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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 | 3433390 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 | 3433412 Bearwagon
Bearwagon's picture

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

Wed, 04/10/2013 - 16:25 | 3433431 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 | 3433580 Say What Again
Say What Again's picture

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

Really?

Wed, 04/10/2013 - 17:07 | 3433720 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 | 3433823 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 | 3434055 labestiol
labestiol's picture

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

BTFD !

Wed, 04/10/2013 - 17:09 | 3433731 The Abstraction...
The Abstraction of Justice's picture

Sell silver, buy corsets and gowns.

Wed, 04/10/2013 - 17:25 | 3433819 fuu
fuu's picture

Sell gold, buy Lulu.

Wed, 04/10/2013 - 17:23 | 3433816 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 | 3433906 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 | 3434721 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 | 3435057 RebelDevil
RebelDevil's picture

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

Thu, 04/11/2013 - 01:25 | 3435347 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 | 3434010 tabasco71
tabasco71's picture

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

Wed, 04/10/2013 - 19:23 | 3434261 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 | 3433489 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 | 3433745 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 | 3433856 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 | 3435350 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 | 3434265 StarTedStackin'
StarTedStackin''s picture

sell in May and all?

 

 

 

What happens to PMs, oh Oracle?

 

 

 

 

Ronstradamus

Wed, 04/10/2013 - 22:37 | 3434977 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 | 3435020 RebelDevil
RebelDevil's picture

Volitility is opportunity. :D

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

Thu, 04/11/2013 - 01:31 | 3435355 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 | 3433401 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 | 3433409 HD
HD's picture

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

Wed, 04/10/2013 - 16:25 | 3433428 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 | 3433697 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 | 3433615 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 | 3433410 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 | 3433419 HD
HD's picture

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

Wed, 04/10/2013 - 16:24 | 3433430 Bearwagon
Bearwagon's picture

"The farce is strong with this one."

Wed, 04/10/2013 - 16:23 | 3433415 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 | 3433675 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 | 3433738 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 | 3433417 DutchR
DutchR's picture

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

Wed, 04/10/2013 - 16:22 | 3433420 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 | 3433438 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 | 3433459 DutchR
DutchR's picture

"Nothing that really creates value holds strong."

To many humans?

Wed, 04/10/2013 - 16:38 | 3433506 roonbox
roonbox's picture

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

Wed, 04/10/2013 - 17:08 | 3433735 StarTedStackin'
StarTedStackin''s picture

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

Wed, 04/10/2013 - 17:37 | 3433874 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 | 3433977 IridiumRebel
IridiumRebel's picture

Kinda like GLD to Gold....

Wed, 04/10/2013 - 18:01 | 3433982 Miss Expectations
Miss Expectations's picture

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

Wed, 04/10/2013 - 16:24 | 3433421 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 | 3433443 mdtrader
mdtrader's picture

I feel like there's a 1987 event coming. 

Wed, 04/10/2013 - 16:30 | 3433465 DutchR
DutchR's picture

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

Wed, 04/10/2013 - 16:37 | 3433509 HD
HD's picture

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

Wed, 04/10/2013 - 16:46 | 3433572 camaro68ss
camaro68ss's picture

just the tip then

Wed, 04/10/2013 - 18:05 | 3433996 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 | 3433433 Billy Shears
Billy Shears's picture

HUBRIS!  Pride comes before the fall.

Wed, 04/10/2013 - 16:27 | 3433455 DutchR
DutchR's picture

I tought that was a banana peel....

 

monkeys

Wed, 04/10/2013 - 16:28 | 3433452 fuu
fuu's picture

S&P +30 vs gold now.

Wed, 04/10/2013 - 16:34 | 3433477 Bearwagon
Bearwagon's picture

Headshot! You have taken the lead!

Wed, 04/10/2013 - 16:38 | 3433518 fuu
fuu's picture

Too bad I am on the wrong side.

Wed, 04/10/2013 - 16:48 | 3433579 Bearwagon
Bearwagon's picture

In that case you are tied for the lead!

Wed, 04/10/2013 - 16:27 | 3433454 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 | 3435034 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 | 3433456 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 | 3433480 Tinky
Tinky's picture

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

Thu, 04/11/2013 - 01:38 | 3435361 Kirk2NCC1701
Kirk2NCC1701's picture

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

Wed, 04/10/2013 - 16:34 | 3433479 Smuckers
Smuckers's picture

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

 

Wed, 04/10/2013 - 16:35 | 3433486 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 | 3433555 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 | 3433612 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 | 3433668 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 | 3433696 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 | 3435041 RebelDevil
RebelDevil's picture

Post a link so we know it's credible.

Thu, 04/11/2013 - 01:43 | 3435368 Kirk2NCC1701
Kirk2NCC1701's picture

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

Wed, 04/10/2013 - 17:03 | 3433699 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 | 3435386 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 | 3433716 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 | 3433728 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 | 3433746 razorthin
razorthin's picture

Long live the free market.

Wed, 04/10/2013 - 17:30 | 3433845 negative rates
negative rates's picture

Tits up the mkt.

Wed, 04/10/2013 - 17:38 | 3433878 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 | 3433967 RSBriggs
RSBriggs's picture

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

Wed, 04/10/2013 - 17:57 | 3433956 Mine Is Bigger
Mine Is Bigger's picture

Today's Score

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

Wed, 04/10/2013 - 18:25 | 3434071 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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