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Record Dow, Nasdaq, S&P, Russell, Bitcoin And US Debt

Submitted by Tyler Durden on 11/27/2013 17:09 -0400

Volumes - expectedly - were extremely light and so, we all know what that means: a dash for trash meltup. NASDAQ keeps powering ahead as the S&P and Dow recover from yesterday afternoon's cliff dive. Trannies now up 13.3% off the debt-ceiling lows 5 weeks ago... sure, why not. "Most shorted" names outperformed once again but it seems investors, while not wanting to sell, are happy to bid for protection as VIX diverges. Credit markets also diverged bearishly today. Stocks disconnected (a la yesterday) from JPY carry briefly but rapidly caught up in the low volume churn. Bonds leaked higher in yield (unch on the week now); the USD pushed higher after Europe's close (back to unch on the week); but inventories and USD strength weighed on oil prices and precious metals limped modestly lower.

NASDAQ is playing catch-up to the Trannies...

The "most shorted" names continue to push higher on momentum from yesterday's major squeeze after the attempt to sell on Monday...

Another day of divergence and convergence with JPY carry trades - this time sellers banged higher by the carry arbs...

VIX has been relatively well bid for the last week as managers appear loathe to sell but desirous of protection (VIX is notably rich relative to realized vol)...

Credit markets diverged notably on the day...

Oil slumped and commodities in general slid lower...

The USD rallied back to unch on the week led by notably JPY (and AUD) weakness...

Since the previous October 2007 highs in stocks, the S&P is +14.5%, The Long Bond is +19.3% (price), and Gold +68%...

Finally, putting everything into perspective, US Federal debt joined the party, obviously, and just printed at a fresh all time high of just over $17.2 trillion

Charts: Bloomberg

Bonus Charts: Give Thanks...

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Wed, 11/27/2013 - 17:12 | 4194857 Dear Infinity

Bitcoin reaching parity with gold in ... 3... 2...

Wed, 11/27/2013 - 17:14 | 4194874 l1b3rty

how many ounces of silver for one bitcoin these days??? 40?

http://goldsilverbitcoin.com

Wed, 11/27/2013 - 17:21 | 4194899 Running On Bing...

How long until 9/10 of all ZH posts are bitCon posts?

Huh?

0ver.

Wed, 11/27/2013 - 17:24 | 4194911 EscapeKey

we still have a little to go. but soon, the bitcoin army will start stuffing bitcoins down your digital throat

Wed, 11/27/2013 - 17:37 | 4194948 HulkHogan

I'm fucking PISSED! I'm getting a non compete stuffed down my throat right now. Anyone know how to avoid these fucking things.

Wed, 11/27/2013 - 17:56 | 4195008 fonestar

Bitcoin!!!!

Wed, 11/27/2013 - 17:56 | 4195011 Harbanger

I'm riding bitcoins for a while but I'm looking to get out soon. It's almost impossible to tax the profits made from bitcoin. That creates a big problem for the redistributors of wealth.

Wed, 11/27/2013 - 18:04 | 4195037 fonestar

So if you realize this is the new tax-haven why would you jump ship? You couldn't force me off this boat if you tried.

Wed, 11/27/2013 - 18:25 | 4195089 Harbanger

I'm riding it but I don't expect it to last because the globalists rule the day for now. It's a no brainer to put your fortune into bitcoins to avoid taxation. As long as they rule, you are not allowed to play outside the system, our problems are not so much financial as they are political.

Wed, 11/27/2013 - 18:30 | 4195105 fonestar

Well they may have the power but it is not absolute, they are not omnipotent and they would also not be the first ruling elite to go the way of the pharos.

Wed, 11/27/2013 - 18:41 | 4195127 Harbanger

+1, They will go the way of Pharoah. For now, I'm playing the game by the rules set before me.

Wed, 11/27/2013 - 17:31 | 4194932 sudzee

And remember to never toss out your hard drive:
http://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-lan...

Wed, 11/27/2013 - 17:48 | 4194988 max2205

No earnings AMZN is gunning for $400

Thu, 11/28/2013 - 01:16 | 4196133 thisandthat

Comment: Can't they use a Bitcoin metal detector? :)

Wed, 11/27/2013 - 17:51 | 4194991 joego1

How many people are going to hang on to their bitcoins when the panic starts up?

Wed, 11/27/2013 - 17:56 | 4195010 fonestar

When the panic starts, Bitcoin will be exploding in Asia and Europe! Yay for me!

Wed, 11/27/2013 - 18:22 | 4195065 Prisoners_dilemna

Also when we fly to Asia...

we wont need to stuff any monies up our butts to take it with us.

Yay! lol

I couldn't sleep on a plane carrying any other monies. Too uncomfortable and turbulance is particularly brutal.

I carry a brain wallet, but one with a randomly generated seed.

Yay! Electrum deterministic seed wallet! So comfy.

http://electrum.org/

Wed, 11/27/2013 - 18:30 | 4195106 dark pools of soros

many have already cashed tons of profits... hedged like anything else.

Wed, 11/27/2013 - 19:21 | 4195231 TheHound73

Well, I have bid orders in all the way to the depths of hell. It would be nice if at least a couple of them get hit but I'm starting to suspect they never will. That brief slam to $925 just now almost touched my highest bid, but not quite.

Wed, 11/27/2013 - 17:12 | 4194858 Dear Infinity

Can't wait for Ben to lose control of the 10 year.

Wed, 11/27/2013 - 17:23 | 4194904 tawse57

Does losing control of the 10 year meaning interest rates shooting up which means that the price of gold and silver would plunge along with the DOW and NASDAQ?

Just asking.

Wed, 11/27/2013 - 17:38 | 4194951 Dear Infinity

Well, if the prices haven't gone up in 0% interest rate environments, maybe a 10% 10 year is exactly what the doctor ordered?

Wed, 11/27/2013 - 17:50 | 4194990 tawse57

Or perhaps rising interest rates will simply crash gold and silver along with the DOW and all the other world stockmarkets?

Wed, 11/27/2013 - 21:05 | 4195549 caShOnlY

Does losing control of the 10 year meaning interest rates shooting up which means that the price of gold and silver would plunge along with the DOW and NASDAQ?

Absolutely the opposite, gold and silver will surge!! As the 10 year rises the FED will create more and more FIAT to combat the damage.

Wed, 11/27/2013 - 17:10 | 4194860 VD

can't wait for this next crash.

Wed, 11/27/2013 - 17:20 | 4194891 Mike in GA

I understand that our 85B/month and every other CB's printing exertions drive the stock indexes up but what I don't understand is why gold and silver don't explode upwards in response to all the printing.

This is a rhetorical puzzle and very frustrating.

Wed, 11/27/2013 - 17:22 | 4194901 Tyler Durden

Just a few answers:

What A Confidential 1974 Memo To Paul Volcker Reveals About America's True Views On Gold, Reserve Currency And "PetroGold"

Declassified State Dept Data Highlights Global High-Level Arrangement To "Remain Masters Of Gold" By "The Reshuffle Club"

How Gold Price Is Manipulated During The "London Fix"

Wed, 11/27/2013 - 17:27 | 4194917 Stackers

Ding Ding Ding - The central banks learned that lesson in 1980. Must control gold to control faith in fiat. With a 100-1 paper to physical leveraged Comex and a check book with unlimited funds, its easy

Wed, 11/27/2013 - 18:26 | 4195093 layman_please

and in 201x they will learn the lesson to control bitcoin or whatever is competing.

Wed, 11/27/2013 - 18:33 | 4195110 dark pools of soros

and those that got in early made a killing... why ZH readers fighting bitcoin before the feds do is laughable.. such little nannies aren't they?

Wed, 11/27/2013 - 19:04 | 4195179 Quinvarius

I don't have a problem with bitcoin. I love how the bankers screwed up and lost control by squeezing too hard. Their stupidity forced another financial system to replace them. And when bitcoin holders all have the purchasing power of billionaires, we will see how well the Fed plays a gold game they have no control of with paper no one wants. I mean seriously. It is pretty arrogant of the Fed to think they will remain in control of anything when they have lost everyone's confidence. I love how an entire financial system is replacing them because they won't let the current one work freely. The Fed built the equivalent of the Homer Simpson designed car. I prefer gold and silver by far, but i'd love to see bitcoin at 1 billion dollars, just before gold goes to 20k.

Wed, 11/27/2013 - 19:44 | 4195248 Prisoners_dilemna

You have a major bitcoin problem.

YOU DONT HAVE ANY! What are you gonna say to your kids when 1 bitcoin is a million bucks and gold is 1/350th to 1/700th of that. if you didn't know... unit per unit theres hundreds of ounces of gold for each bitcoin.

"Yup grandpas balls were bout the size of cranberries... red too. Just couldn't bring myself to say ya know what... maybe them libertarian geeks knew someting... well shit I guess they did look how history played out.... ah well get back to work kids"

Wed, 11/27/2013 - 21:10 | 4195562 dark pools of soros

look, no one ever said GOLD is worthless and not everything that it should be... but it wasn't doing dick against TPTB and not even educating the masses about how shitty fiat is (since they made sure gold never got out of control)

Now with bitcoin all over the world, the animals have ran out of the Fed Barn and it will take them some time to ever put them all back in right? This is the magic of bitcoin more than anything.. it is bringing the discussion to way more people than gold ever did

I will always keep a little pile of PMs around but I was happy that I sold most of my stacks near the highs

Wed, 11/27/2013 - 20:30 | 4195416 Bizaro World

They have already figured out how to control bitcoin.

Wed, 11/27/2013 - 17:30 | 4194922 Rainman

Just a short answer : It's rigged.

+1 bonus chart

Wed, 11/27/2013 - 17:41 | 4194955 TheRideNeverEnds

Gold is fixed and has been since it was clear that the US was insolvent, so the late 60s. Then we defaulted on our debt and have been in default ever since. The US is a failed state but so are many others and if we all ignore it (Reality is what you make it.) maybe it will go away or at least prolong the ponzi till we are dead then it is someone else s problem.....

http://www.lbma.org.uk/pages/index.cfm?page_id=53&title=gold_fixings

Wed, 11/27/2013 - 18:50 | 4195152 MeelionDollerBogus

it will. s&p500 was shoved down in 2009 for their massive entry as sheep sold or hedge funds did it for the retirement funds that got bilked. Now it's gold's turn just like last time from below 1000 to 1900. Shove down, trick, buy, tease people to go short, stop them out, tease longs stop them out, finally push above a decent 2k to 3500, tease, sell in secret while creating fear, then slam-dump down to 2500 and say "the gold bubble has burst!" it's OVER forever!!!

and repeat.

Wed, 11/27/2013 - 17:21 | 4194893 22winmag

We're sailing in uncharted waters in a storm... and about to hit an epic reef.

Wed, 11/27/2013 - 18:28 | 4195097 viahj

I'm reverting my thinking to go back to being a flat-earther. we're about to go over the edge into the abyss of the unkown, all of us (fiat economies).

Wed, 11/27/2013 - 17:23 | 4194906 I am Jobe

Now if they can print turkeys and send em to all Amerikans problem solved.

Waiting for the WMT Towel sale - Game on

Wed, 11/27/2013 - 17:32 | 4194938 BadKiTTy

I have to say my nuts are shrivelling along with the price of gold. I am not leveraged so I deal with the pain by distracting myself.......... squirrel!

Wed, 11/27/2013 - 17:37 | 4194946 Trimmed Hedge

Bitcoin is so yesterday..

Bigcoins™ is where it's happening!

Wed, 11/27/2013 - 17:39 | 4194953 Gringo Viejo

Gotta pocket full of US Shitcoins.

Wed, 11/27/2013 - 18:31 | 4195107 fonestar

Aren't they LBJ sandwiches?

Wed, 11/27/2013 - 17:37 | 4194947 Gringo Viejo

"It's All Good!" NOT!

Wed, 11/27/2013 - 17:58 | 4195017 Hellomoto

Bitcoin Trading - Easy to Pump and Dump

You can divide up your Bitcoins into a 1000 pieces and put in a pile of Buy/Sell orders ( BTC-E). It's looks like there is a ton of volume when it's just one dude with one coin and a calculator. Like trading gold by the milli-ounce or the dollar by the 1/4 penny. Someone's going to want to cash in soon ( The Twins, miners??)..........correction overdue

Wed, 11/27/2013 - 18:06 | 4195040 Hellomoto

Check out all the Crypto's ( 34) waiting in the wings

http://coinmarketcap.com/

Wed, 11/27/2013 - 18:07 | 4195045 NOTaREALmerican

I only care about what Alan Greenspan thinks about bitcoins.

Wed, 11/27/2013 - 18:11 | 4195054 Prisoners_dilemna

The title says bitcoin yet I dont see mention of it or a chart in the article? Did I miss something?!?!

Wed, 11/27/2013 - 18:21 | 4195078 NOTaREALmerican

Re: says bitcoin yet I dont see mention of it or a chart in the article

Bitcoins are virtual, so you really can't see them in the charts.

Wed, 11/27/2013 - 18:56 | 4195163 toros

March 27 2013, the S&P had a market cap of ~13T. Today it's about ~16T. The FED printed $85B/mo. or $680B. How do you raise the S&P market cap. $3T with $680B?

A 1% increase from here is $160B increase in market cap. of the S&P. ???

How is this possible?

Wed, 11/27/2013 - 20:44 | 4195469 new game

pe multiple expansion and money from sideline give you these valuations....

Wed, 11/27/2013 - 19:40 | 4195259 Prisoners_dilemna

If 150,000 people currently use bitcoin and the whole world population will eventually use bitcoin, than I think bitcoin will be record-er.

Wed, 11/27/2013 - 20:55 | 4195517 Not Goldman Sachs

You can keep your Bits if you like your Bits. Put em all in your majinary Bitpurse. Just guard it from the algos like a little ol lady with her REAL purse.

Wed, 11/27/2013 - 23:06 | 4195853 q99x2

Hey, don't forget me. I've been practicing my Thanksgiving ahead of time due to BitCoin.

I gave up on asking Yellen to up my FASFA now that BitCoin has risen so much. In fact why go to school and write all those fucking papers, take all those tests? I've got BitCoin so there is no need to work except for enjoyment at promoting open source projects.

The faster we get rid of the oligarchs the safer everyone will be. Impeach Obama. Arrest Bernanke, Blankfein, Dimon and Yellen.

Long live the revolution

Holy shit: BitCoin over a thousand freakin dollars!

Record Dow, Nasdaq, S&P, Russell, Bitcoin And US Debt

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