• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Yen Pushes Market Back To Unchanged On The Year (As US Macro Collapses To 6-Month Lows)

Tyler Durden's picture


"Victory" This morning's USDJPY 102 stick-save was just the momentum ignition required to send the Russell 2000 and S&P 500 to critical 'unchanged' levels... "Mission Accomplished"... The Dow and Trannies remain down over 2% as the Nasdaq leads the way up 2.4% on the year. It would seem that despite 'economists' proclamations that the terrible maco data is 'weather' driven (and this transitory), they are also seeing it as bad news... which is - in our new normal - great news for liquidity-fueled bubbles (which the Fed will remind us later in the Minutes do not exist). US Macro data has plunged to six-month lows.

USDJPY started the ball rolling...


The S&P and Russell 2000 have reached all the way back to Unch year-to-date


US Macro data has collapsed to its worst in 6 months...

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Wed, 02/19/2014 - 11:36 | 4452564 Flakmeister
Flakmeister's picture

Chewing gum and sealing wax manifested as policy...

Wed, 02/19/2014 - 11:50 | 4452618 slaughterer
slaughterer's picture

Nice to see NG and WTI at economy-killing levels at least. 

Wed, 02/19/2014 - 11:59 | 4452643 Flakmeister
Flakmeister's picture

You ain't seen nuthing...

Came across this, top shelf presentation on the current situation:


There is also a link to the slides.

The window that currently exists between the cost of a new marginal barrel and what the economy can support is shrinking. The last few slides showing the dismal state of the majors is a screaming tell...

Wed, 02/19/2014 - 12:25 | 4452798 GooseShtepping Moron
GooseShtepping Moron's picture

I was about to write something in a similar vein. WTI is up another half dollar to 103.00 as I speak. This is really double plus ungood, but the markets don't seem to give a rat's rear.

Wed, 02/19/2014 - 13:26 | 4453115 Flakmeister
Flakmeister's picture

The Brent-WTI spread hasn't budged much, signifying to me this move is global in nature...

The fact that Bakken production just crapped the couch ain't helping matters either...

Wed, 02/19/2014 - 11:38 | 4452570 Stoploss
Stoploss's picture

Don't forget duct tape.


Without the FX correlations, they don't have a market.

Wed, 02/19/2014 - 13:27 | 4453118 Flakmeister
Flakmeister's picture

Yeah, you gotta know what donkey to pin the tail on....

Wed, 02/19/2014 - 11:38 | 4452573 Yen Cross
Yen Cross's picture


These markets are "Shadow Puppet Theatre", on double full retard!

Wed, 02/19/2014 - 11:39 | 4452578 HpDeskjet
HpDeskjet's picture

Red by the close. Minutes will show taper will continue as planned.

Wed, 02/19/2014 - 11:46 | 4452604 wallstreetapost...
wallstreetaposteriori's picture

C'mon.. the market is expecting increased purchases...  everyone is smoking crack now... 

Wed, 02/19/2014 - 11:46 | 4452605 wallstreetapost...
wallstreetaposteriori's picture

C'mon.. the market is expecting increased purchases...  everyone is smoking crack now... 

Wed, 02/19/2014 - 11:39 | 4452580 Kaiser Sousa
Kaiser Sousa's picture

and look at how the only 2 forms of real money just stand still....

i mean look at the last 3 days of trading...

shit is a joke...


Wed, 02/19/2014 - 11:49 | 4452614 fonzannoon
fonzannoon's picture

Gold went from goldilocks (market down, gold up, market up, gold up) in January to being in lock step with the market (market rebounded, gold still went up) until these last few days. I wonder if they are in the process of breaking those correlations and moving towards market up, gold flat/down. It will be interesting to see if it's that or gold is just taking a breather before continuing it's upward trajectory.

 - msm disinfo shill evil mastermind

Wed, 02/19/2014 - 11:57 | 4452638 Dr. Engali
Dr. Engali's picture

I care not where gold goes, other than the fact that this month's purchase was at elevated prices ( pisses me off). The only thing that matters to me is that I don't want to be on the hook for a sandwich.

Wed, 02/19/2014 - 12:03 | 4452656 fonzannoon
fonzannoon's picture

If I say anything I will mush it. I have no doubt about that.

Wed, 02/19/2014 - 12:02 | 4452651 Everybodys All ...
Everybodys All American's picture

Looks to me like all commodities are trading higher (oil especially catching my attention) with a further Yellen QE stimulus hope. Yellen at the wheel of this train sure makes me jittery. I can't see going long or short anything right now.

Wed, 02/19/2014 - 11:43 | 4452593 Dr. Engali
Dr. Engali's picture

Thank goodness. I was ascared that we might see the stawk market go down and that's bad..... so they tell me.

Wed, 02/19/2014 - 11:49 | 4452612 derek_vineyard
derek_vineyard's picture

ez money. join the party. 10+x leverage = lamborgini

Wed, 02/19/2014 - 11:55 | 4452633 Ulterior
Ulterior's picture

gold is down, fishy...

Wed, 02/19/2014 - 12:09 | 4452685 thismarketisrigged
thismarketisrigged's picture

this is totally unacceptable. 

how is goog red, it must turn green, because the rules r fb, goog, and spy must all be green all day in this market.


dont let me down, those r the bellweathers of the economy

Wed, 02/19/2014 - 12:09 | 4452687 Yen Cross
Yen Cross's picture

  I see where this is going now. The Fed. minutes say nothing about un-tapering and everyone piles into the usd, which in turn causes usd/jpy to spike up.

  This in turn causes the algos to go batshit crazy trying to figure out if they should be buying (risk on) equities, or (risk off ) selling equities after said spike in usd/jpy and jump in t-10 yields.

Wed, 02/19/2014 - 12:13 | 4452705 ptoemmes
ptoemmes's picture

Just think if it sub zeroed and snowed/sleeted/iced every day of the year.

Wed, 02/19/2014 - 12:16 | 4452717 RMolineaux
RMolineaux's picture

Charts lacking legends.

Wed, 02/19/2014 - 12:17 | 4452719 skwid vacuous
skwid vacuous's picture

nasdaq has definitely gone full retard, but then again i thought the same around 3850

Wed, 02/19/2014 - 15:05 | 4453576 gdpetti
gdpetti's picture

In one word: Deathspiral.

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