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Horrible News Is Great News, Lifting Stocks To Just Shy Of All Time Highs
As we tweeted somewhat prophetically this morning when futures were still modestly red:
If sliding Chinese and German PMI data don't send the S&P to new all time highs, nothing will
— zerohedge (@zerohedge) April 23, 2013
And sure enough, equities close at the highs of the day (up over 1.5% from the overnight lows) and back near all-time highs once again. Ignoring the well-discussed elephant-in-the-room of the fake-tweet-based-flash-crash which exposed all that is unholy about the financial markets (i.e. coordinated HFT algos across every futures-market risk-asset); we note that shorts were heavily squeezed today, grossly outperforming the indices and JPY carry trades pulled stocks up tick-for-tick. Bonds sold off about 8bps higher in yield from overnight lows on the terrible data but yields ended the day only modestly higher (far removed from equity exuberance). The Dow, intriguingly, closed perfectly unchanged to the moment the Boston news hit last week, but the Russell was the day's big winner...
Just your standard 25 point S&P rampathon on terrible macro news...
The Dow ends the day at its highs BUT unchanged to the Boston moment...
The Russell was aggressively bid into the close...
As Shorts were squeezed dramatically...
Spot the difference - AUDJPY vs S&P 500...
Treasuries sold off but remain non-believers...
Charts: Bloomberg and Capital Context
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shorts? lolz get real. please post a /es short chart. thx
Sickening. All my puts are belong to them.
Imagine if the news was actually good!
Welcome to Wonderland Alice. A place where up is down and down is up. And yes, here, we are all mad.
I saw Ellen Kullman from DuPont on TV. She said China is showing "indications" of improving. Nothing to worry about. Rally on
Wonder which Dupont product those floating pigs ate?
no new high yet on SPX. We should get it on friday when GDP comes in under 1%.
GDP for the quarter was already fucked. So the BLS triage unit was summoned to come up with the 500 billion dollar intangible add to GDP in the next quarter.
The problem with lying is that once you start, you cannot stop. This is the predicament that the oligarch and the Fed faces. All you can do really, is just run away- which is precisely what Bernank will do in Jan and the numbskull will do in 2016.
indeed, good news is good, bad news is better, worse news sends us to the moon
To the moon Alice.
Note the level at which all of tonight's roll up quotes in the AH are printing...on SPY.
General feeling is that the weak data is going to force the ECB into joining the ZIRP and money printing gang soon.
When will risk go on then? My stocks still struggling!
the dow to hit 15000 soon...
when hopium meets bull run.
I'm going to invest in complacency.
Shoulda done that yesterday. Tomorrow complacency is going to be a lot more expensive.
Burger King is starting to deliver, the economy will zoom.
There will be no major fall until the end of 2015...just buy the dips.
Wow, good news, I'll be rich by then
This market is a Toyota with the gas pedal stuck.
Is that tweet from Tyler and ZeroHedge a hoax ?
Wish it was. Then we could all start front running tweets.
All prep for destabilization of the US. Globalists going to hit hard.
This guy got some horrible news:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/23_Si...
Meanwhile, the 'other' important story is falling apart like the banks are. The man in the naked-video that is being passed off as the car-jack victim is clearly not Chinese.
http://www.wmur.com/news/nh-news/Suspected-bombers-carjacking-victim-say...
sleep
A link to all this long story would show another glaring contradiction. The mystery around the naked man video is getting a lot of attention. Most of America is looking at the details and finding plenty of reasons to doubt the official cover-up false flag story.
The word on the radio now is, people are going for their gold in the accounts they have held and NOT getting it. The numbers are increasing and so is the anger. THIS, is possible trigger for another false flag event.
The Chinese guy was the carjacking victim not the naked guy!!!
Perhaps because china and Europe suck,the $ slides over to our market when thinking is we're safer and honest ! Yeah-That's it ! Lol
I believe more and more folks are beginning to question and doubt Ben's ability to remove himself from controlling all aspects of finance. It's possible that economic activity will crawl to a halt just because people want to watch and see how he plans to unfuck the mess he's created. Sure he can push equities sky high but then what ? Like the traffic jam from gawkers trying to eyeball a ugly auto accident so will business activity grind to a halt as Ben becomes center stage and all encompassing.
Apple shared halted????
Apple shared halted????
Ah, who cares, what happened to Glen Beck's "Big Announcement"?
Great speech by Mike Vanderboegh, patriot.
http://www.youtube.com/watch?v=XkjLlZu9uno
By diggity, he sounds just like that lost and dying breed, The Free Thinking American.
What's with the halted trading on Apple ahead of earnings?
And, what's with "after hours" trading anyway?
Open but closed, trading but halted?
PONZI!
Bubble Bernanke and the Fed know there is no way to stop QE. Maybe even double it. They will create a historic bubble.
On the hopeful side, maybe some CONgressional inside-traders got stopped-out...
but the Russell was the day's big winner...
On less than half the volume of the 4/15 plunge. You must fade, sheeple.
Kevin Henry: hardest workin' man in finance.
or whatever business you call these endeavors.
Bad is good again... because as long as the global economy keeps deteriorating some people will make billions from as the Central Banks print print and print. Oh by the way, you're not invited.
Bought an apple with a worm in it. Bullish! Bought a car with a blown tranny. Bullish! It is raining. Bullish! FED dumped 1 Billion FRNs in my account and said I had to spend it today so I could get another 1 Billion FDNs tomorrow. BULLISH!
Road to Homeownership in Canada Ain't What It Used to Be Says Gen Y - TD Canada Trust
http://www.scribd.com/doc/137634484/Road-to-Homeownership-in-Canada-Ain-t-What-It-Used-to-Be-Says-Gen-Y-TD-Canada-Trust
According to PI Financial:
http://www.scribd.com/doc/137637325/Gold-and-Silver-Prices-Unravel-PI-Financial
Gold and Silver Prices Unravel – Expect prices to trend sideways for remainder of 2013
Updating our 2013 estimates: Going into 2013, we had a fairly bullish thesis and outlook for the precious metals market for the coming year, forecasting that gold would average $1,800/oz and silver $36/oz, respectively. Q1/13 performed reasonably well with an average price of $1,631/oz for gold, about 9% less than our estimate. However, as a result of the recent sharp decline in spot metal pricing and more tempered economic outlook, we have reduced our 2013 price estimates for both gold and silver. We expect that gold will trade within a narrow band in the $1,400 - $1,500/oz range over the remainder of 2013.
Therefore, we are reducing out 2013 price outlook for gold to $1,500/oz, which is equal to our unchanged long term outlook. We are also lowering our silver forecast to $27/oz, which is below the historical gold to silver ratio of 58:1, but leaves upside for the more volatile metal should we see stronger economic activity or an increased appetite for precious metals emerge in the future.
The V is a deathmark now.
Hindenburg Omen, indeed.
According to Global Gold AG:
http://www.scribd.com/doc/118940953/Global-Gold-Switzerland-Outlook-Report-No-1
Financial Repression
The term financial repression is becoming more and more present in the media. What’s actually behind the term? Financial repression is defined as measures which governments take to channel funds somewhere where they wouldn’t go if left to the free market. So why would governments do such a thing? The answer is debt! Most western countries have piled up a gigantic debt burden. To illustrate this, the chart below shows the debt burden in percent of GDP for selected countries. It is clear, that even countries which are currently not in the spotlight have debt levels which already today seem simply repression are:
- Negative Real Interest Rates
- Inflation
- Capital Controls
- Banking Regulation
The times of negative real interest rates, meaning that after inflation “riskless” assets such as government bonds are yielding a negative return, are already upon us. We are convinced that this development will continue for the foreseeable future, because this suits debt burdened governments. Why? Because it leads to a reduction in the real debt level.