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What MoMo Massacre? Stock Scramble Sends S&P To New Record High
While Cramer exclaimed this morning that his 'cult' stocks were unstoppable, the MoMo names were crushed today (for no good reason) with NFLX, FB, P (late saved by AAPL), and TSLA all monkey-hammered (as rumors of a major option algo going pear-shaped spread). Meanwhile, the S&P rose for the 9th day of the last 10 and closed once again at another all-time high above another magical level - 1750. Markets keyed off the weakness in the jobs report (ignoring the construction spending beat) and ran in a Taper-off-related manner across all assets - USD was battered, Bond yields compressed, Gold and silver soared. Oil prices did not follow the pattern leaking to $97.60 (-3% on the week). Market internals today were very "glitchy" though... EURJPY was in charge once again but VIX remains bid (and higher on the day), and while credit rallied, it remains less exuberant than stocks.
The market was a mess today as clearly algos went nuts early on with indices soaring and the widely held momo names bashed (and AAPL's mini flash crash) suggesting someone was knocked out of their market-hedged longs...
From last week's lows... this is just unreal...broadly...
and in sectors...
Treasuries bid...
USD sold...
But EURJPY ran the world today...
Gold and silver in demand... (but oil not so much - not exactly "growthy")...
S, we wonder... the Fed did not Taper last time because EVERYONE was expecting it... This time around, not only are the bubbles bigger (stocks and credit), the market technicals worse (fails are up), data is just as nebulous (some bad, some good)... but this time EVERYONE expected No TAPER... are you ready for shOctTaper...
Some seem more worried than others... notice the rise in VIX at the open even as stocks surged higher.... and the top came when AAPL flash-crashed... very fishy
And here's a close-up of the early going...
Charts: Bloomberg
Bonus Chart: NFLX is now losing out to Caracas as best performing idiocy of the year...
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So everyone here was saying FED is about to lose (or already lost) control over Bond market...
Looks like Fed is healthy and well acheiving all goals. Just amazing that Person as bad as Obama won't be responsible and won't get crisis he created during his presidency
Open your eyes. Obama didn't create this mess, it started in 1971, not that i give a shit about obama or any of them for that matter
1913
It actually started about 2 million years ago http://en.wikipedia.org/wiki/Homo_erectus#Origin.
"There is no MoMo massacre. Its once again safe for main street to pile in their entire life savings." - Gold Man Sacks
@ Grande
Why don't we all move to North Dakota? :)
"Everything that should be down is up; everything that should be up is down."
--Pope Albert I
(Even a blind squirrel finds a nut every now and then.)
All this, and now John McCain thinks he's still got a shot to be President!!!!!!! Just when you think that this Country couldn't get more fucked up and dillusional, it does!
That's for his Senate seat. ..but still. Wtf...just hemorrhage
shOctTaper...good one. And I think...yep...take your glucosimine and chondroitin and get ready for dislocation time. Everybody dance!
the best part about today was that algo that brought down fb, aapl, and a few other big tech stocks in a matter of seconds. that is the only way this market will crash.
as for todays session, the indexes were up prob because all those people who were part of the jobs added for september were prob putting there money into stawks.
it gets funnier by the day how the msm will try and justify this market going up as being due to good earnings, good economy, etc. also, its pretty funny how these assholes now say how great of a place europe is to invest.
i cant wait for europe to implode anyday now. europe is fixed my fucking ass.
Finally have everything else taken care of so the next butt hammering gold takes I can get another oz.
what a debacle
in fairness to caracass market ... their currency is imploding not by their own choice. Here bernanke is doing everything he can to kill the dollar but the zombie just won't die.
US dollar getting whacked. Plenty more downside for the US dollar.
The Fed will continue to trash the US dollar until there's a noticable dollar dump that can't be hidden.
All those US dollars come back and there's a currency crisis as dumping cannot be controlled.
AA +9% today? Boah ey.
Everything is FINE.
Jack Welch is on with Maria Bartiromo, rest easy America!
There is no stock or asset bubble of Biblical proportions, now go buy some black tulips - it's planting time.
My next investment will be a manual Simple Pump side by side installed with my deep well electric pump for when the grid goes down. It's a desert out here.
http://www.simplepump.com/
Of course VIX has a bid. With the market pushing new highs, everyone knows they are one news event away from a quick down turn/buying opportunity. Take your pick, Europe, Middle East, Japan, there are shit storms developing everywhere, yet not one of them matters until they start making the news...
On another note those big metal moves that transpire at the market open must be confirming something...
Generational top being formed right now.
BONUS CHART!!! everybody loves the BONUS CHART
Maybe some people feel buying shares
of policy-setters amounts to: if you
can't beat 'em join 'em. It may not be
worse than being Cyprus'd; though, there's
a saying, an ebbing tide takes out all
boats.
But otherwise, how do they do it--
proclaiming more open-ended QE and also
proclaiming recovery?
http://www.youtube.com/watch?v=ZiQqnzHtjP4
The Fed cannot stop, it's a dance of death with the world, as they (Fed) have been underwriting Wall Streets derivatives swaps that will be ad infinitum (until doomsday). So in the meantime betting against that is madness, Yelland will now and try and create (bless her commie soul) a stock market safe haven. For that she will need to gobble up the short term debt markets, namely the 10yr. So no taper ever.
But...Bernanke always relied on Asia/South America to buy the USD on dips, this time they may not, also, if the Fed increases it's purchases of short term debt, Asia will dump. Why wound't they? Japan could easily dump USTs and completely buy up their whole JGB market. China are already commies so it doesn't matter.
A USD crisis could be a stones throw away.
FTW