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Stocks Close At Record High Following China, Japan, And US Data Misses
Japanese data (double) miss, check! Chinese data miss, check! US data miss, check! Investor trust in US equity at record lows, check! All-time record highs for US equities - you betcha! Stocks broadly pumped and dumped once again today but the start-of-the-month exuberance over April's seasonality was enough to leave gains that accelerated into the close as the long-bond sold off and short-end rallied (biggest 2-day steepening in 5 months). USDJPY was in charge for much of the day but when it went limp in the last hour, it was VIX-clubbing time (to 10-week lows ahead of the ECB and NFP?) Oil prices slumped intraday (back below $100) as gold slipped but copper and silver flatlined. Wondering what fueled today's panic buying spree? "Most shorted" stocks tripled the market's performance on the day...
As we noted in the last hour of trading:
Stocks will close at new all time high as programmed (on economic data misses) to restore confidence in a rigged market
— zerohedge (@zerohedge) April 1, 2014
Off last Thursday's open last week, it's all about high beta again bitches...
Biotechs pumped and dumped (and then rallied into the close)
USDJPY and stocks tracked well most of the day but the last couple of hours it went dead and so VIX was put in charge...
VIX was slammed (again) as the mad buying scramble fo stocks and selling panic for vol went on (which makes total sense ahead of ECB and NFP friday)...
Oil prices tumbled hard; gold slipped as copper and silver remained around unch...
As stocks and oil decoupled when Europe closed...
Treasuries saw more flattener unwinds with the long-end underperforming notably...
and the last 2 days have seen the biggest steepening in 5s30s in 5 months!!
Charts: Bloomberg
Bonus Chart: As @Not_Jim_Cramer warns... tick, tick, tick...
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Yellen needs to produce her own 30% return this year so that she can speak for $250,000 a pop when she retires.
Fuck Yellen
APRIL FOOLS, BITCHEZ!
No, Common Core mathematics was used here. The friendly answer is the correct answer.
Recession? Looky there, all time highs.
EEwww. You must be blind
No, thanks all the same.
did you expect any different...
the markel of the global financial world - USA, USA,USA!!!!
we all getting rich...
get rid of all your Gold and Silver...
we're number 1....
fucking joke......
, fishez! And think about selling some stocks...
STFATH!
Tyler has it exactly right. When the Lewis interview hit on Sunday night I turned to my wife and said we'll be at record highs by midweek. They beat me by a day. As many around here have said it's not about earnings, companies, multiples, economic reports, etc... it's all about keeping Dick and Jane sending their $1000 a month off the the 401(k). That's it, and the entire cartel will do ANYTHING to keep "confidence" alive
Which is why it WILL, ultimately, crash.
DavidC
yeah, but when? and what would actually cause it?
If I knew when I wouldn't have been losing money since 2009.
But with regard to what would actually cause it how about;
Record debt levels, higher than 2008.
Banks leveraged more than in 2008.
Labour participation rate at 40-50 year lows.
Student debt at record levels.
Fed 'assets' at over $4 trillion.
Pissing off the international community (Merkel particularly) with NSA snooping.
Continual wars.
Putting in $5bn to destabilise a democratically elected government in Ukraine.
Shall I carry on?
DavidC
I see two possibilities, food inflation/shortages or riots after a professional/college championship game.
Yup. Nobody cares about manipulation as long as it's working on their side.
$1000 a month? What are you? Some kind of evil rich person, oppressing the masses, to have that kinda scratch to put aside every month? ;)
After Lewis' book, it was assured. Algos hate being called out.
Just another day in La La Land...................
Surely she can get the Market Capitalization-to-GDP ratio higher than the Greenspan "bubble" heights in 2000... before it pops...
http://www.vectorgrader.com/indicators/market-cap-gdp
YellenFedFUBAR.
Or we'll get the mother of all shortsqueezes and the DOW will go to 25000 and the nasdaq to 5500
or we're near the 2000 bubbletop anyday now.
Don't forget the 2pm shitfest ramp.
Everyone is just front-running the obvious break out past 1900 on the NFP number because whatever it is will be bullish.
After over 30 years of trading commodities I will flat out state without any reservations that lies and manipulation run rampant. If you think anyone is looking out for the small independent trader you are wrong.
An unholy alliance of the Federal Reserve, the government, and the too big to fail has left the rest of us in a precarious position. For the big boys, its insider information and computer trading, this includes computing patterns that exploit where stops are placed, this improves their ability to wash shorts and the weak out of their positions.More of this subject below.
http://brucewilds.blogspot.com/2013/07/markets-more-lies-and-munipulatio...
The small independent trader ? well; they're looking out for him alright, in the same sense that a Tuna "looks out" for a Sardine.
Play along and make money, what else can u du?
Until you don't.
They're suckering as many into the market as possible and then only they know when to set their short positions, pull the QE rug out from under it, and make a killing.
Dont forget other notable manufacturing misses:
Germany: March 53.7, Feb 54.8
UK: March 55.3, Feb 56.2 (revised down)
Also, Deutsche Bank reports that the UKs forex reserves are lower than economic behemoths the Philippines, Denmark, Poland, Turkey and Mexico (Telegraph, London).
This has to be a sucker's market. There are no supporting fundamentals. But we keep sucking cuz there's nowhere else to feed.
The problem is the Fed is getting drunk on its own power while believing they can eliminate risk. The problem is that when people believe there is no risk, then you get bubbles because people don't think there are any consequences to buying overvalued assets. Eventually the bubble will become too large for the Fed to control and it will be a massive crash, just as the Fed has hypnotized everyone into believing there is no risk.
I can't comprehend how these people at the Fed can be this stupid. The Chinese are figuring out what happens when people feel they can invest with no risk.
Hey, Jump!