NASDAQ 4000 But Last Minute Mini Meltdown Poops The Party

Tyler Durden's picture

Another (like yesterday) late-day collapse in stocks was not enough to entirely ruin CNBC's headlines as the NASDAQ closed above 4,000 for the first time in 13 years. The only thing that could have made today better for the central planners was a red close for gold but despite rolling over from late-yesterday's spike, the precious metal closed marginally higher and unch on the week. The NASDAQ just rolls on - up over 100 points in the last 4 days and now +10.3% off debt-ceiling lows (outpacing the S&P and Dow). Today's 'apparently' good news on housing sent homebuilder buyers into a frenzy (+2.4% on the day as the squeeze continues wherever it can). The total lack of volume and liquidty was evident when sellers appeared in the last 15 minutes and instantly smashed the S&P back to VWAP and below echoing yesterday afternoon. Treasuries rallied on the day (with a little selloff as stocks sold off into the close) ending -3bp on the week. The USD slid from the US open but notably stocks disconnected from any JPY carry for most of the day until the closing collapse...


Wondering what happened? - stocks finally woke the fuck up that the JPY carry trade had left them behind...


But it seems there may be another reason?


NASDAQ and Russell high-beta won the day as Trannies, S&P and Dow closed unch...


The NASDAQ has overtaken the S&P and Dow off the debt-ceiling lows...


Off the debt-ceiling lows, Homebuilders splurged again today...


Treasuries rallied again - but lost steam as stocks dumped


Gold and Silver rolled over from late-yesterday's spike highs but remain unchanged on the week...


Yet again we saw USD strength (EUR weakenss) in the European session followed by USD weakness in the US session...


Charts: Bloomberg

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SheepDog-One's picture

Fartbag Oblahblah speaking....they should always make sure the TelePrez waits until after market close to open blowhole.

ZerOhead's picture

Next stop... 5000 or BUST!

Pure Evil's picture

And just think if I'd only held onto my Worldcom stocks I'd finally get back to even steven.


TruthInSunshine's picture

Yves has a fantastic essay today about the FRBNY and it's new current activities:

Tuesday, November 26, 2013

Speculation About Whether the Fed Manipulates the Stock Market Becoming More Mainstream


"I was intrigued to see Pam Martens write up some data points that align with the concerns of the stock market pros in a post titled, New York Fed’s Strange New Role: Big Bank Equity Analyst. If the Fed isn’t dabbling in the stock market, why does it need this sort of expertise? Key sections from her write-up":

But the New York Fed itself is helping to fuel suspicions about what’s going on within its cloistered walls…. Of the 12 regional Federal Reserve Banks, the New York Fed is the only institution with a trading floor and highly sophisticated trading platforms. But despite multiple requests, the New York Fed will not provide a photo of the full trading area. Photos of its gold vault and currency vault are on line, but photos of the trading area is off limits…


The resume of Kathleen Margaret (Katie) Kolchin is also noteworthy…she works for the Federal Reserve Bank of New York, “performing equity research on the large cap US and European banks. Throughout her career as an Equity Research Analyst, Katie has covered various sectors, including Global Consumer Products, Global Real Estate, and Metals and Mining, at UBS Securities and also at a boutique investment bank.”


Even more curious is the resume Kolchin has posted at LinkedIn. The resume states that the New York Fed has an “internal equity research team,” of which she is the Senior Analyst. The team’s coverage includes Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley, UBS, and Wells Fargo… she has “Developed a sell-side style research platform, including work product branding, distribution strategy, and internal client marketing presentations…” Kolchin adds that she uses her “capital markets experience and contacts” to garner insights into the market’s reaction to “stock and bond prices.”


“Branding”? “Distribution”? “Marketing”? Stock prices? What’s going on here. There are famous, long-tenured bank analysts all over Wall Street….How is this the job of the New York Fed?


"I too am curious as to what the justification is for this sort of position. Since when are stock prices part of the Fed’s job description?"


W74's picture

BUST.  Then fold.  Then clear your chips.  Then shoot your way out of the casino while laughing like Tony.

lailapa's picture

Global Debt Crisis - The greatest private fraud of human history

Who are the great fraudsters who are becoming the murderers of the human kind?

How does the economy "illness" threaten Democracy and the freedom of people?


The world is getting “awake” from “narcosis” and pity to the one who shall be found to have made the wrong at the wrong time

...pity to the one who threatened the future of the human kind.


Max Damage's picture


Share price $341

9 months Earnings = 7 pissing cents!!!!

I can't be arsed working out the PE ratio even assuming they hammer forcasts for the final quarter and post 30 cents or so!!!

Facebook - Makes Amazon look cheap

Twitter = Makes Facebook look really cheap

Tesla - On non GAAP earnings it looks cheap, on GAAP earnings it looks a bargain of the century

Nasdaq 4000 my arse!!!!

Caviar Emptor's picture

I'm not concerned about consumer confidence. What really matters is Central Banker confidence.

Rainman's picture

I junked this cuz there's no bonus chart.

skank's picture

Correlation does not imply causation
                                                      ...jus sayin'

TheRideNeverEnds's picture

Nothing to see here; just a bullish consolidation prior to our push over 1850 in DEC.


The real question is will we break 2000 by the end of Q1 14 or will we have to wait till Q2 for that party? 

thismarketisrigged's picture

this is not for the regular zerohedge reader because we all know this by now how fucking manipulated this shit is,


but for anyone who ever doubted the manipulation, just fucking look at how much the dow and s&p were up today.


dow up 0.26 pts and s&p up 0.27 pts. just to make sure it had a green uptick at end of day, it could not finish in any red.





W74's picture

I noticed that.  Barely registered 0.01% uptick.

And it's not even bang-the-close Friday.

Wahooo's picture

Metals and Mining industry expertise, eh? That says it all.