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The Straight And Narrow

Tyler Durden's picture




 

It seems not only is the "market" adhering to the lower-left-to-upper-right mentality of newsletter-writers a little too literally but it it would appear we have found the limit of Birinyi's ruler... Behold the Dow Jones Industrial Average on the straight-and-narrow. Because, when there's no dip to buy, you BTFATH...

 

 

Chart: Bloomberg

 

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Thu, 12/26/2013 - 16:39 | 4277525 HedgeAccordingly
HedgeAccordingly's picture

Just close your eyes and buy.. this market is a gift if on the right side.... All money is green right? http://hedge.ly/1aWnWdO 

Thu, 12/26/2013 - 17:01 | 4277581 Chris Jusset
Chris Jusset's picture

This chart is labeled "The Dow."  Tyler should next show an identical chart and label it "The Bubble."

Thu, 12/26/2013 - 17:19 | 4277637 negative rates
negative rates's picture

New phrase, this one's getting old, Now it's,    Buy Tomorrows All Time High,    or BTATH

Thu, 12/26/2013 - 17:44 | 4277696 MichiganMilitiaMan
MichiganMilitiaMan's picture

Or-

Buy The F*&%ing All Time Leveraged Highs!  BTFATLH.

Thu, 12/26/2013 - 18:11 | 4277785 wee-weed up
wee-weed up's picture

 

 

What do you mean?...

Trees don't grow up to the sky???

Oh, noes!

Thu, 12/26/2013 - 16:42 | 4277531 Dr. Engali
Dr. Engali's picture

Just watch out for that first step down when this thing vaporizes overnight, because it's a doozy.

Thu, 12/26/2013 - 16:48 | 4277544 disabledvet
disabledvet's picture

from "What's up Doc?" to "what's down." Now it's "Dow Theory" as the prop. Next up "acting classes" and "Pretending."

Thu, 12/26/2013 - 16:47 | 4277548 El Vaquero
El Vaquero's picture

Yeah, but how big of a step down will it take before we can say "Margin call, BITCHES!" in earnest? 

Thu, 12/26/2013 - 17:10 | 4277616 DaddyO
DaddyO's picture

It still has a ways to run, just stand by...Yellin will print to the moon!

Almost makes me want to open an account and run baby, run.

But you're right, when the worm turns it will be swift and horrific.

No sanctuary from the storm, hedge accordingly.

DaddyO

Thu, 12/26/2013 - 17:16 | 4277625 El Vaquero
El Vaquero's picture

I wouldn't touch the market with a 10' poll.  That's my hedge.  I figure that since I'm not an insider, I'd eventually wind up with some banker cock inside me.  No thanks!

Thu, 12/26/2013 - 18:22 | 4277803 DaddyO
DaddyO's picture

That happened to me in the early 2000's, I was comfortable trading things I knew like OJ, Oil and buying and fixing up older homes, something I had been doing for years.

I got cocky and started venturing into corn and beans and got my head handed to me. Tightened up my trading to recoup some of the losses and when I got back to even, closed all my accounts and started investing in my local market. Been doing ok ever since.

The markets are a fool's game today and I've discovered I'm no fool!

DaddyO

Thu, 12/26/2013 - 16:46 | 4277536 Conman
Conman's picture

OMG its a bubble. Remember the tulips and stuff? Oh wait this isnt a bitcoin thread? Woops.

Thu, 12/26/2013 - 16:46 | 4277546 locklimit
locklimit's picture

Visa, the biggest component of the Dow, symbolizes everything that is wrong with this market.  An overpriced stock based on any P/E rational, complete destruction of cash on its balance sheets after buying back its own shares at all time high prices, Execs who have HUGE incentive payouts (which dilutes current shareholder value when issued), and a growth concept that cant possibly hold the test of time even if every person on earth uses nothing but credit cards.  Oh and did I mention that they are nothing more than a middle man, hated by corporations and individuals alike?

Thu, 12/26/2013 - 16:49 | 4277556 nickels
nickels's picture

Somebody tap on that TNX gauge-it looks like it's reading "3"

Thu, 12/26/2013 - 17:06 | 4277601 NOTfromSanFrancisco
NOTfromSanFrancisco's picture

 

 

 

That TNX level was enough to convince me to move to safety today. If I was wrong, then I may change my mind after the first of the year... Maybe...

Thu, 12/26/2013 - 16:51 | 4277563 Clowns on Acid
Clowns on Acid's picture

What would Descartes do ?

I think the Fed is long equities.... therefore I am long equities....

Thu, 12/26/2013 - 16:53 | 4277569 fooshorter
fooshorter's picture

Work of art. 

 

 

Thu, 12/26/2013 - 17:07 | 4277603 Black Forest
Black Forest's picture

That ugly scatter offends my eye. Couldn't the FED intensifiy their valuable work and keep the index on the nice green line?

Thu, 12/26/2013 - 17:00 | 4277580 Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

A volume graph underneath it would be nice.

Thu, 12/26/2013 - 17:02 | 4277594 Skateboarder
Skateboarder's picture

It's there alright; you just can't see it with the naked eye cuz it's all HFT.

Thu, 12/26/2013 - 17:05 | 4277602 Dig Deeper1
Dig Deeper1's picture

Just take a sec to walk around and view the same chart from behind.  It illustrates volume perfectly.

Thu, 12/26/2013 - 17:02 | 4277596 Oldwood
Oldwood's picture

OK. For everyone out there just waiting to see this shit come crashing down, I have a proposal. I will buy back in and I guarantee I will crash it. All I need is some of you to back my losses. $100k. Come. I can do this. Remember silver? I bought at $37. My first time. Just a week before it started it precipitous fall. Where are we today, $19+? I have never, in twenty years of bashful investing, ever bought in at anything but the very fucking top. I got out at 10,000 approximately and it almost immediately took off, and its 16,3?? today. I can do this, but I just can't afford to do it alone. Lets do it together.

Thu, 12/26/2013 - 17:45 | 4277705 NOTfromSanFrancisco
NOTfromSanFrancisco's picture

 

 

 

+1...

You crack me up!...

Thu, 12/26/2013 - 21:07 | 4278121 Oldwood
Oldwood's picture

The really sad and fucked up thing is that I don't think I'm ever getting back in, so that means the stock market may never "correct". "To the Moon Alice!"

Thu, 12/26/2013 - 20:42 | 4278071 spinone
spinone's picture

So you instinctively pick tops.  When you feel like buying in, short.

Thu, 12/26/2013 - 17:11 | 4277614 q99x2
q99x2's picture

GDP = The FED's computer that runs the algo.

Arrest Janet Yellen for not curbing her St. Bernanke.

Thu, 12/26/2013 - 17:12 | 4277624 new game
new game's picture

folks; i just cant do it -btfath, i'm sorry but i CAN'T doit..

my sincerist apology!

Thu, 12/26/2013 - 17:18 | 4277628 orangegeek
orangegeek's picture

Dow Jones daily from the 23rd

http://bullandbearmash.com/chart/dow-jones-daily-day-time-high/

Volume was in the tank on the 23rd.

Today was worse.

Could see a reversal tomorrow.

Thu, 12/26/2013 - 17:45 | 4277708 Surging Chaos
Surging Chaos's picture

10 year closed at 3%.

It feels like the big bad meltdown of interest rate swaps is just around the corner.

Thu, 12/26/2013 - 18:04 | 4277765 El Vaquero
El Vaquero's picture

Unless crashing stocks makes investors flee to "safety." 

Thu, 12/26/2013 - 22:35 | 4278297 Ned Zeppelin
Ned Zeppelin's picture

Fed will halt anything that harms the TBTFs. Us, not so lucky.

Thu, 12/26/2013 - 22:37 | 4278294 Ned Zeppelin
Ned Zeppelin's picture

This brand of Madness made its first very public appearance in 2008 and it has overstayed its welcome. As an unwelcome guest, it stays until it is thrown out the door to the street.

Do NOT follow this link or you will be banned from the site!