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Volume-less, Bond-less Day Pushes Dow To Another Record High
Isn't it intriguing that with the cash bond market closed, every other risk-asset-class in the world dies a horrible death of volume-less list-less price action? Today's only activity - bearing in mind the absence of the bond-market's almost ubiquitous POMO leveraging idiocy - was from the US open to the European close. From that point on FX markets (JPY crosses) and stocks went dead-stick pinned to VWAP (but managed new highs in the Dow). There was some divergences... HY credit (via ETFs) dropped rather notably to its lowest in almost a month; VIX was banged back under 12.5% - its lowest in almost 3 months; and crude oil prices jerked higher. Treasury futures indicate a 1-3bps yield rise on the day, the USD leaked lower (led by EUR strength), and PMs went nowhere fast treading water with modest losses. Stocks closed at record highs as the dash-for-trash remains front-and-center: "most shorted' names have tripled the market's 1.4% gain in the last 2 days!
"Most Shorted" stocks are up 4.3% from Thursday's close... triple the return of the market...
Stocks went nowhere fast today...
with futures pinned to VWAP after Europe closed... withvolume 35% below average...
Trannies topped the equity tables today as the early squeeze ramped them back near their highs...
Treasury futures imply a small 1-3bps yield rise on the day... (with the long-end underperforming)
Credit markets remain decidedly unimpressed...
There was no JPY carry to drive stocks...
VIX was banged lower - below 12.5% for its lowest close in 3 months...
Oil jumped, copper flatlined, and PMs oscillated aftae rovernight weakness...
Charts: Bloomberg
Bonus Chart - VIX (though low) remains "rich" relative to the extraordinarily low realized vol of the last few weeks...
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Bill Gross had the day off.. he was doing DD on Bitcoin tho - http://hedge.ly/ZHl2E5 https://twitter.com/sellputs/status/399992505015762944
Gold crash Tuesday?
optimist.
Hasn't gold already crashed? Or does he mean a crash in the up direction?
Sure. How many Tuesdays would you like to sign up for?
zzzz
Remember Goldman was selling clients short positions on the RUX
If you guys want stocks to crash you should recommend buying them.
How many more ways can we say BTFATH?
Wall Street needs a new slogan to replace buy low, sell high. Otherwise the muppets might start asking questions.
Maybe something like "Buy the all time high, sell even higher just because."
Nancy Pelosi +100
Veterans -100
Long live the boondoggle.
Wild and infinte government spending and reckelessness continues.
SQUH.. SQUH... SQUH-EEEEEEEZE, BITCHEZ!!
Infinte QE money going into stocks. What do you expect?
This game continuies until something stops the Fed. Companies have an excuse to continue raising prices.
It's what the Federal Reserve wants, massive inflation.
I guess it can just go on like this f o r e v e r . . .
Hey Tyler,
if this is verifiable, it does not bode well:
http://www.scmagazine.com.au/News/363578,stuxnet-infected-russian-nuclear-plant.aspx
Then again, someone could be merely talking their book....
Define "Leadershit".
Include in your definition the absence of this from the public eye:
The Public Be Suckered
http://patrick.net/forum/?p=1230886
The "market" continues to go up as long as shorts supply the fuel...don't feed the beast, start shorting AFTER a 6% pullback in the S&P, sell whatever you have left after 4%
Just once can stocks be the ones that "remain decidedly unimpressed." WTF.
Blahblahblahblah!