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Late-Day Dump Not Enough To Spoil S&P 500's Best Run Since Jan 2004; Up 8 Weeks-In-A-Row

Tyler Durden's picture





 

Despite a significant tumble into the close ($3.25bn notional sold in last 4 seconds of S&P futures); for the first time since January 2004, the S&P 500 has risen for eight straight weeks. Trannies are still leading off the debt-ceiling-debacle lows up 13.3% but this week saw the NASDAQ accelerating to 11.3% gains off those lows. Despite being pounded by GBP buyers, the USD (rescued by JPY weakness) ended the week unchanged and Treasury yields are +/-2bps on the week (30Y -1.5bps, 5Y +2bps). Despite some early week weakness, today saw commodities rising (with WTI crude jumping higher - modestly narrowing the 8-month wides in the Brent-WTI spread at $17.60). Gold and silver recovered to gains on the week keeping pace with the S&P and Dow. VIX (once again) entirely disengaged from stocks' exuberance and so did credit markets.

 

Ugly end to the week...

 

and month-end volume was huge in S&P futures...

 

8 green weeks in a row for the S&P...

 

NASDAQ is catching up to Trannies off the lows...

 

Commodites rose on the day with gold and silver closing the week up around 1%...and WTI recovering some early losses...

 

But the Brent-WTI spread has pushed to 8-month highs, but the  last 2 days saw WTI outperforming to modestly close the gap...

 

Credit markets didnt buy it...

 

And nor is VIX for now (as it seems while selling is frowned upon - hedging is not)...

 

It wasn't just stocks that were a mess at the close... Treasury (cash and futures disconncted quite notably)...

 

Charts: Bloomberg

 


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Fri, 11/29/2013 - 14:23 | Link to Comment Cursive
Cursive's picture

Paper is bid (until is isn't) and the industrial/real world continues to rot with no investment (capex) and mountains of debt.  Central planning fantasy turned dystopia.

Fri, 11/29/2013 - 14:23 | Link to Comment NOTaREALmerican
NOTaREALmerican's picture

The top 10% are doing pretty good over the last 5 or so years.   Stocks go up when potential buyers are happy and optimistic.

Fri, 11/29/2013 - 14:27 | Link to Comment q99x2
q99x2's picture

It can't be Christmas because the Crypto-currencies aren't in the charts. Got your trannies but no BitCoin. If that don't beat all hell.

Fri, 11/29/2013 - 14:44 | Link to Comment disabledvet
disabledvet's picture

exactly. now that we have our "new money" all movement must be priced in bitcoins. and I'm deadly serious when I say that.

Fri, 11/29/2013 - 17:34 | Link to Comment itchy166
itchy166's picture

Priced in Bitcoin, the S&P 500 fell into a black hole. 

Fri, 11/29/2013 - 14:45 | Link to Comment 999.9
999.9's picture

Best run since 2004.
I hope it doesn't mean that the top is 3 years and 400 points ahead...

Fri, 11/29/2013 - 15:11 | Link to Comment thismarketisrigged
thismarketisrigged's picture

i really hope when its all set and done, all the rich people who are profiting off this fucking bullshit ponzi scheme at the expense of the middle and lower class fucking suffer a lot.

 

obviously that prob wont happen unfortunately, but how great would it be if they did?

 

i fucking hate those ppl, its one thing to make money honestly and be succesfull, deff respect that and wish those ppl well, but all the rich ppl making money in this ponzi scheme and getting richer off it, let them go fuck themselves.

Fri, 11/29/2013 - 15:24 | Link to Comment NOTaREALmerican
NOTaREALmerican's picture

Re:  obviously that prob wont happen unfortunately

It won't.   This is nothing but the implimentation of a two tier society.   Those with "the loot" are having the "value of their loot" protected.    Those with "the loot" spent the last 60+ years creating a system to move loot upwards via government and corporations.  Now, "the loot" is being converted to assets leaving the trash-class as perpetual debt-serfs.

The trash-class still think they have "democracy" tho, so they'll be happy fighting about RomneyCare or the "fornicating harlots" with each "election".

Fri, 11/29/2013 - 15:12 | Link to Comment HUGE_Gamma
HUGE_Gamma's picture

What about a BONUS CHART!?!

Fri, 11/29/2013 - 16:35 | Link to Comment Doubleth1nker
Doubleth1nker's picture

I was just thinking, if I was a bankster, you know, one of da boyz - and I was looking to screw retail out of their money, I would tell them there's no Taper until March when actually its going to be in December.  And then I would put a significant market top right around Thanksgiving, cuz you know, its all manipulated and the goal is to top the market when the mark isn't around to sell into it.  Then I would pyramid shorts and smash the market down into the FOMC all throughout the holiday shopping period when retail is at the mall buying i-junk or flying off to see relatives and too busy to look at their stock portfolio.

 

Just sayin'...

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