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S&P Comes Within Whisker Of All Time Highs, Fails, Despite Lowest Volume Of 2013
"Off the highs" is perhaps the phrase that the mainstream should be using. The S&P gave up allits post-EU-close gains into the US close. It seems, as we noted earlier, that AAPL capturing its 50DMA, relative strength in VIX and Bonds, and a total lack of volume just could not lift the S&P 500 to new highs. The early short squeeze provided the momentum but that faded into the last hour or so. USD weakness supported the risk rally (as very little else did) and commodities were all higher on the day with the Brent Vigilantes on the prowl once again as WTI topped $94.50 back to near 3-week highs. AAPL's best day in over 3 months (up to its 50DMA) led Tech to lead the day (and the Nasdaq was the notable outperformer). The exuberance led stocks rich relative to all risk-assets and the slide into the close merely corrected to that risk-asset-proxy. JPY carry was not helpful as JPY tried and failed to recover the 98.00 level. Silver outperformed. With the Japanese on vacation last night, JPY's rip into the close is a little worrying for the risk-on crowd but month-End here we come...
The S&P gave back all it's post-EU Close gains into the US close... ending at VWAP
Volume... in Futures...
Volume... In NYSE stocks...
VIX didn't like it...
as Silver (and WTI) led commodities higher...
JPY rallied hard into the close (not good for risk-on) - remember Japan was on holiday last night...
Today's ramp was all about Europe's close... as Capital Context's SPY Arb and CONTEXT models show, in the end short-term reality was rediscovered...
Charts: Bloomberg and Capital Context
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Bernanke Blows Bubbles
In the bath tub & pops them with his teeth for breakfast.
The air is getting mighty thin up here!
If you hold your breath long enough, you'll die.
Stop looking at me, Swan!
Do you know what that person is called?
http://www.youtube.com/watch?v=pk52mMfPiTk
Peasants breathe them in.
A complete joke! The worst economic situation in history with the highest stock market!
Look on the bright side: bankers, politicians, and the uber-wealthy are getting even more rich than they already were.
I'm keeping dry powder for Ag or 5.56, whichever comes my way.
Having one or the other will help procure the rest.
Stocks, the ever-plump engorgement of our modern financial age.
It's like everyone knows 1600 is the trigger to let it all fall.
is there a way to get the context model to es for the last 18 months? since the bottom was hit in Oct, 2011 at 1080? i would love to see the spread of at least 250 points.
New highs. I guess it will go on like this forever. Time to jump back in and catch the wave!
I imagine we'll see the standard slow frog-boiling overnight, followed by a strong move to ATH for the month-end close tomorrow.
This, um, market, yeah, um, market, needs mouth to ass resuscitation and the bernank is just the, er, man, and i use that term loosely, for the job.
An enema is the perfect analogy.
Investors in this market are like the end guy in the human centipede, with Bernanki taking pole position. Eventually what Bernanke eats....
Dude that is the best analogy ever. I want to hear maria bartiromo use it.
Maria can't speak --- she's in the middle, right behind Bernanke but ahead of you and me.
So I'm face deep in Maria's ass? I'm alright with that pole position.
I still would like to do tequilla shooters with Maria.
http://www.southparkstudios.com/full-episodes/s15e01-humancentipad
A market can't correct, even if it wants to, when CBs are buying equities as "reserves"
The same thing was said in all of 87 when the had a market protection scheme to protect the investor. This will break within 6 months and it will break hard, everyone will try to get out at once. The CB's are almost full and once they are actually needed they will not be able to do anything.
Uh..er...wow...umm...is it time to go all in....Uncle Ben's says so....
Roubini says the rally could go on for 2 more years...until BarakaDoc is finished fing up the country...lol
Do you disagree?
If the FED is buying every dip as retail is just considering entering why not? If inflation picks up (well, we all know it's 8% or so) it could go on even longer. I find it funny that money printing/inflation expectations are driving stocks, yet everyone is saying there's no inflation. There will be a time to capitalize on this mass psychology err, but not yet.
I wonder if the EU can go on two more years. The market and media manipulation has become so blatant recently, it almost appears desperate. I'm thinking they're getting one last pump and dump in before the shit train derails.
my guess is we see ramp untill we get into the peak years of the baby boomer retiree then drop off. peak number of contributions drop off and the jig is up. not enough sheep to be shorn onthe downhill.
The return-to-VWAP algo is obviously a southpaw, throwing those 9-to-12-to-3 curveballs.
The Barry Zito Algo? (might be my next band name...)
The S&P will make a new high this week. Then it will backfill a little and chop around.
Then it will make another new high.
They will do it in the same way the Germans printed 1,000,000,000,000 notes without blushing or riots in the streets.
It will keep going up and the corrections will be shallow.
There is nothing to stop them.
How can it drop?... it's a 100% HFT/algo controlled market.
Skynet has won.
Yep - the volume on the Dow, S&P500 and NASDAQ - all three were in the tank.
http://bullandbearmash.com/chart/sp500-daily-heads-higher-passing-time-h...
S&P500 nearing another all time high. Incredible. Let's see what the gong show has in store for us tomorrow.
Lazy HFT Platforms. "Get back to work!"
What happens if the ECB gives a rate cut this week and the market tanks?
Maybe I'm too old school, but hasn't the S&P just completed a "head and shoulders" pattern? Usually a bad sign.