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S&P 500 Spikes To New Intraday Record High
On the back of yet another VIX smashing and "most shorted" squeeze, amid the glory of a news-less, macro-data-less day, the S&P 500 has managed to get back above its record intraday highs at 1775.22 ignited by some minor EURJPY momentum sparks.
S&P blew through the old record high 1775.22...
Shorts squeezed... again
It seems "something" keeps changing when Europe closes...
Of course, here's what matters...
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Everyone should start mortgaging their house to go all-in on this market.
I'm mortgaging my house, my wife, and my kids. I'm keeping my guns, bullets, and dog.
Better keep your pickup truck also, that way you can still write some mean country AND western songs.
It's ironic that part of the idea of QE was to create the "wealth effect", inflate asset values and push people back into stocks. Most of the people I talk to in their 20's and 30's have no interest in owning stocks and rightfully view it as a scam.
Its clear that most of the people on this site feel that there will be a significant crash in the future. And Faber supports the idea of a crash too, so it must be a real possibility. This crash might happen in a few months, but it is also possible that the general indexes could see another 18 to 24 months of 20 to 30 percent CAGR before the crash.
So the debate is how to ride this wild bubble and not get cought when bottom drops out.
The thing is that this time is different, a crash in the broad US markets will never come.
We may get some small token pullbacks of a few percent here and there but as things continue to detereorate on the macro level the FED will ramp QE and further ramp the markets. The S&P will never again trade below 1700. E.V.E.R.
Anyone short here is a complete idiot and out of touch with the reality of modern markets and finance, this is not the 80s anymore. There is no free market in any real sense of the word; closing out this year above 1800 is a given and next year we will likely see the S&P over 2500 maybe 3000.
Well its official now. $SPX just squirted over the top to 1776.35
Macy's reported blowout earnings. Economy is booming, Bitches. Fight it if you want but facts are facts.
Wow, it's amazing how the numbers that go out to The Street have absolutely no relation to the real numbers on the street. Of course they beat, they probably pushed back or eliminated most of their current quarter buy. That is what Best Buy did to beat earnings this year.
Macy's stores in my district aren't even getting to 60% of plan. The best store hit 72% of plan, which was 40% lower than last year to begin with. Overall sales for Macy's in just about every district outside a few select high end locations are down 50%. Those are the real numbers.
For those of you who don't know, plan is the estimated sales goal for a store. Each day there is a plan set, say $2500 based mostly on year ago sales and updated with current sale trends.
Let's say your company has stores, and let's say you bring in $100 million in revenue. The cost of sale of the items is $60 million with $40 million related to inventory. Generally you set aside $40 million for inventory, because in order to bring in new revenue you must sell newly bought inventory. What happens if instead of setting aside $40 million you set aside $20 million or $10 million. That frees up $20-30 million in extra profit for the current quarter. The kind of thing that can really boost EPS. It's a dangerous game though because at some point you'll need that inventory.
Bingo! That's what stock sales are for. Your surprise EPS beat brought much needed attention to your stock and a demand for shares. Perhaps the ones you bought back a few quarters earlier when your stock was tanking.
Please don't confuse me with facts while I'm watch Jerry Springer.
Now, what was that hillbilly bitch saying about the guy she thinks is the father...
Give us the list of most shorted stocks. It worked so well last year.
My broker just sent out a note about a bunch of new "fees" for hold short assets. Now I have to pay "fees" over and above the usual margin interest. When will this madness end?
The people in the "Most Shorted" camp must feel like an unloved red headed step children.
Haven't they heard of QE?
Somebody wake me up when the vix is trading at 1 and there are unicorns flying around outside shitting gold coins on everyone
Ah..... Have you looked outside yet?
Light snow, occasional confusion, and an interesting whistleblower video posted a couple of days ago.
http://www.youtube.com/watch?v=iemedJ6RVnk#t=841
warning - it's lengthly and the lady is not the most attractive I've seen.
Seems to know a lot about the Fed system tho ...
look at 17 minutes in for the fed stuff.
People shorting this policy tool crack me up. It's a good thing they are losing OPM, if it was their own they might just forget about trying.
Another record high ...
Yawn
Quiet out there - too quiet perhaps.
but but but 2014 will be a banner year!
According to Ernst and Young LLP:
http://www.ey.com/Publication/vwLUAssets/Challenges_for_central_banks_wider_powers_greater_restraints/$FILE/Challenges_for_central_banks_wider_powers_greater_restraints.pdf
As recently as five years ago, most central bank governors could walk down the main street of their country’s capital city unnoticed, their names and faces familiar only to avid readers of specialist journals. Today, in many countries, they are as well known as the government leaders they serve, and their words and deeds are the subject of heated debate in newspapers, bars and taxis. The continuing financial and economic crises have thrust central bankers center stage and cast them as leading actors, simultaneously berated as progenitors of the crisis and hailed as potential saviors.
It is not clear that all central bankers welcome this transition from membership of a hitherto largely anonymous technocratic elite to an increasingly public role. This white paper argues that central bankers need to adjust to an increasingly public and prominent position on the political stage. A fundamental debate about the position of central banking and its relationship to government is now under way.
The financial crisis has led to considerable interlinked economic, sovereign debt and financial sector turbulence. At the time of writing (September 2012) these concerns show little sign of abating. This has been accompanied by increasing volatility in the political arena and an unstable world against the backdrop of a wholesale macroeconomic global transformation. The benign economic conditions and stable politics of the “Great Moderation” have been shown to be transitory. The global economy confronts its greatest challenges since the Second World War.
Central bankers have achieved a new prominence and become pivotal members of the policy-making establishments of both national and intergovernmental organizations. As a result of a growing responsibility for financial stability, coupled with their injection of massive amounts of liquidity into the financial system has, central banks in many jurisdictions, have extended their powers and remit beyond their traditional “lender of last resort” function. We suggest in this report that this extension of powers is unlikely to be temporary and may not be entirely desirable. It raises far-reaching questions about the accountability and transparency of the principal activities of central bankers.
In addition to their traditional monetary policy and governmental banking roles, central banks have become national and global firemen with growing responsibility for the resilience of economies, the stability of financial systems and individual financial institutions, macro-and microprudential regulation, and macroeconomic and quasi-fiscal policy. They have gleaned far greater exposure to the media, politics and electorates. They have also taken on a whole range of new strategic and operational tasks and become exposed to far greater financial, reputational and operational risks. As their responsibilities have grown, so have their balance sheets and the accompanying risks.
From acting largely behind the scenes, central banks have now entered the political arena in a very public manner. Whether as principals, agents or advisers, it is unimaginable that there would no longer be a strong political dimension to the activities of central banks. If that is the case, to what extent and how should central banks strive to maintain political neutrality? Should fiscal policy, for example, be an arena restricted to elected politicians, or should the views of central bankers be publicly aired as well? To whom should central bankers be accountable, and how transparent should that accountability be to the media and to electorates?
If this expanding remit of new roles and activities is to become permanent, what targets should be set for a central bank, and who should decide whether these targets have been met? While it is comparatively straightforward to set a target for inflation, how does one measure “financial stability,” and just what degree of financial instability is deemed acceptable?
According to Macquarie Research:
https://app.box.com/s/kazx1rawh3pxptn555c3
The Bold and the Brave
- In the current circumstances, it is becoming more likely that the successful reflation of the major economies will require some bold and brave policy initiatives that build on the current unconventional monetary policy measures. Not surprisingly, several clues to the way forward come from policy experiences in the Great Depression (notably the US and UK).
- Indeed, the Economist notes that lessons from Depression scholars like Ben Bernanke and Lars Svensson highlight several key ingredients to a monetary policy solution; namely:
- announce an inflation or price stability target that guarantees a period of above-average inflation;
- depreciate the exchange rate; and
- support the depreciation, to the extent necessary, through direct intervention in foreign exchange markets (ie: print money and buy foreign currencies and assets).
- Interestingly, the underlying strategy revolves around the focussed pursuit of inflation, not in beggar-thy-neighbour competitive exchange rate devaluations as many continue to fear as a consequence of ongoing QE monetary accommodation.
- In the event, the clear and present trap for the major central banks in the current environment is one of ‘role stereotyping’ by financial markets that is the result of over 20 years of policy success in targeting inflation. It will take some very bold and brave monetary policy initiatives to convince markets that these ‘independent’ institutions are prepared to do whatever it takes to sustainably reflate their economies.
That's it - I give up.
The terrorists are losing. Murica
*yawn*
SSDD
Time to take some off the table , this bubble is getting INSANE.
(^) <(*;*)> (^)
earlier this morning, nasdaq futures were down 27 pts, now of course the nasdaq is up 30 pts.
s&p futures were down as many as 11 pts, now its up 8 pts.
amazing the shit that goes on, on a daily basis and they r allowed to get away with it,
it must be all those fucking investors we have in this market, who just decide to all buy at the same time every day.
the shit show continues
sounds like your trying to compete as a trader. why else would you be mad. if you were long investor you'd be happy. if you werent in the market, you know this will crash eventually and you will get bettter prices. if you dont have a strategy that works, get the fuck out, there just stealing your money.
im not trying to compete as a trader at all.
i have not been involved on either side for a while.
its just that every fucking day this shit goes up on nothing. its like they try to justify daily why the market is up rather than say the real fucking reason. ( they as in the msm)
for example, today i read that the market is up due to macys fucking earnings. r u fucking kidding me?? macys??? since when the fuck does macys move the fucking markets one way or another. answer- it doesnt, but the fact they need to reach so fucking far to justify this shit is laughable.
u say that its going to crash, yes it will, but when? we have been waiting for this for years, and the shit show is allowed to go on and on, maybe if they fucking jailed some bankers the shit would crash. instead, these bankers just continue to get free money and higher bonuses. its fucking bullshit.
i hope all bankers and fed members and our fucking asshole president burn in hell
when has news ever mattered. the msm always trys to find a reason after the fact. I do agree that all bankers/fed members and the presidents should burn in hell. the market will crash, it always does, nobody knows when. if you been waiting for years then your stupid. Whos waiting for it to crash 2-3 years after a major market crash. This year is the first year that markets are starting to get ridiculous again, parabolic.
Why don't you tell us what you really think.
If its any solace the Macy's numbers were complete fabricated bullshit.
I have the Macy's internal numbers because my wife works there. Her store is down 38% from Q3 last year. Some stores in the district are down 50%+.
In desperation they want to open at 6 PM on Thanksgiving. Most of the employees told the DM to fuck off and that they won't be coming in. IN other words, "Take your $9.00 an hour job and shove it up your ass."
Those fundamentals sure are fickle.
The algos love the shorts. Their constantly covering and running up the market.
If nobody is bidding the algos can just keep bifdiing it up. With ininfite fed money it's rigged one way.
Janet Yellen's testimony must be out already ...
Bitcoin Heist And Jim Rickards On Taper, Janet Yellen and Gold
In this very interesting episode RT is reporting about the hunger for the FIAT Currencies alternatives and how it is driving the Bitcoin Bubble, but it is not The New Gold or even close to it - as we have written before. New security concerns are reported with the cryptocurremcy and Jim Rickards dissects the Currency War situation in the ECB, BOJ and FED race to the bottom. You will find out why Janet Yellen can not Taper and what is behind the Gold and why Gold Standard is still valuable option even today. After our yesterday US dollar chart observations it has fallen out of bed so far today - maybe somebody already has received Janet Yellen's testimony for tomorrow's nomination hearing. http://sufiy.blogspot.co.uk/2013/11/bitcoin-heist-and-jim-rickards-on-ta...
and the sun came up this morning, and will set tonight.
I said it this morning on a post an hour before market open, no need to worry about the futures being down, the FED is rehearsing their parts to ramp back to record highs by close.
I believe the only 'shorts' out there now are the shorts the FED places itself to run the markets back up....what do they care it's all free.
BTFD ? We will soon need a new metric. How about "Days Without Dip" or DWAFD!
Seriously WTF??
When this thing blows up it is gonna be spectacular.