• Sprott Money
    05/26/2016 - 05:58
    How many “emergency” “secret” meetings do the central planners around the world need to have before the citizens of the respective countries begin to fully understand and take notice that something...

Breaking Bad

Tyler Durden's picture


With earnings season underway, perhaps pulling back to 30,000 feet is worthwhile to glance at the macro environment that is backing these new all-time high nominal stock prices. These six charts say it all...

Macro-economic data (levels and beats/misses) have rolled over after looking like it was different this time...


And all three global risk factors are becoming increasingly worrisome - from US growth, European 'risk', and China growth...


The business cycle has turned into slowdown...

as Global PMIs and Goldman's Leading Indicator roll over...


but, of course, stocks continue to levitate. It is worth noting the last time the difference between a 'macro-based' S&P and the market was this big was the nonchanlence leading into the debt-ceiling debacle in 2011...


and it would seem DM markets are more than due to realize these disappointments...


Charts: Goldman Sachs and Morgan Stanley

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Wed, 04/10/2013 - 20:27 | 3434492 khakuda
khakuda's picture

Yup. Asset bubbles. Only thing central banks are good at.

Wed, 04/10/2013 - 20:33 | 3434515 FinalCollapse
FinalCollapse's picture

All your equities are belong to us!

Wed, 04/10/2013 - 20:47 | 3434562 Groundhog Day
Groundhog Day's picture

Charts are meaningless when you have unlimited Fiat our disposal

Wed, 04/10/2013 - 22:22 | 3434923 razorthin
razorthin's picture

Heh, heh, another way it's "different".

Wed, 04/10/2013 - 22:56 | 3435035 TraderTimm
TraderTimm's picture

Be sure to link to the minute-chart for the Dow this may Tyler.

I know stories about the S&P 500 and the Dow Index aren't pulling in the pageviews like Bitcoin, but I think you'll get your chance to finally see a decline instead of a POMO pumped nightmare.

I've only been waiting close to three years for it - gotta happen, right?


Wed, 04/10/2013 - 20:32 | 3434501 Cdad
Cdad's picture

Seriously now...so global macro equity market price discovery is down to like....1 day forward looking?  And I am supposed to take this market seriously?

Wed, 04/10/2013 - 20:32 | 3434503 ebworthen
ebworthen's picture

Hey, Meth and Heroin make you feel great for a while, and Cocaine doesn't hurt either.

Somehow, this does not feel like sobriety, or "free market capitalism", or am I just the rehabilitation counselor with his "head in the sand" and missing out on all the fun?

Thu, 04/11/2013 - 02:11 | 3435392 Rogue Trooper
Rogue Trooper's picture

Hunter S Thompson knew something. Same as it ever was.


Wed, 04/10/2013 - 20:31 | 3434505 Debeachesand Je...
Debeachesand Jerseyshores's picture

Another good time to buy PM's on the dips.

Wed, 04/10/2013 - 20:48 | 3434566 The Second Rule
The Second Rule's picture

I hear DPRK silver coins are going for $86/oz. Novelty value?

Wed, 04/10/2013 - 22:04 | 3434853 ziggy59
ziggy59's picture

Thats because soros partner bought lots of them..

Wed, 04/10/2013 - 21:08 | 3434642 jekyll island
jekyll island's picture

Vampire Squid said they were shorting gold today. That's all you need to know.

Wed, 04/10/2013 - 21:42 | 3434778 bonin006
bonin006's picture

They said to sell, but did they actually say they were selling?

Wed, 04/10/2013 - 20:33 | 3434514 XRAYD
XRAYD's picture

All true, but one also need to dig underground, to say couple of hundred feet only, to see how the books are being "cooked" - specially in the bank footnotes! It is THIS that the FED is concerned about, including on its own "balance" sheet. What you can't see and deny the existence of, can't hurt you. Can it?

Wed, 04/10/2013 - 20:36 | 3434520 kliguy38
kliguy38's picture

Never in a million years will they let you see OR admit to ......its sealed by their law....the law of the beast.

Wed, 04/10/2013 - 20:37 | 3434526 Whoa Dammit
Whoa Dammit's picture

OT: Atlanta hostage standoff news you probably won't see nationally. Shit happens when cable TV is cut off...


"According to property tax records, the home where the firefighters were held hostage was foreclosed on November 2012.  After the house was foreclosed on, the mortgage switched hands from Wells Fargo to Fannie Mae.

Authorities confirmed that the gunman made demands, during his initial contact with dispatch, that service be restored to his utilities which included cable and phone. "



Thu, 04/11/2013 - 11:09 | 3436394 aerojet
aerojet's picture

The problem with these people is that they don't see the bigger picture--one guy pissed off about his foreclosure and cut off of utilities and cable takes hostages and gets shot and killed for it.  Ten thousand guys like that?  That's an army that can deal out some serious damage to the crooks in charge.  Why aren't Americans any good at banding together?  What is it about our current cultural anomie that prevents us from doing what our ancestors did in order to survive?  Imagine the cops showing up and being outnumbered and having to retreat.  That's the only way the little guy in America wins this, not by going down one by one and being terorrized by stricter gun control laws and eventually secret police abductions. 

Wed, 04/10/2013 - 20:41 | 3434539 maskone909
maskone909's picture


Wed, 04/10/2013 - 20:51 | 3434573 kridkrid
Wed, 04/10/2013 - 20:53 | 3434591 maskone909
maskone909's picture

Just had to one-up-me eh???
Haha thx 4 da link

Wed, 04/10/2013 - 20:56 | 3434596 fonzannoon
fonzannoon's picture

why would anyone use gold and silver as money right now? I'd rather save as much as I could and transact in fiat until it all fell apart. Then go from there. No?

Wed, 04/10/2013 - 21:03 | 3434623 kridkrid
kridkrid's picture

For sure.  I would like to think that the legislation is simply Arizona preparing for life after the dollar.  They are creating a framework for a hopefully smoother transition.  But when push comes to shove, I don't think the feds will let Arizona "take their ball and go home". 

Wed, 04/10/2013 - 21:18 | 3434679 Ness.
Ness.'s picture

I'm still tring to figure out my most recent Bitcoin statement, it reads...




I'm confused.

Wed, 04/10/2013 - 22:02 | 3434851 ziggy59
ziggy59's picture

It translates to...buyer beware

Wed, 04/10/2013 - 22:18 | 3434912 King_Julian
King_Julian's picture

It doesn't kick in until 2014 anyway.

Wed, 04/10/2013 - 20:55 | 3434592 Smuckers
Smuckers's picture

My always skeptical eye turns to this and thinks - what better way to confiscate than have people spend it willingly at these prices....
And do the people get gold & silver or fiat back for any change?

Don't get me wrong - I think it's positive - but maybe too early or has another motive at this time.

Wed, 04/10/2013 - 20:59 | 3434616 maskone909
maskone909's picture

Psychologically this is progress through leaps and bounds.

Wed, 04/10/2013 - 21:59 | 3434839 lasvegaspersona
lasvegaspersona's picture

Spending gold when fiat is available is against the law!




Greshams Law

Thu, 04/11/2013 - 11:10 | 3436406 aerojet
aerojet's picture

Call me when I can get paid directly in gold or silver and use it to buy shit directly, too.  Then the Fed will be on the run.

Wed, 04/10/2013 - 20:42 | 3434547 ziggy59
ziggy59's picture

Madoff investors can't sue SEC -U.S. appeals court

So the crooks cover their tracks and asses once again...
One day they wont be able to dodge flying lead..

Wed, 04/10/2013 - 20:44 | 3434553 Stuck on Zero
Stuck on Zero's picture

Scary.  The U.S. keeps plunging into bubble collapses but with larger and larger debt levels each time.


Wed, 04/10/2013 - 20:52 | 3434589 kridkrid
kridkrid's picture

That's how a Ponzi scheme works.

Wed, 04/10/2013 - 20:44 | 3434555 fonzannoon
fonzannoon's picture

these fuckers have pushed the envelope too far and they know it. A 20% pullback and a massive amount of people take their ball and go home. Good luck to CNBC trying to explain it after all their cheerleading. Can they manage a 10% pullback and not lose control of the aircraft? That's the question.

Wed, 04/10/2013 - 20:54 | 3434593 Yen Cross
Yen Cross's picture

     CNBS will beat the shit out of the dead horse, until it's pulverized, just like with AAPL. Then they will look for the next piece of shit to sell on their 24 hour infomercial.

Wed, 04/10/2013 - 20:58 | 3434605 fonzannoon
fonzannoon's picture

which anchor will be the first to eat a horsemeat sandwich on air during their "chained CPI is good segment"?

Wed, 04/10/2013 - 21:01 | 3434620 Yen Cross
Yen Cross's picture

     That dildo Pisonme gets my vote.

Wed, 04/10/2013 - 21:07 | 3434634 ekm
ekm's picture


Wed, 04/10/2013 - 21:08 | 3434635 fonzannoon
fonzannoon's picture

I'd go with the big dumb animal Sullivan

Wed, 04/10/2013 - 22:29 | 3434948 WillyGroper
WillyGroper's picture

Hope it's Maria Fartaroma.

Wed, 04/10/2013 - 21:12 | 3434653 ziggy59
ziggy59's picture

Crap, Nothing But Crap makes Bernays' book, Propaganda look like the sunday funnies

Wed, 04/10/2013 - 22:27 | 3434944 WillyGroper
WillyGroper's picture

>>>Then they will look for the next piece of shit to sell on their 24 hour infomercial.

Never better said!

Wed, 04/10/2013 - 21:13 | 3434658 bearish1
bearish1's picture

Pasani: "We're off the lows, bitchez!!"

Wed, 04/10/2013 - 21:29 | 3434722 Supernova Born
Supernova Born's picture

At the end of the day...we are drunk off our asses on Bernanke's Brew.

In the morning?

Wed, 04/10/2013 - 21:33 | 3434716 khakuda
khakuda's picture

Respectfully, I'm not so sure they know anything.  I have thought all along that their goal is actually to create the mother of all bubbles.  That way they can get higher tax revenues a la Clinton, clean up the underwater books of the banks, reinflate home prices, reduce pension funding shortfalls and create the appearance of prosperity, telling us all along that the stock markets action MUST be saying the the economy is going to get better to boot.  Bernanke seriously thinks that 2008 was the crisis, not all the years leading up to it with all the capital misallocation and speculation prior to the collapse.

4 long years of this crap and it doesn't appear anywhere near over.  Having watched Lehman, don't assume that these guys have any clue.  Fuld still thinks his lack of risk management wasn't the problem, rather it was the fact that the government screwed him.

Thu, 04/11/2013 - 11:13 | 3436422 aerojet
aerojet's picture

I understand the maneuver, but with wages stagnant, it doesn't really do any good. 

Wed, 04/10/2013 - 20:48 | 3434565 Ned Zeppelin
Ned Zeppelin's picture

Bernanke has got to be wishing the stock market was not rising as quickly as it is - before long I predict even the true believers (who are thus far accurate, but still fools who think they can time their exit, or that there is no "down") will be nervously eyeing the exits.

It's actually sort of embarrassing, isn't it?

Wed, 04/10/2013 - 20:50 | 3434569 The Second Rule
The Second Rule's picture

The've run out of things to bubble. The next crash will be the last. And then we reset the whole system.

Wed, 04/10/2013 - 21:09 | 3434644 ziggy59
ziggy59's picture

No, they havent. Pms, then its repeat all the past bubbles..sheep are very forgiving and memory is DWS intervaled

Thu, 04/11/2013 - 11:16 | 3436450 aerojet
aerojet's picture

I don't think they have anywhere left to go.  Already, low-wage workers don't bother to work anymore.  What happens when typical middle-class, white collar types have to realize that expenses have outrun their income and also stop going to work?  Add a zero on the back of everything you need to live, but don't add it to your salary and see what you end up with.

Wed, 04/10/2013 - 20:53 | 3434590 fonzannoon
fonzannoon's picture

It is kind of embarrasing, It's like Bernanke pissed his pants and everyone is half staring and trying not to notice. Then, out of sympathy his Japanese friend violently craps his pants. Bernanke immediately points and says "look at that fuckin guy!".

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