Dow Hits New All-Time High On Lowest Non-Holiday Volume Day Of The Year

Tyler Durden's picture

SSDD. Collapsing confidence, check. Housing Recovery meme toast, check. Volume at 2013 lows, check. BTFATH and send Trannies up for 13th of last 15 days (+10.4%), Dow near all-time highs again (thank you IBM buybacks), and S&P to new all-time highs... but don't tell Treasuries (which stand +/-1bps on the week). VIX wasn't drinking the kool-aid but the NASDARK session enabled futures to drag us back to higher before limping lower into the closer. The USD oscilatted around Nowotny comments and POMO ending the day up a rather notable 0.5% from Friday's close and that pressured commodities in general lower (gold hovering at $1345). The last 2 minutes saw stocks scream higher on their own as the world was terrified it would miss out on something (but no other market moved) and all the major indices managed new highs.

 

US Equity markets have only one master... JPY carry levered muppetry...

 

But bonds weren't buying the stock exuberance (or was the post-PMO rally in both bonds and stocks just more of the same Un-Taper hope?)....

 

And credit is absolutely ignoring stocks' exuberance...

 

But the straight line rise to infinity and beyond continues as the entire market finds Birinyi's ruler...

 

Homebuilders rejoin Discretionary stocks at the top of the heap post Debt-ceiling lows... (up 8.5%!)...

 

Volume continues to slump as stock prices rise...

 

VIX remains 'relatively' bid as we head into tomorrow's FOMC decision...

 

Intriguingly, shorts have actually not done so badly in the last week or so (but today saw a late day squeeze)...

 

When the Nasdaq cash indices cat is away, the futures mice will play...

 

Charts: Bloomberg

 

Bonus Chart: As an FYI - the only valuation method that counts indicates that stocks have pushed to their "most expensive" in 10 weeks...

 

Bonus Bonus Chart: Let The Kool Aid Flow... (h/t @Not_Jim_Cramer)