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S&P All-Time Highs But VIX And Credit Unamused; BitCoin Crashes

Tyler Durden's picture





 

Treasury yields finally got back up to pre-Payrolls levels today but there was no stopping stocks as the S&P 500 finally broke its all-time highs (and yay verily there was much rejoicing).USDJPY pushed on lower (despite a decent spike on early comments from Kuroda that 'the market misunderstood') edging ever closer to the magic 100 level. This JPY-cross weakness provided the ammo (along with a 5-6bps decompression in bond yields) to take stocks on to new highs (from Friday's close, JPY is down 2.28% vs the USD and AUD up 1.5%) Gold and Silver had a tough day, giving back yesterday's gains. The only stock index to lose today was the S&P Small Caps but Materials and Homebuilders lagged the market. Equities topped around the European close and from then channeled sideways (with a little 330pm ramp effort) but credit markets and VIX were not buying into this move at all. As the Nasdaq had it best day of the year, so Bitcoin, umm, didn't - losing over 50% of its highs intraday. Trannies are the best off the post-NFP gap-down-open, up an impressively ridiculous 4.7%.

 

From the NFP gap open in cash markets...

 

And Treasuries retraced back to pre-NFP levels...

 

But VIX wasn't fully engaged... as it seems protection was sought...

 

and credit markets (while they did play catc up into the close) were not buying into the exuberance...

 

Everything is one market now...

 

Gold and Silver rolled over today but noth remain above pre-NFP levels...

 

and while shareholders the world over were celebrating their unrealized fiat 'wealth', it appears BitCoin holders were realizing losses...

 


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Wed, 04/10/2013 - 16:16 | Link to Comment HD
HD's picture

General Tagge: What of the Rebellion? If the Rebels have obtained a complete technical reading of this station, it is possible, however unlikely, they might find a weakness and exploit it.

Admiral Motti: Any attack made by the Rebels against this station would be a useless gesture, no matter what technical data they have obtained. This station is now the ultimate power in the universe! I suggest we use it!

Darth Vader: Don't be too proud of this technological terror you've constructed. The ability to destroy a planet is insignificant next to the power of the Force.

Admiral Motti: Don't try to frighten us with your sorcerer's ways, Lord Vader. Your sad devotion to that ancient Jedi religion has not helped you conjure up the stolen data tapes, or given you enough clairvoyance to find the rebels' hidden fortress...

[Vader makes a pinching motion and Motti starts choking]

Darth Vader: I find your lack of faith disturbing.

 

Wed, 04/10/2013 - 16:22 | Link to Comment Bearwagon
Bearwagon's picture

"He is just a boy, and Obi Wan can no longer help him."

Wed, 04/10/2013 - 16:25 | Link to Comment camaro68ss
camaro68ss's picture

Who here got cought holding the Bitcoin bag. hahaha

hot potato hot potato hot potato

Wed, 04/10/2013 - 16:47 | Link to Comment Say What Again
Say What Again's picture

... "Trannies are the best off the post"

Really?

Wed, 04/10/2013 - 17:07 | Link to Comment malikai
malikai's picture

I hope all the BTC traders were able to get some of that tasty dip.

http://blog.quantsig.net/2013/04/10/bitcoin-updated/

Wed, 04/10/2013 - 17:26 | Link to Comment AllThatGlitters
AllThatGlitters's picture

Looked like a coordinated attack on Gold today.

However, silver looks like just a normal pullback, coiled and ready to take another leg up.

Check out silver's live 30-minute chart: 

http://www.pmbull.com/silver-price/

I'll stand clear of bitcoin, as I'm not a trader.  :-)

Wed, 04/10/2013 - 18:22 | Link to Comment labestiol
labestiol's picture

Bitcoin is fine, still DESTROYING anything else YTD...

BTFD !

Wed, 04/10/2013 - 17:09 | Link to Comment The Abstraction...
The Abstraction of Justice's picture

Sell silver, buy corsets and gowns.

Wed, 04/10/2013 - 17:25 | Link to Comment fuu
fuu's picture

Sell gold, buy Lulu.

Wed, 04/10/2013 - 17:23 | Link to Comment auric1234
auric1234's picture

I admit to be holding a few cents of BTC. I bought them at $70 just for fun, then when I read the news of it hitting $250, I moved them to Mt.Gox with intent of selling, but at the last minute I thought: "what the heck, maybe it lasts a few more days before bursting".

Fortunately I didn't get serious into "investing" in BTC. I only bought some so that I stood ready to use them for payment of goods and services in case an opportunity arised.

 

Wed, 04/10/2013 - 17:43 | Link to Comment A Nanny Moose
A Nanny Moose's picture

How exactly does one price goods and services in something so volatile with an intrinsic value of ZERO? How do I price an hour of my labor in BTC, if I do not know what one BTC is worth from one minute to the next?

Wed, 04/10/2013 - 21:31 | Link to Comment malikai
malikai's picture

Well, do you take doallars? What do you reckon the intrinsic is on the doallar? Apart from BTUs, that is.

Wed, 04/10/2013 - 23:01 | Link to Comment RebelDevil
RebelDevil's picture

And that is what truly sucks about extreme volitility in any currency.

Thu, 04/11/2013 - 01:25 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Glad some else noticed. That's the exact Q I've been asking the last few days.

Wed, 04/10/2013 - 18:09 | Link to Comment tabasco71
tabasco71's picture

I understand bitcoin today was due to DDOS attacks...?

Wed, 04/10/2013 - 19:23 | Link to Comment StarTedStackin'
StarTedStackin''s picture

Just the two douchebags who down arrowed you.......

 

 

 

BitCoin= Digital Pet Rock

 

 

 

 

 

Who will have stolen that by tomorrow?

Wed, 04/10/2013 - 16:36 | Link to Comment TraderTimm
TraderTimm's picture

It will be the broader market's turn in May.

I'm sure all the bitcoin haters will be out in force saying that a big swing means bitcoin is 'dead' or 'finished', etc... Sure guys, we've been through this a few times already - just wait and see.

Wed, 04/10/2013 - 17:10 | Link to Comment RSBriggs
RSBriggs's picture

Don't worry about it.   These are the same losers that were calling a bubble in Google stock when it hit $100....

Wed, 04/10/2013 - 17:33 | Link to Comment AllThatGlitters
AllThatGlitters's picture

Google = Virtual Ownership of the Internet, Earnings Growth...

Bitcoin = Faith in Others to Buy Later

 

* I am not currently an investor in Google.

 

Amended:  Google "equaled" as in past tense. Now, both are driven off faith, but one has actual assets, enterprise value and significantly more utility.

Thu, 04/11/2013 - 01:28 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Fine. But if you want to get technical, even fiat is driven by 'faith'. You believe that others will take it -- until they don't.

Wed, 04/10/2013 - 19:26 | Link to Comment StarTedStackin'
StarTedStackin''s picture

sell in May and all?

 

 

 

What happens to PMs, oh Oracle?

 

 

 

 

Ronstradamus

Wed, 04/10/2013 - 22:37 | Link to Comment TraderTimm
TraderTimm's picture

Yeah, it aligns with the classic pattern - but there's indications it may be the SELL frenzy that ZH-ers have been looking for....

I love how when BTC swings, its all of a sudden 'dead'. Yeah, you (and people like you) said it was 'dead' in 2011. We're still here. And we're going to continue to be here. Better watch those "STAWKS".

Wed, 04/10/2013 - 22:52 | Link to Comment RebelDevil
RebelDevil's picture

Volitility is opportunity. :D

I put a 20 in earlier. Who else did!?

Thu, 04/11/2013 - 01:31 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Ditto. But haven't gone to pay the invoice at a real store. If the price is still wrong tomorrow, ill let it expire.

Wed, 04/10/2013 - 16:19 | Link to Comment mdtrader
mdtrader's picture

Sam Zell just said the stock market is like housing in 2006 on CNBC, ironically David Rosenberg is buying any pull-backs.

Wed, 04/10/2013 - 16:20 | Link to Comment HD
HD's picture

...and Maria was shocked, SHOCKED to hear such an idea.

Wed, 04/10/2013 - 16:25 | Link to Comment insanelysane
insanelysane's picture

Maria just ran the NYC marathon in record time.  Too bad she did it by having Ben drive the taxi from start to finish.

Wed, 04/10/2013 - 20:52 | Link to Comment The Second Rule
The Second Rule's picture

Maria's so punch drunk on CNBC Koolaid I doubt she even knows what network she's on.

Wed, 04/10/2013 - 16:52 | Link to Comment jcaz
jcaz's picture

Ya, cause Zell has such a great history of showing his cards on national tv.....

Wed, 04/10/2013 - 16:22 | Link to Comment Darth Raider
Darth Raider's picture

"The ability to destroy a planet is insignificant next to the power of the farce."

Wed, 04/10/2013 - 16:24 | Link to Comment HD
HD's picture

I'd change farce to fiat - but I'm with you.

Wed, 04/10/2013 - 16:24 | Link to Comment Bearwagon
Bearwagon's picture

"The farce is strong with this one."

Wed, 04/10/2013 - 16:23 | Link to Comment Sudden Debt
Sudden Debt's picture

JUST STACK THOSE BITCOINS!!!

A little bit of patina increases the value!!

oh yeah....

bit...

Wed, 04/10/2013 - 17:00 | Link to Comment EscapeKey
EscapeKey's picture

In other news - bitcoins are back up to $195! Whee, this is one exciting rollercoaster.

Absolutely fascinating. This might very well be the only time one can study the progress of a real-time crash without getting all sorts of "out to help you" government institutions standing in the way.

Wed, 04/10/2013 - 17:10 | Link to Comment malikai
malikai's picture

It's awesome isn't it? I hope you're taking notes.

I sure am.

Wed, 04/10/2013 - 16:24 | Link to Comment DutchR
DutchR's picture

Olivia Newton-John on BitCoin; http://youtu.be/vWz9VN40nCA

Wed, 04/10/2013 - 16:22 | Link to Comment mdtrader
mdtrader's picture

FED has to be loving its work today. Gold & Bitcoin rinsed and stocks to the moon.

Wed, 04/10/2013 - 16:25 | Link to Comment Sudden Debt
Sudden Debt's picture

NONE SHALL HAVE VALUE!!!

Makes you think he?
Nothing that really creates value holds strong.
every country with to many gold reserves goes down the shitter.
...

it's like they really want a total reset besides the elite's wealth...

Wed, 04/10/2013 - 16:29 | Link to Comment DutchR
DutchR's picture

"Nothing that really creates value holds strong."

To many humans?

Wed, 04/10/2013 - 16:38 | Link to Comment roonbox
roonbox's picture

Do both of you guys know the difference between 'to' and 'too'?

Wed, 04/10/2013 - 17:08 | Link to Comment StarTedStackin'
StarTedStackin''s picture

I'd be happy if most knew the difference between thEn and thAn............

Wed, 04/10/2013 - 17:37 | Link to Comment AllThatGlitters
AllThatGlitters's picture

As long as we are policing grammar...

"Should HAVE" or "Should'VE" as opposed to "Should OF."

Wed, 04/10/2013 - 18:02 | Link to Comment IridiumRebel
IridiumRebel's picture

Kinda like GLD to Gold....

Wed, 04/10/2013 - 18:01 | Link to Comment Miss Expectations
Miss Expectations's picture

So you know, English isn't everyone's first language.

Wed, 04/10/2013 - 16:24 | Link to Comment Cdad
Cdad's picture

Nice "market" wrap up...as always.  The stupidity of it all...simply breathtaking.  Would have added the continuing disaster of the JGB market.  Anyone know if Japan even plans to open that market tonight?

Wed, 04/10/2013 - 16:26 | Link to Comment mdtrader
mdtrader's picture

I feel like there's a 1987 event coming. 

Wed, 04/10/2013 - 16:30 | Link to Comment DutchR
DutchR's picture

No NO, i dont want to lose my virginity again!!!!

Wed, 04/10/2013 - 16:37 | Link to Comment HD
HD's picture

Oh come on - it only takes a second...

Wed, 04/10/2013 - 16:46 | Link to Comment camaro68ss
camaro68ss's picture

just the tip then

Wed, 04/10/2013 - 18:05 | Link to Comment Panafrican Funk...
Panafrican Funktron Robot's picture

In real terms, it seems like we've been crashing since late '07.

In nominal terms, it's hard to say that we'll ever see an '87 again.  

Wed, 04/10/2013 - 16:24 | Link to Comment Billy Shears
Billy Shears's picture

HUBRIS!  Pride comes before the fall.

Wed, 04/10/2013 - 16:27 | Link to Comment DutchR
DutchR's picture

I tought that was a banana peel....

 

monkeys

Wed, 04/10/2013 - 16:28 | Link to Comment fuu
fuu's picture

S&P +30 vs gold now.

Wed, 04/10/2013 - 16:34 | Link to Comment Bearwagon
Bearwagon's picture

Headshot! You have taken the lead!

Wed, 04/10/2013 - 16:38 | Link to Comment fuu
fuu's picture

Too bad I am on the wrong side.

Wed, 04/10/2013 - 16:48 | Link to Comment Bearwagon
Bearwagon's picture

In that case you are tied for the lead!

Wed, 04/10/2013 - 16:27 | Link to Comment seek
seek's picture

And AU is down $30 as well. I wish JPM/COMEX/etc would implode already.

Wed, 04/10/2013 - 22:56 | Link to Comment RebelDevil
RebelDevil's picture

That litterally depends on the will of the buyers now. When the physical supply runs dry, "Crash JPM, Buy Silver" will prove its self and blow it up.

Wed, 04/10/2013 - 16:29 | Link to Comment kushmere
kushmere's picture

Thank God for the crash in Bitcoin. This will end up firming the ground for the future.

http://bestbitcoinsites.wordpress.com

Wed, 04/10/2013 - 16:35 | Link to Comment Tinky
Tinky's picture

Firm? You mean like the ground in Florida before the sinkholes appear, right?

Thu, 04/11/2013 - 01:38 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

So it's a Correction and Consolidation, not a Crash then. Right?

Wed, 04/10/2013 - 16:34 | Link to Comment Smuckers
Smuckers's picture

Hans Gruber : "You ask for miracles Theo, I give you the F....E....D".

 

Wed, 04/10/2013 - 16:35 | Link to Comment mdtrader
mdtrader's picture

Alan Krueger just had a nightmare on CNBC street. That was a terrible interview even Maria was laughing at him at the end.

Wed, 04/10/2013 - 16:44 | Link to Comment bonzo112358
bonzo112358's picture

Thankfully my Walmart short worked for a day.  Made a new 52 week high then finished on the lows for a nice double top.  Just hoping it stays that way.  Getting very close to taking my ipecac though.

https://www.youtube.com/watch?v=2_GLyh0SM6c

Wed, 04/10/2013 - 16:51 | Link to Comment thismarketisrigged
thismarketisrigged's picture

do we see 15,000 this week?

 

o my bad, thats a given, i mean do we see 16,000 this week?

 

tomorrows catalysts-

 

no asteroid hitting earth, no world war 3, that should be good for 1200 pts on dow within next 2 days,

 

 

Wed, 04/10/2013 - 16:59 | Link to Comment q99x2
q99x2's picture

BitCoin recovered. Mr and Mr.s Gox came back from lunch.

Picked up some unfortunately at 150. Hard to get the price you are looking for over at that joint.

Wed, 04/10/2013 - 17:02 | Link to Comment The Luftwaffe
The Luftwaffe's picture

Important Gold News

 

A Chilean Court has suspended Barrick's mammoth Pascua-Lama gold project. And Barrick has sold forward millions of ounces from this project without ever mining but a single ounce. Our banker friends are getting cornered. Hence today's garbage from Goldman Sachs and desperate take down in the paper market.

Wed, 04/10/2013 - 22:57 | Link to Comment RebelDevil
RebelDevil's picture

Post a link so we know it's credible.

Thu, 04/11/2013 - 01:43 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

So the Chilean Luftwaffe is strafing the gold men? That can't end well.

Wed, 04/10/2013 - 17:03 | Link to Comment SDRII
SDRII's picture

One can't help but notice the FT Apparatchik Izzy timely flow of Bitcoin hit pieces beginning with her call for Central Banks to take over the digital exchanges. Bitcoin has apparently become her third obsession behind why gold is overvalued and Brent backwardation

http://ftalphaville.ft.com/2013/04/08/1451982/bitcult/

http://ftalphaville.ft.com/2013/04/08/1452532/a-cybernetic-ledger/

http://ftalphaville.ft.com/2013/04/04/1447152/bitcoin-as-fiat/

 

etc...

Thu, 04/11/2013 - 02:02 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Beware when they protest too much, yet build a parallel track.

Note HSBC's poster campaign at select airports, showing the Index finger with the Bitcoin RQ code on it, with the caption "Your DNA will be your data".

Actually, they are WAY ahead of Bitcoin, sad to say.

Wed, 04/10/2013 - 17:06 | Link to Comment Great Depressio...
Great Depression Trader's picture

Incredible performance by the SPX who would have ever imagined that we'd be seeing a 1600 print on the spx its coming soon. The most hated rally in market history getting pumped pumped pumped by central bank easing, 0 rates forever and global peon wage arbitrage. We may be setting up for a Minsky Melt Up 1700 1800 who knows at this point lol

 

Wed, 04/10/2013 - 17:07 | Link to Comment The Abstraction...
The Abstraction of Justice's picture

190 euro per btc on bitcoin.de

So the smugs have not yet proof to gloat.

Wed, 04/10/2013 - 17:12 | Link to Comment razorthin
razorthin's picture

Long live the free market.

Wed, 04/10/2013 - 17:30 | Link to Comment negative rates
negative rates's picture

Tits up the mkt.

Wed, 04/10/2013 - 17:38 | Link to Comment yogibear
yogibear's picture

Bitcoin is what the US dollar will look like when Bubble Bernanke and the Fed triggers a currency crisis.

Bernanke, Evans, Dudley and Yellen take a good look at BitCoin because when people start trying to leave the US dollar it's a preview of a failed fiat.

 

Wed, 04/10/2013 - 17:59 | Link to Comment RSBriggs
RSBriggs's picture

Failed how, exactly?  Perhaps you would care to explain?

Wed, 04/10/2013 - 17:57 | Link to Comment Mine Is Bigger
Mine Is Bigger's picture

Today's Score

Dollar 1  Silver -1  Gold -2 Bitcoin -%#$@*&^%.....

Wed, 04/10/2013 - 18:25 | Link to Comment Khali_Hath
Khali_Hath's picture

The way markets are forging ahead, it seems that Dow Jones will move 5000 +++++  points in one day once North Korea will launch it's first missile. Apparently, there is a BBQ party for Bulls after slaughtering Bears.
Who will support the market once all Bears got killed?

 

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