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Late Day Panic Buying Vertical Ramp Sends Dow Jones To Record High
It seems like the last 2 days have been a massive NASDAQ-TWTR pairs trade... Today saw broad stock indices best day in a month despite the early "good news is bad news" sell-off as newly minted TWTR heads towards its first bear market threshold off the highs. The Dow managed to get back to a record high close by the end of the day. Treasury prices were clubbed like a baby seal with yields jumping their most in over 4 months. Shorts were grossly squeezed today ("most shorted +2.9% vs Russell +1.1%). Gold was down 1.4% on the day (oil and copper flat) and 2% on the week. VIX was banged back under 13% and the JPY weakness sparked by the taper-on-driven USD strength kept carry traders alive. All in all - only equity markets reacted "positively" to the good news with a panic-buying-frenzy in the last 30 minutes as rates, FX, and precious metals all shifted in a "taper-on" trend...
POMO and 330RAMP took care of business today...
All you need to know about today in 2 tweets...
Stocks desperate for today's Mega POMO to begin already
— zerohedge (@zerohedge) November 8, 2013
It's 1 hour until 3:30 pm. Do you know where Ramp Capital LLC is?
— zerohedge (@zerohedge) November 8, 2013
Volume was notably lower today...
Two words - short squeeze...
Treasuries were battered to a ley technical levels...
But rates, Gold, and stocks diverged...
as PMs slid with oil flat...
The USD was well bid after the "good news" this morning - whether that implicit JPY weakness (that drove stocks via carry) was 'real' risk-on or just taper concerns will have to be seen...
EURJPY was in charge again - as post jobs POMO ripped us up to convergence...
Charts: Bloomberg
Bonus Chart - Another all-time low in TWTR (within 1% of a bear market...)
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Good Lord, what a cluster fuck.
Pretty good buying opportunity for Gold though; the -1.57% today looks like an options expiration day.
Must go to the liquor store and buy a bottle of champagne to pop for the great reckoning; good thing it stores well.
You should also pick up some "arrows" for your quiver.
Yahoo Finance Headline: "Markets Up For Some Unknown Bullshit Reason"
10 INPUT "What is your name: "; U$
20 PRINT "Hello "; U$
30 INPUT "How many STAWKS do you want: "; N
40 LET S$ = ""
50 FOR I = 1 to N
60 LET S$ = S$ + "STAWKS "
70 NEXT I
80 PRINT S$
90 INPUT "Do you have more Dollars to buy more STAWKS? "; A$
100 IF LEN(A$) = 0 THEN GOTO 90
110 LET A$ = LEFT$(A$, 1)
120 IF A$ = "y" OR A$ = "Y" THEN GOTO 30
130 INPUT "How many Dollars do you need to buy more STAWKS: "; D
140 LET T$ = ""
150 FOR J = 1 TO D
160 LET T$ = T$ + "DOLLARS "
170 NEXT J
180 PRINT T$
190 GOTO 30
200 END
Hey ebbie, I've been waiting for exactly this level to load up on XAU. I don't see it going under 1235-1250 area and I like the risk reward at these levels.
Bonus Chart WTF: Is it TWTR or TSLA?
BTFNATH, bitchez!
Does it matter?
come on tyler, u dont know all these '' investors'' were buying the fucking dip.
these ''investors'' r amazing. in 2008-2009 these ppl dont buy the dips, but when u get a 50 pt dow drop, bang, bernanke is always there.
all these fuck faces keep saying how great corporate balance sheets r, the economy is, etc, yet these assholes do not answer the 1 fucking question , if things r so fucking good fuckers, why the fuck cant the fed taper assholes?
what i would give to have the markets open up monday down 20 plus percent, 1987 style.
BONUS CHART!!! EVERYBODY LOVES THE BONUS CHART
Tyler theres a mistake in the bonus chart. Thats TSLA a year from now, not today. You silly badger!
"All time Low in TWTR"...Seriously guys. You are making yourselves look like total fucking tools. I'm no fan of TWTR nor did I or would I buy the stock but really: "All time low"? The fucking things has been on the market for less than two full fucking days!!!!
It's a joke, calm down.
I believe they call it "tongue-in-cheek humour" that Tyler was seeking.
Worked for me. I got it.
Sarcasm is tough to comprehend for aliens and dipshits.
well to be fair, TWTR IS down about 20% on the year and is currently trading at all time lows with the market at all time highs, what a pig.
Bollinger bands on TSLA are opening up like a Hungarian hooker.
LMAO! Good one Cunny.
* update for cunny/ here's TSLA 5 hour chart. http://imageshack.com/scaled/1280x1024/189/vpj7.png
Just like I said last night junkies need moar!! Its as if yesterday never happened and tomorrow will never come. Not looking forward to the end of it all, but it pretty apparent that its getting closer. This makes the dot.com bubble look sane. At least at that point in time we had a future (well, sort of).
Gotta admit - nearly shat myself at 8:30 am - figured I was holding some pretty worthless call options. Glad to be wrong, but honestly a day like today scares me more. And yes I play in the casino to use fiat to buy real things so save me the diatribe
Look at the up channel on SPX and a technician could make the case that we're at the mid point in the channel with an EOY top at 1875 area. I know, sounds idiotic but that's what the channel shows.
nothing sums it up like this
markets add $200Bn to world's richest. and the peasants rejoiced. Great job obama and berskank.
http://www.bloomberg.com/news/2013-11-05/world-s-richest-add-200-billion-as-global-markets-surge.html
Its blow-off top time boys and girls - give it about 1850 on the S&P and get out.
Zero Hedge....
Did you ever consider that it is your tweets that are driving the algo's??
As long as there is POMO, the market will go up.
One shouldn't be 'in' this 'market' at all, they won't allow you to get out when you want until it is too late and you have lost more than you put in, if you are foolish enough to trade on margin that is
What the fuck was that today... Seriously?
I was 1000 percent wrong and we had a great jobs report. Ok...
Taper off, gold got smacked, check, Bonds, Check, but stawks were about 4% from where they should be, but wait to be even more effed up, emerging markets down..... Please explain this to me....
At some point, the people will realize there is no market anymore, just smoke and mirrors and weath transfer mechanisms.
There is nothing real left....just confidence (misplaced).
Ths BS has to stop. It is way past time for all of the major financial websites and especially ZH to just completely stop reporting what that meaningless bullshit Dow/SP is doing. It is also time for all ZHers to stop commenting on anything to do with the markets. It is the only foreseeable way to stop this utter bullshit. Who honestly gives a flying fucking shit what the Dow did today? If you write a comment that offers any sort of analysis, then you are procreating and prolonging the problem.
They waited for shorts to build and then clobbered them yet again.