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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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.


Bearwagon's picture

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

camaro68ss's picture

Who here got cought holding the Bitcoin bag. hahaha

hot potato hot potato hot potato

Say What Again's picture

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


malikai's picture

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


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: 


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

labestiol's picture

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


The Abstraction of Justice's picture

Sell silver, buy corsets and gowns.

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.


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?

malikai's picture

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

RebelDevil's picture

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

Kirk2NCC1701's picture

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

tabasco71's picture

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

StarTedStackin''s picture

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




BitCoin= Digital Pet Rock






Who will have stolen that by tomorrow?

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.

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....

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.

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.

StarTedStackin''s picture

sell in May and all?




What happens to PMs, oh Oracle?






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".

RebelDevil's picture

Volitility is opportunity. :D

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

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.

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.

HD's picture

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

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.

The Second Rule's picture

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

jcaz's picture

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

Darth Raider's picture

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

HD's picture

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

Bearwagon's picture

"The farce is strong with this one."

Sudden Debt's picture


A little bit of patina increases the value!!

oh yeah....


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.

malikai's picture

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

I sure am.

mdtrader's picture

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

Sudden Debt's picture


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...

DutchR's picture

"Nothing that really creates value holds strong."

To many humans?

roonbox's picture

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

StarTedStackin''s picture

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

AllThatGlitters's picture

As long as we are policing grammar...

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

Miss Expectations's picture

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

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?

mdtrader's picture

I feel like there's a 1987 event coming. 

DutchR's picture

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

HD's picture

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

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.