For The First Time Since QE, BTFD Fails For The S&P

Tyler Durden's picture


Last week BTFD failed for the Nasdaq and that class of talking-heads that we like to call asset-gatherers promulgated that there was no need to worry... this is a small segment of the market dragging down a high-beta index, rotate to bigger caps. The S&P has not failed the BTFD brigade since QE4EVA began... until today. For the first time, the S&P 500 cash index was unable to make a new high after bouncing off the 50DMA (in fact making a new cycle low)... now what?

click image for huge legible version


Remember, "you buy the fucking dip... because if you don't, you're a fucking idiot"



Unless it's different this time...

"I think it's very likely that we're seeing, in the next 12 months, an '87-type of crash," warns a somewhat excited sounding Marc Faber, adding that he thinks "it will be worse."

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Thu, 04/10/2014 - 19:33 | 4645552 ZeroChance
ZeroChance's picture

What could go wrong?  ;-)

Thu, 04/10/2014 - 19:48 | 4645610 just-my-opinion
just-my-opinion's picture

Thanks for the wink...I was about to say...everything

Oh...Did I say that outloud

Thu, 04/10/2014 - 20:35 | 4645741 aVileRat
aVileRat's picture

A talking head on bloomberg (before Charlie Rose) just said he is telling clients with large biotech positions who may be at margin risk to make risk free money via buying the stock market today/tomorrow at the top and then sell puts just out of the money. My token old guy promptly spit out his coffee and proceeded to explain to our pit monkeys that this 'quick trade' was what led to the 1987 blowout when books gapped to cover.

We've now gone full retard. Someone get Leo to start slamming a microphone against his head on CNBC, nothing's left to see folks.



Fri, 04/11/2014 - 08:50 | 4646913 icanhasbailout
icanhasbailout's picture

Bear is fine.

Thu, 04/10/2014 - 19:35 | 4645554 db51
db51's picture

Friday will be a Banner Day Moon Shoot for Stocks.    All they have to to is load their computers tonight with the necessary orders.   5 4-3-2-1 BLAST OFF! 

Thu, 04/10/2014 - 19:42 | 4645587 MrTouchdown
MrTouchdown's picture

Hello Major Tom Blankfein.

Thu, 04/10/2014 - 20:15 | 4645700 just-my-opinion
just-my-opinion's picture

OK...BTFD...But what about Monday

Look at the China Data...that was our last chance and the don't even know the fall of an empire (maybe they forgot)

Thu, 04/10/2014 - 19:36 | 4645563 shermacman
shermacman's picture

Even the vultures at GS are going to buy in tomorrow. There are more muppets to slaughter!

Thu, 04/10/2014 - 19:38 | 4645568 dirtyfiles
dirtyfiles's picture

but Goldman says the 10% correction for nice guys is next year WTF?

Thu, 04/10/2014 - 19:41 | 4645578 CrashisOptimistic
CrashisOptimistic's picture



Nothing clickable there, and misspelled loan, and URL shortened. 


Thu, 04/10/2014 - 19:38 | 4645570 Silver Garbage Man
Silver Garbage Man's picture

Last call for cheap metal.

Thu, 04/10/2014 - 19:39 | 4645571 JenkinsLane
JenkinsLane's picture

"The day the music died...."


Thu, 04/10/2014 - 19:40 | 4645576 FieldingMellish
FieldingMellish's picture

Very nice to see PMs hold their own today. Maybe not so much are being held in margin like 2008.

Thu, 04/10/2014 - 19:42 | 4645581 fattail
fattail's picture

Technicals only matter in a free and open unmanipulated market.  Let me know when that happens and I will care.   I expect A Fed sponsered correction .  just to give this joke of a market some credibility.   They want 10 or 15% they will get 30% and will lose their nerve and bail the bastards out again.

Thu, 04/10/2014 - 19:43 | 4645591 dirtyfiles
dirtyfiles's picture

we talking petrodollar in danger the market is secondary to that

the whole corrupted system is under the blanket now

Thu, 04/10/2014 - 19:41 | 4645584 QE49er
QE49er's picture


"End the Fed" Rubber Stamp on Ebay:

Stamp every bill that comes your way until the sheep get it through their thick skulls.

Thu, 04/10/2014 - 19:41 | 4645586 disabledvet
disabledvet's picture

again...corrections are healthy.
for the record i remain long treasuries though, "pardon me for not pardoning me."

gold has clearly been spanking my butt YTD.
nuff said.

I also think President Putin really is a crazy former KGB Colonel.

If I were the spokesperson for "the West" I would say as my old boss used to say "stop the madness, dude. Stop the madness."

Thu, 04/10/2014 - 19:46 | 4645605 CrashisOptimistic
CrashisOptimistic's picture

That wasn't your boss.  That was your shrink.

Thu, 04/10/2014 - 19:53 | 4645626 just-my-opinion
just-my-opinion's picture

When your profits who's your boss 8^)

Thu, 04/10/2014 - 20:03 | 4645663 just-my-opinion
just-my-opinion's picture

Don't give up that gold brother...unless you buy food and water

Thu, 04/10/2014 - 19:43 | 4645592 The worst trader
The worst trader's picture

Yeller to the rescue! We will untaper the taper beginning now ! Or maybe a new war?

Thu, 04/10/2014 - 19:43 | 4645594 just-my-opinion
just-my-opinion's picture

Won't be the last time...I think It will be OK till Putin says F-this shit

I don't think he plays chess as well as some people think

Thu, 04/10/2014 - 19:50 | 4645614 NOTaREALmerican
NOTaREALmerican's picture

Assumed this was a "vote" post?

Thu, 04/10/2014 - 19:57 | 4645638 just-my-opinion
just-my-opinion's picture

You might be surprised who I vote for....I don't...They all suck

Thu, 04/10/2014 - 20:09 | 4645683 NOTaREALmerican
NOTaREALmerican's picture

I meant YOUR post was a: vote for the top-line OR the bottom line.  

Thu, 04/10/2014 - 19:59 | 4645647 just-my-opinion
just-my-opinion's picture

I know who I shoot first

Thu, 04/10/2014 - 19:46 | 4645600 ebworthen
ebworthen's picture

Janet, c'mon, zero QE and prime rate at 6%.

The recovery is here, do it, or are ya' chicken - or is there no "recovery"?

Thu, 04/10/2014 - 19:58 | 4645644 The man with po...
The man with pointy horns's picture

You know that would guarantee the S&P 500 goes to 2000 at least. And then there is a cataclysmic crash.

Thu, 04/10/2014 - 20:29 | 4645729 tip e. canoe
tip e. canoe's picture

666 * 3 = 1998

Thu, 04/10/2014 - 22:01 | 4645987 weburke
weburke's picture

using similar....we are good till sept/0ct 2015

Thu, 04/10/2014 - 19:48 | 4645609 NOTaREALmerican
NOTaREALmerican's picture

Compared to the other dips on this chart, this is barely note worthy.

I'm sticking with my long term outlook of increasing chances of bullshit overnight, with widely scattered bullshit by morning, leading to continued bullshit throughout the remander of the year which should increase the value of all bullshit based investments.  

Thu, 04/10/2014 - 20:08 | 4645679 just-my-opinion
just-my-opinion's picture

I can agree with that...+1 for you

Thu, 04/10/2014 - 19:51 | 4645620 Goldenballs
Goldenballs's picture

All the banks in the world get safety nets from the 1st floor upwards outside and nail guns are banned from the workplace.

Thu, 04/10/2014 - 19:52 | 4645625 New_Meat
New_Meat's picture

We really do need dem bearz to 'splain this again ;-) - Ned

Thu, 04/10/2014 - 19:54 | 4645629 q99x2
q99x2's picture

BTFK Buy the fuckin knife.

Thu, 04/10/2014 - 20:05 | 4645666 cmb
cmb's picture

we havent broke the 200ma...average down! QQQ calls Buy the fucking DIP!!

Thu, 04/10/2014 - 20:11 | 4645692 I_Am_
I_Am_'s picture

Is it that difficult to BTFD 87 style 2000 style 2009 style /s

Thu, 04/10/2014 - 20:13 | 4645695 dot_bust
dot_bust's picture

So, is the Fed engineering this stock decline to force traders to liquidate equities in favor of U.S. Treasuries? If so, is the recent Treasury sell-off from China the reason?

Thu, 04/10/2014 - 20:28 | 4645726 bdub2
bdub2's picture

See ya'll at 2250 in a few.

This Bull Will. NEVER. Die. Remember. Reason, ne', life itself no longer matters. The Only reality now, is The Up Market. Forever.  This Bull market is self-aware. It has absorbed Earth. All our bases are belong to it.  It is the Black Hole Bull Market. Not to mention the Bull Hole Black Market. Not even light or GARP can escape it. It's what has always been in Room 101. It is not alive nor dead, transending mere human comprehension as it is light years beyond the big bang, and infinitely faster, not traceable, yet measurable in itself.

It is the Grand  O     N      E.

It is all. It is all-knowing. And in the same breath. It is Nothing at all.





Thu, 04/10/2014 - 21:03 | 4645800 juggalo1
juggalo1's picture

I like how you posted a video from 3 years ago.  Let's see.  If I bought the SPY in Novermber 2010, and held till now with dividends reinvested, I would have made a 66& return.  I'm not saying it will still go up from here.  I'm just saying the video mocking that strategy appears slightly ludicrous in light of the succeeding 3 years.  Remember in trading: "early" is the same as "wrong".

Thu, 04/10/2014 - 23:16 | 4646216 Vice
Vice's picture

The charts looked better on top pf each other the last 10 times we showed this comparison, it just gets longer every time. 

Fri, 04/11/2014 - 00:07 | 4646321 polo007
polo007's picture

Federal Debt: Total Public Debt

2013 Q4 $17,351,970,000,000

Quarterly, End of Period, Not Seasonally Adjusted, GFDEBTN, Updated: 2014-03-25 8:21 AM CDT

Effective Federal Funds Rate

2014-03: 0.08 percent

Monthly, Not Seasonally Adjusted, FEDFUNDS, Updated: 2014-04-07 3:51 PM CDT

Fri, 04/11/2014 - 06:17 | 4646630 Sasquatch
Sasquatch's picture

BTFD didn't just need to turn your chart upside down...and pick your shorts...

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