 | 3363043 Dr Paul Krugman
Dr Paul Krugman's picture

Wasn't there a recent ruling?

Fri, 03/22/2013 - 14:22 | 3363059 The Invisible Foot
The Invisible Foot's picture

Yes the judge said "that while the investors showed that JP Morgan had the ability to influence prices, a fact the bank did not dispute." Go suck Lawrence O' Donald off now.

Fri, 03/22/2013 - 14:24 | 3363067 knukles
knukles's picture

No, it was dismissed on the grounds the plaintiffs could not prove harm.  The court decidedly stated that there is the clear and present likelihood if not unquestionable fact that the defendants could indeed manipulate said markets for their own benefits.

Read the fucking opinion of the court, not a synopses in the New York Times FFS.
Do some real research.

Fri, 03/22/2013 - 14:41 | 3363140 Dr Paul Krugman
Dr Paul Krugman's picture

So your opinion of the ruling is better than the reporting of the ruling; noted.

Fri, 03/22/2013 - 14:49 | 3363175 mick_richfield
mick_richfield's picture

Better?   More honest.

That's why people come here, you know.   (most)

And why the New York Times is dying along with all the other publications of the Ministry of Truth.

Fri, 03/22/2013 - 15:27 | 3363344 knukles
knukles's picture

My opinion of the ruling is as valid as that of the reporter to whom you allude.
In any case, the majority if not all of the reports which I've read reported it exactly as I've outlined above.  Not in the manner you suggest.  But then again, the New York Times does have its own reality....

Your comment to which I am responsding is, by the way, an ad hominem attack, implying my lesser knowledge skills.
Why must the wear always retreat to ad hominem attacks... as you've previously stated, sir?


I am indeed glad you've noted that you've taken note and that you now feel that you stand corrected.
Thank you for your kind support.

Sun, 03/24/2013 - 17:34 | 3369627 All Risk No Reward
All Risk No Reward's picture


He said...

"Read the fucking opinion of the court, not a synopses in the New York Times FFS.
Do some real research."

He pointed you to the source document.  Oh, that has you concerned, doesn't it?  You don't want "the rabble" nosiing around the source documents that might expose you and yours, now do you?

He didn't say "trust my opinion of the ruling."

Is your cognitive ability that deteriorated or are you being deceptive using your little straw man mixed with ad hominem logical fallacy?

While I'm exposing your lack of rational thought process or your attempt to deceive, I might as well follow up again...


You might have missed this question the last 2 times I asked it, so here we go for try number 3 (and yes, I will continue to increment the numbers until you answer the question):

If growth is defined in monetary terms and money is debt (interest bearing), please explain how exponential growth of debt is sustainable into eternity.

If money (debt) exponential growth is not sustainable into eternity, then WHAT HAPPENS WHEN THE EXPONENTIAL MONEY (DEBT) GROWTH FAILS?


Fri, 03/22/2013 - 14:43 | 3363149 James_Cole
James_Cole's picture

The court decidedly stated that there is the clear and present likelihood if not unquestionable fact that the defendants could indeed manipulate said markets for their own benefits.

Here we go with the conspiracy theories - it's egregious slander to say that just because JPM could maniuplate prices they would actually do it. JPM is one of the most upstanding institutions in the history of humanity, run by saint-like 'America's Banker' Jamie Dimon. The last thing those guys would ever do is manipulate prices just to earn a extra few billion dollars or hide billions in losses. 

The fact that the senate even considers investigating such a hallowed institution is bad enough, now people on here are throwing arrows! 

What next? Goldman Sachs isn't doing God's work??

Fri, 03/22/2013 - 15:01 | 3363213 daveO
daveO's picture

Next? Senators caught w/ their pants down, of course! Just like Eliot Spitzer. 

Fri, 03/22/2013 - 14:05 | 3362978 francis_sawyer
francis_sawyer's picture

Speaking of rocks... How's the inside of your head doing?

Fri, 03/22/2013 - 14:17 | 3363026 Dr Paul Krugman
Dr Paul Krugman's picture

Jealous and ornery gold cockroaches, in their bunkers - for the last forty years - awaiting a nuclear holocaust.

Fri, 03/22/2013 - 14:21 | 3363054 knukles
knukles's picture

Don't you have something more constructive to do like further the Higher Educational System Scam of charging students ungodly amounts of money to regurgitate myths propagated by ignorant men rather than encouraging learning in a Classical Environment?

I thought not.

Fri, 03/22/2013 - 14:26 | 3363076 The Invisible Foot
The Invisible Foot's picture

Your so fucking old, it's called nanotechnology you fucking idiot. In about 5 years, thousands of 14 years olds will be able to make a weapon the size of your tits that will make a nuke look like the Roman catapult.

Fri, 03/22/2013 - 14:27 | 3363077 Charles Nelson ...
Charles Nelson Reilly's picture

Hey... look at me, I'm Dr. Paul Krugman, Friday's attention whore.

Fri, 03/22/2013 - 14:31 | 3363088 mick_richfield
mick_richfield's picture

I am so proud to bet against the world of central planners, of money-for-nothing and Nobel prizes for free.  I have always known that I will outlive that world.  I will live to see a world where people use whatever medium of exchange they wish, untroubled by smug, self-congratulating, and increasingly desperate tyrants. 

The transition to my world began in earnest 5 years ago, and is now accelerating exponentially. 

I look forward to its arrival with great gladness -- and with a box full of the money that free men will use.


Fri, 03/22/2013 - 14:43 | 3363151 Dr Paul Krugman
Dr Paul Krugman's picture

You almost make total doom sound cool.

Fri, 03/22/2013 - 15:02 | 3363216 El Viejo
El Viejo's picture

Free men used corn liquor until the resurgence of taxation and it's been downhill ever since.  

Fri, 03/22/2013 - 15:08 | 3363246 toys for tits
toys for tits's picture

"Jealous and ornery gold cockroaches...."

Is this the way you feel about the Indian people?

Fri, 03/22/2013 - 15:29 | 3363363 knukles
knukles's picture

And the Jews who sewed their gold into the hems of their clothes.
Guess the Good Doctor is also an anti-Semite

Fri, 03/22/2013 - 15:49 | 3363471 e-recep
e-recep's picture

idiot, anyone who bought pms right after the lehman collapse almost doubled the dollar equivalent of their holdings by today.

Fri, 03/22/2013 - 14:38 | 3363130 MassDecep
MassDecep's picture

"Speaking of rocks: What's gold doing? Silver?"


Exactly what we want them to do, so we can hoard more.


Fri, 03/22/2013 - 14:50 | 3363179 Dr Paul Krugman
Dr Paul Krugman's picture

Your hording is hurting the economy.

Fri, 03/22/2013 - 14:54 | 3363189 toys for tits
toys for tits's picture

Not the economy of the future.

The Fed has this economy covered.

Fri, 03/22/2013 - 14:58 | 3363203 mick_richfield
mick_richfield's picture

Your false money is hurting my people.

I'm not supposed to talk about this, but I recognized your face right away.  In the time that I come from, I saw old videos of you in the Crimes Against Humanity trials.

You didn't look much older than you do now.


Fri, 03/22/2013 - 15:04 | 3363222 daveO
daveO's picture

Better still, your hoarding is hurting the Parasites.

Fri, 03/22/2013 - 20:08 | 3364441 auric1234
auric1234's picture

Why? We increase velocity of FIAT by dumping it in exchange for real money.

For each dollar in worthless FIAT we spend, there's a multiplier effect that stimulates the economy! And it brings us a bit closer to hyperinflation which is what you central planners have been pursuing all along.


Sun, 03/24/2013 - 04:17 | 3367774 All Risk No Reward
All Risk No Reward's picture

Straight to hyperinflation is a false narrative.

"Central planners" are puppets for Biggest Finance Capital - the international banking cartel.  This is why the banks always win.  The banks are running the show.

The mega banks, the ones that run the show, are lending at 3% for 30 years.  That's not just a "tell," that's your opponent showing you his cards on his forehead!

Don't fret, the end game is likely hyperinflation, but you would do well to prepare for the deflationary spiked pit that is located between here and the hyperinflation.

Those with trillions in debt holdings and trillions in corporate cash will not hyperinflate their wealth away.  Rather, they will bust the debtors, turn the debt notes into real goods (houses, farms, businesses, water company, roads, electric company, etc...) and then hyperinflate - but by then it won't matter as they will have conquered the planet via asymmetrical Art of War methodologies.

Sat, 03/23/2013 - 22:22 | 3367492 All Risk No Reward
All Risk No Reward's picture

Hi Paul,

You might have missed this question the last time I asked it, so here we go for try number 2:

If growth is defined in monetary terms and money is debt, please explain how exponential growth of debt is sustainable into eternity.

If money (debt) exponential growth is not sustainable into eternity, then WHAT HAPPENS WHEN THE EXPONENTIAL MONEY (DEBT) GROWTH FAILS?


Fri, 03/22/2013 - 15:04 | 3363225 Jack Sheet
Jack Sheet's picture

You talking about the unbacked paper comex price ? Or physical? When the latter, in what amounts? Good luck if it's more than a tube of krugerrands.

Fri, 03/22/2013 - 16:32 | 3363644 Stoploss
Stoploss's picture

Moving to TEXAS along with every other business we can get our hands on.


Any questions??

Fri, 03/22/2013 - 14:17 | 3363000 knukles
knukles's picture

K:  I'll take Europe solid as a rock for $100, Alex

Alex;  Name the 10 most influential technocrats who've helped fix Europe.

K:  Oh, fuck me, Alex.  You gotta be shitting me.  Europe's not fixed it's a Goddamned mess!

A:  Is that your final answer Knukles?

K:  Oh, now I get to call my barber like on that "Who Wants to Guess This Shit for the Cheap Looking Briefcase" that the blonde with the big tits has, or am I gonna have to watch something with Snooki tied down with my eyes taped open, I mean...

A:  (Interrupting) Knukles...

K:  (screaming) Fuck it, Bush's fault, it's all Bush's fault.

A:  Close enough for Government Work, Knuks!  Get the joke, "Close Enough for Government Work?"  Knuks, where you... Hey quit hitting me... Ouch! That hurts....


     C'est bon!  Europe est bien!

Fri, 03/22/2013 - 14:03 | 3362971 Dr. Richard Head
Dr. Richard Head's picture

I don't buy stocks often, but when I do I pick them at the market top. - The World's Most Gullible Pensioners

Fri, 03/22/2013 - 14:01 | 3362960 spastic_colon
spastic_colon's picture

the s&p still hasn't printed a new nominal record there's that, and setting up the VIX and the markets for another VIX crushing ramp so it can be attributed to cyprus next week should do the job.  Its spring break and all those coddled boomer kids need to feel like its ok to rack up mom and dads credit cards.

Fri, 03/22/2013 - 14:02 | 3362967 tickhound
tickhound's picture

C'mon.  Every religion has miracles.

Fri, 03/22/2013 - 14:16 | 3363028 knukles
knukles's picture

And Krugamaina's is what, pray tell?

Fri, 03/22/2013 - 14:40 | 3363133 tickhound
tickhound's picture

A religion... of the voodoo magical type.  I thought this was clear.

Fri, 03/22/2013 - 14:05 | 3362976 Dr Paul Krugman
Dr Paul Krugman's picture

Everyone here has been calling a top in stocks since I began easing but failed to call a top in gold and silver.

Fri, 03/22/2013 - 14:11 | 3363004 fonzannoon
fonzannoon's picture

You began easing?


Fri, 03/22/2013 - 14:16 | 3363024 knukles
knukles's picture

You know, the Olde Monetary Bowel Movement, The Money Shot.
Sound like cheek flapping on teeth.

Fri, 03/22/2013 - 14:29 | 3363050 toys for tits
toys for tits's picture

Dr. Krugman, did you blow bubbles when you were a kid?

Fri, 03/22/2013 - 14:35 | 3363114 Clowns on Acid
Clowns on Acid's picture

Bubbles Who ?

Fri, 03/22/2013 - 14:44 | 3363158 toys for tits
toys for tits's picture

I was trying to engage with him about the formation of economic bubbles.

Fri, 03/22/2013 - 15:30 | 3363375 knukles
knukles's picture

I'd thought it had to do with the bathtub and giggling whilst all alone....

Fri, 03/22/2013 - 14:14 | 3363020 css1971
css1971's picture

record nominal debasement?

Fri, 03/22/2013 - 14:16 | 3363029 Al Huxley
Al Huxley's picture

$85 billion/month in free money from the FED.

Fri, 03/22/2013 - 15:09 | 3363253 mick_richfield
mick_richfield's picture

And that's what they admit to, right?

When things get serious, they always lie.

Sat, 03/23/2013 - 04:28 | 3365090 Mark Urbo
Mark Urbo's picture

I with you on that thought...

Fri, 03/22/2013 - 14:18 | 3363039 insanelysane
insanelysane's picture

Kevin and his worker bee buddies in the basement of the FED.

Fri, 03/22/2013 - 14:43 | 3363150 PAWNMAN
PAWNMAN's picture

C'mon Redpill! You should be listening to CNBS more. Because "at the end of the day", "the bottom line" is the "market is undervalued by historical standards" and as you know "you can't fight the Fed". And were else could you put your money? Bonds are offering a negative return. Gold is a "barbarous relic" Blah, Blah, Blah. I'm going to go barf now. 

Fri, 03/22/2013 - 16:08 | 3363567 Not Dutch not much
Not Dutch not much's picture

More buyers than sellers?

Fri, 03/22/2013 - 17:51 | 3364007 LongBallsShortBrains
LongBallsShortBrains's picture

Fundamentally, no.

Technically, there are more shorts to squeeze,

Fri, 03/22/2013 - 13:53 | 3362918 ThunderingTurd
ThunderingTurd's picture

But, but, but...stawks are the best discounting mechanism out there. /sarc

Fri, 03/22/2013 - 13:53 | 3362920 The Invisible Foot
The Invisible Foot's picture

$1quadrillion derivatives market...found it.

Fri, 03/22/2013 - 13:53 | 3362921 Charles Nelson ...
Charles Nelson Reilly's picture

the fed induced stock market is going to be an epic correction... fuckin idiots who are buying this garbage.

Fri, 03/22/2013 - 13:55 | 3362928 squid virtuous
squid virtuous's picture

Everything else will catch up... those dumb bond and options guys didn't get the memo again...

Fri, 03/22/2013 - 14:02 | 3362964 101 years and c...
101 years and counting's picture

they believe all is well...or will be well.....or this time is different.....whatever the case, nothing bad can go wrong when CB's manipulate markets.

Fri, 03/22/2013 - 14:03 | 3362965 swissaustrian
swissaustrian's picture

VIX protection buying ahead of a turbulent weekend.

Fri, 03/22/2013 - 14:03 | 3362970 Glass Seagull
Glass Seagull's picture



Look at a one-minute bar chart of ZNGA intraday.  We all know who owns this market now.


Fri, 03/22/2013 - 14:14 | 3363015 SmallerGovNow2
SmallerGovNow2's picture

Looks like the red arrow troll is out in force...

Fri, 03/22/2013 - 14:27 | 3363080 knukles
knukles's picture

Ah, it's Krugman hisself.
Haven't you noticed what happens when he's here?
And betcha he's got Maureen Dowd and Tom Freidman following him about, yelling at each other in their cubicles to red this one, green that one...

The Modern Progressive Dream of Media Manipulation
Maybe we can get that fat guy from MSNBC to join him? 

Fri, 03/22/2013 - 14:21 | 3363008 razorthin
razorthin's picture

Keep it climbing, assholes.  I'm a wait'in.  You may have telegraphed this pump, but you sure as hell wont' telegraph breaking out the sickle on the chafe.

Fri, 03/22/2013 - 14:14 | 3363016 squid virtuous
squid virtuous's picture

the Juncker is back! gave myself a -1 already d'bag!

Fri, 03/22/2013 - 14:18 | 3363041 maskone909
maskone909's picture

VIX bid versus stocks as it seems everyone wants protection going into the weekend""

im not really seing that.


not really seeing the divergence that is being talked about either except for the treasuries vs equities

Fri, 03/22/2013 - 14:25 | 3363071 squid virtuous
squid virtuous's picture

Mr. Market has gone full retard. Exhibit A: HPQ - either that or Meg Whitman is Steve Jobs, Bill Gates, and Andrew Carnegie all combined into one very unappealing package...

Fri, 03/22/2013 - 14:47 | 3363089 jtz5
jtz5's picture

I received a letter from the IRS today (form CP53) notifying me that my bank has refused the direct deposit of my income tax return of $1,100.  What a crock of shit.  It's the same bank account (and nearly same $ amount) as last year's refund.  Anyone else receive this letter?


And the kicker...the letter is dated April 1, 2013.  What a bunch of fucking morons.

Fri, 03/22/2013 - 14:47 | 3363171 jtz5
jtz5's picture

Oops, had an extra 0 in there originally.

Fri, 03/22/2013 - 15:07 | 3363238 jtz5
jtz5's picture

Why would people vote these comments down?

Fri, 03/22/2013 - 15:52 | 3363493 mick_richfield
mick_richfield's picture

Because they're paid to.

Fri, 03/22/2013 - 15:08 | 3363243 BandGap
BandGap's picture

Oh shit, taxes!

Fri, 03/22/2013 - 14:36 | 3363109 web bot
web bot's picture

History is going to look back on this psychopathy and wonder what had infected the minds of men. The financial markets and banking system has become a grand casino for bonuses and the super rich. Life time savings and wealth were confiscated right under the noses of the middle class.

Oh, and wait until inflation kicks in, since this is the only strategy that the FED has to reduce the value of the debt... this is where the real, invisible theft begins.

Fri, 03/22/2013 - 14:38 | 3363125 Joe moneybags
Joe moneybags's picture

Such amateur sleuthing regarding a tiny move in the VIX. The VIX got up to 30 in 1999 as the market melted up, demonstrating that the VIX is calculated from the implied volatility of both puts and calls.  So, the move up to 13% is hardly a disconnect; it's just a little noise as traders pay just slightly more for their puts and calls today than they did yesterday.

Fri, 03/22/2013 - 14:40 | 3363134 Ajax4Hire
Ajax4Hire's picture


Stocks are priced in USD$.

Federal Reserve creating more USD$ every month.

Your stocks may not be WORTH more but they are valued more because there is more USD$.

Double the amount of USD$ and you double the cost of bread, double the cost of cars and double the cost/price of your stocks.  QEd

Fri, 03/22/2013 - 14:52 | 3363181 Downtoolong
Downtoolong's picture

Close Encounters Of The Third Kind, "This means something"

QE Of The Fourth Kind, "This means nothing"

Fri, 03/22/2013 - 15:26 | 3363347 monopoly
monopoly's picture

Do you guys really think that is Krugman? No way he would come here for the truth and be abused. None of the scum actually visit us here. Just a scam. A lot of scams going on in the "land of the free".

Fri, 03/22/2013 - 15:33 | 3363390 knukles
knukles's picture

Actually, methinks you may be right.
My take on the man is that he's far too sensitive and insecure to be continually abused.

Fri, 03/22/2013 - 17:00 | 3363738 Haager
Haager's picture

usd "won" todays round of devalueing, against eur, gbp, aud, jpy...
Gold, silver supressed, wti and some others tried to catch up on 'value'.
You'll recognize it a the gasstation sooner or later.

Fri, 03/22/2013 - 17:23 | 3363865 auric1234
auric1234's picture

Speaking of week closure, did you spot the (failed) attempt to make gold close red? Just at the last 3 minutes.


Fri, 03/22/2013 - 18:29 | 3364146 venturen
venturen's picture

THERE IS NO MARKET...There is just paper and more paper!

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