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