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Dow Jones Closes At Record High As Economy Grinds To A Halt

Tyler Durden's picture


The Russell 2000 tumbled to its worst month since May 2012. 30 Year bond yield had the 2nd best month in a year (with the entire bond complex lower and curve flatter for 5th month in a row). Gold rallied for the month as high-yield credit spreads widened for the 2nd month in a row. US economic growth collapsed. But what really matters... what is key for the headline-makers, story-tellers, and asset-gatherers... is that the Dow Jones Industrial touched new record highs. On the day, early equity weakness gave way to exuberant buying as the Fed admitted its forecast for Q1 was shit but everything it says about the future is spot on - stocks urged, the Dow hit new all-time-highs (and green for the year) but once that level was hit, stocks began to fade but were rescued by the always-happy-to-help 330 Ramp which closed us at record highs and green year-to-date. By the close, the day saw Stocks Up, Bonds Up, Gold Unch, USD Down


Quite a divergence today...

And on the day, Trannies spiked at the open as everything else dropped... the post Chicago PMI rip stalled as Europe closed, then the Fed provided absolutely fucking nothing to juystify stocks rallying...


As VIX was banged lower...


But Year-to-Date, Gold remains the winner...


Year-to-date, the Dow managed to close green YTD


April left the Russell the big loser - worst month since May 2012


Here's April for the S&P Sectors...


April was a very different month for credit markets with HY notably wider and not at all excitd about the most recent pop in stocks... this is absolutely not sustainable - you can't keep levering firms to do buybacks if the credit market for highly levered firms begins to get saturated and costs of capital surge... where have seen this before?


Treasuries were mixed with notable flattening across the complex in April...


The Treasury curve flattened for the 5th month in a row


Commodities were mixed on the month with gold closing in the green



Charts: Bloomberg

Bonus Chart: What was the market discounting a year ago?


Bonus Bonus Chart: Seems like Treasuries are on to something with the macro fundamentals... and stocks ramp on hope and dump on reality...


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Wed, 04/30/2014 - 16:05 | 4713510 Aknownymouse
Aknownymouse's picture

DOW all time high for CNBC 25 years anniversary.  UNRIGGED!

Wed, 04/30/2014 - 16:13 | 4713543 I am more equal...
I am more equal than others's picture




Remember this is an unrigged market. 

Orwellian - Pavlov training.  You will be made to believe this is not rigged.

Wed, 04/30/2014 - 16:23 | 4713576 Battleaxe
Battleaxe's picture

Oh, as long as the DOW is good then that's all anyone cares. I love seeing those GREEN numbers filling up my TV screen when watching my favorite show Closing Bell! It's all just fucking wonderful!

Wed, 04/30/2014 - 16:24 | 4713589 pods
pods's picture

Just think about how high the DOW will be when we start having negative GDP growth!


Wed, 04/30/2014 - 17:01 | 4713727 Sticky Wicket
Sticky Wicket's picture

You mean next month after this is revised down?

Wed, 04/30/2014 - 18:36 | 4714046 lotsoffun
lotsoffun's picture

for the hopiums, might imply double down printing, almost makes sense to me.

Wed, 04/30/2014 - 20:59 | 4714451 TBT or not TBT
TBT or not TBT's picture

Yep, the Fed will dutifully introduce NIRP to prevent stockholders seeing the canyon yawning below the feet of the real economy. For a little longer.

Wed, 04/30/2014 - 16:25 | 4713596 john39
john39's picture

all hail central planning...   well, at least on paper everything looks fantastic.  so what if you must suspend common sense, outlaw basic human behavior, cause starvation war and suffering...    on paper this is working.  until people have to burn the paper to keep warm anyway.

Wed, 04/30/2014 - 16:18 | 4713557 Aknownymouse
Aknownymouse's picture

You've gotta wonder.  With this CNBC25 celebration and the whole staff waving goodbye on the closing bell, could that be an ironic omen for what's to come starting May 1st in the market?  Is that the absolute top for the next few years?  Could we all be waving goodbye to CNBC soon?

Wed, 04/30/2014 - 16:43 | 4713667 GooseShtepping Moron
GooseShtepping Moron's picture

I was thinking the same thing. God does have a sense of humor. It smacks of that "permanently high plateau" talk we heard on another such occasion...

Wed, 04/30/2014 - 19:56 | 4714252 Mentaliusanything
Mentaliusanything's picture

Me thinks God does have a great sence of Humor... and it is end of month "must be green" day

I'm bored and thats never a good sign

Wed, 04/30/2014 - 16:58 | 4713719 furgheddubouddit
furgheddubouddit's picture

This market has reached it's peak.

The divergence from fundamentals is caused by one final Wall Street pump, designed to lure the last hapless buyers in, so the trading houses can offload their hideously overvalued stocks.

If you're stupid enough to buy in at these levels, you simply deserve to lose your money.

And if your fund manager was stupid enough to plow your retirement savings into the stockmarket at these levels - my condolences.....


Wed, 04/30/2014 - 17:23 | 4713820 Eyeroller
Eyeroller's picture

"Could we all be waving goodbye to CNBC soon?"

From your lips to God's ears...

Wed, 04/30/2014 - 16:20 | 4713568 Max Damage
Max Damage's picture

Spains GDP today 0.4% and they are totally fucked. The USA today was 0.1% and as we know completly false due to Obamacare and inflation lies. SO if Spain can do 0.4% then the USA must be really down the toilet. Perfect excuse for another braindead all time high in full retard stocks

Wed, 04/30/2014 - 22:57 | 4714763 disabledvet
disabledvet's picture

There is no contradiction between a very cold yet short winter and a production boom in North America...especially when it comes to food and energy.

From my trip cross country simply put "the grass is green, the nutrients were locked in the ground and there is no problem with industrial scale irrigation.

Obviously energy production continues to soar and sheer scale of the ability to ship goods through and out of North America at de minimus cost is simply beyond imagination.

So far we enough inflation to keep equities bid...but once equities correct then I think we'll see the simple contradiction of a "growth recession" laid bare.

I would not be surprised if this Adminstration pushes very aggressively "outwardly" on the "three fronts" of "Ukraine", "North Africa" and East Asia.

Interestingly the only one of the three that would be outwardly aggressive would be North Africa.

Israel of course makes that aggression inevitable.

Wed, 04/30/2014 - 16:24 | 4713594 machineh
machineh's picture

Dow Utilities hit a record high of 553.58 today, beating the old high of 550.06 set on 9 Jan 2008.

Perhaps bullish for bonds ... and indirectly for commodities, if real interest rates drift down.

CBNC (Creeps, Brokers, Nitwits and Clowns) is why I ditched my television. You watch, you lose!

Wed, 04/30/2014 - 16:25 | 4713595 machineh
machineh's picture


Wed, 04/30/2014 - 16:26 | 4713606 stocktivity
stocktivity's picture

It's All Bullshit!!!

Wed, 04/30/2014 - 16:47 | 4713687 davidalan1
davidalan1's picture

Jeffrey immelt was on this funny...Jobs Czar lmao...GE, cnbc, nbc, msnbc...dayaaaaam, The boy has some clout

Wed, 04/30/2014 - 21:57 | 4714618 Buck Johnson
Buck Johnson's picture

We are going to really feel this when the whole system collapse.


Wed, 04/30/2014 - 16:07 | 4713513 goldhedge
goldhedge's picture


Wed, 04/30/2014 - 16:27 | 4713586 Gringo Viejo
Gringo Viejo's picture


No you can't. Dollar down 30 basis DOWN. moronic, gaming turds. I buy ALL THE WAY DOWN.

Wed, 04/30/2014 - 19:23 | 4714171 cosmyccowboy
cosmyccowboy's picture

i logged in just to upvote the 'buy all the way down'

Wed, 04/30/2014 - 16:07 | 4713514 thethirdcoast
thethirdcoast's picture


Wed, 04/30/2014 - 16:26 | 4713603 Bunga Bunga
Bunga Bunga's picture


Wed, 04/30/2014 - 18:35 | 4714041 lotsoffun
lotsoffun's picture

the thirdcoast - yes. well lack of actually.

Wed, 04/30/2014 - 16:07 | 4713516 Grande Tetons
Grande Tetons's picture

Fun day! Excuse me...I need to go stick my face in a fan. 

Wed, 04/30/2014 - 16:07 | 4713517 Cursive
Cursive's picture

Josef Stalin would be jealous.

Wed, 04/30/2014 - 16:33 | 4713633 BrigstockBoy
BrigstockBoy's picture

So would Joseph Goebbels

Wed, 04/30/2014 - 19:48 | 4714230 Incubus
Incubus's picture

And so would Josef Fritzl

Wed, 04/30/2014 - 16:08 | 4713522 digitlman
digitlman's picture


Wed, 04/30/2014 - 16:08 | 4713523 jubber
jubber's picture

obviously the DAX futures  just leapt up to the HOD in sympathy, although the underlying market is obviously closed

Wed, 04/30/2014 - 16:09 | 4713528 gjp
gjp's picture

Market ain't discounting shit, except more handouts from Ben and Janet.  And taper or no taper, through Belgium, VIX slamming, or whatever, you can be sure the handouts are continuing.

Was that the lowest volume on an FOMC day ever?  The 2014 normal seems to be either collapse or a comatose drift upwards.

Wed, 04/30/2014 - 18:34 | 4714035 lotsoffun
lotsoffun's picture

especially as bank of america found only 4 billion of merrill lynch loses in the closest.

no taper wanted there.  4 billion was at one time, a lot of money.  but - memories are short and it's different this time.


Wed, 04/30/2014 - 16:09 | 4713529 Xibalba
Xibalba's picture

We should have winter every year!  Who knew it'd be so great for 'markets'

Wed, 04/30/2014 - 16:12 | 4713538 Hindenburg...Oh Man
Hindenburg...Oh Man's picture

Right, some kind of Game-of-Thrones-like endless winter would be endlessly bullish for the economy.

Crazy that we could print .1 percent annualized GDP number and close at record highs.

 It was almost as if all the traders were tuned to CNBC, jerking off and pressing the buy button as they watched the orgasmic 25-yr-anniversary closing bell.

Wed, 04/30/2014 - 16:10 | 4713530 maskone909
maskone909's picture

Silver getting absolutely clobbered

Wed, 04/30/2014 - 16:23 | 4713585 Conax
Conax's picture

Gold the biggest winner (they gots some gold)

Silver always the biggest loser.

The maniacal hammering of silver leads me to believe it truly will be their Achille's heel someday, and maybe soon.

Man they hate the shiny.

Silver, Bitchezz.

Wed, 04/30/2014 - 16:30 | 4713620 maskone909
maskone909's picture

Silver has amazing anti-bacterial properties that are not yet fuly understood. It can be incorporated into bandages, catheters, and surgical equipment. Imho al medical equipment should contain silver, and one day it very well could.

Wed, 04/30/2014 - 16:33 | 4713629 Conax
Conax's picture

I know.

You can even eat it.

Good for ya.

Wed, 04/30/2014 - 16:36 | 4713648 Peak Finance
Peak Finance's picture

Yea eat silver if you want to look like a fucking smurf


Wed, 04/30/2014 - 17:02 | 4713735 Conax
Conax's picture

Well you can eat it but pigging out is never a good idea.

You can eat some, though.

Wed, 04/30/2014 - 17:07 | 4713747 pods
pods's picture

I take it often. No blueman here.  

Seems moderation was missing in that guys vocabulary.

Don't generate your own, and if you do, drop a bit of salt in it. If you see precipitation, you made silver ions, which will drop out when it hits a Cl- in your body.

This guy was drinking copious amounts of silver ions that he generated.  No control on ion content or concentration.

Silver particles pass through your body rather quickly.


Wed, 04/30/2014 - 17:21 | 4713809 AvoidingTaxation
AvoidingTaxation's picture

How many people involved? Why he did this?

How about eating some KG of FRN's?

Wed, 04/30/2014 - 17:39 | 4713866 lakecity55
lakecity55's picture

The widder should be able to reclaim a couple o'pounds of Ag there.

"We formed him into an ingot, ma'am."

Wed, 04/30/2014 - 16:10 | 4713532 Lastline
Lastline's picture

CNBC celebrating like it's 1999.  They'll be eating dumpster shitburgers when the dust settles.

Wed, 04/30/2014 - 16:23 | 4713587 what's that smell
what's that smell's picture

i'd gladly pay you tomorrow for a dumpster shitburger today.

Wed, 04/30/2014 - 16:28 | 4713608 machineh
machineh's picture

... with Dec 2015 call options.

You can't lose!

Wed, 04/30/2014 - 17:35 | 4713855 lakecity55
lakecity55's picture

"Stay on your own side, there, buddy!"
"Say- you used to work for CNBC!"
"Well, just stay on your side of the dumpster."

Wed, 04/30/2014 - 16:24 | 4713593 Squid Viscous
Squid Viscous's picture

more Lies- Man!

Wed, 04/30/2014 - 18:31 | 4714026 lotsoffun
lotsoffun's picture

memories are too short for that.  the average american doesn't have much of an attention span, thanks to cnbc.  they've been taught (brain washed) into it.  whatever happens next, just respond to it.  there is no such thing as thinking ahead or planning for the future.  how many of these idiots can't walk down the street of nyc without having to instantly reply to any email or blog or post or phone call, until taking 10 seconds and crossing the street safely.

no my friend - that's our hope.  but there is no more humble pie.  when there is no shame, there is no pride.


Wed, 04/30/2014 - 16:12 | 4713541 NDXTrader
NDXTrader's picture

I wish people would stop perpetuating the idea that news, earnings, currency pairs or 100 other things affect this market at all. It's simple - large financial institutions have been given billions of dollars to play with risk free. They could lose all $55 billion this month and still get $45 billion next month. That money can then be levered to infinity. They are a criminal cartel that colludes to set stock prices each day at levels to maximize the extraction of wealth from Mom and Pop. Until they are no longer given risk free money this market will not go down other than to lure in shorts to add fuel to the fire

Wed, 04/30/2014 - 16:20 | 4713566 Rainman
Rainman's picture

bbut they keep telling us it's not rigged.

Wed, 04/30/2014 - 16:26 | 4713598 pods
pods's picture

Well I believed Moe Shapiro yesterday.


Wed, 04/30/2014 - 16:28 | 4713611 what's that smell
what's that smell's picture

spot on except the last sentence mentions something called a "short".

sooner find bigfoot, locknessie, or yellen's hot twin sister than a stock market short.

buying puts isn't a short.

Wed, 04/30/2014 - 16:14 | 4713545 Omegaman2211
Omegaman2211's picture

Utopia is here!

Wed, 04/30/2014 - 16:16 | 4713550 The_Dude
The_Dude's picture

It's all part of the game, kids!!

The higher it goes, the harder the fall.  The system must be appropriately prepped for the cataclysm that will follow.

Wed, 04/30/2014 - 16:15 | 4713551 Obama_4_Dictator
Obama_4_Dictator's picture

If everything is so great, then silver should be rising because of industrial demand, the FED shouold have backed off completely on QE and increased the interest rate, the real unemployment rate should have decreased to at least 5.5%, if not lower, gold should have fallen to 600 dollars, the dollar index should have increased to .85 or more, housing starts should have increased, GDP should have been at 3-4%, SNAP cards should have been cut, because everything is good again....we all know it's fucked beyond repair....only a matter of time before the stock market can't take it anymore.....

Wed, 04/30/2014 - 16:17 | 4713553 Omegaman2211
Omegaman2211's picture

How dare you crash the party with logic and facts.

Wed, 04/30/2014 - 16:41 | 4713660 Winston Churchill
Winston Churchill's picture

I hear the Maldives are increasing their UST purchases by $10bn a month starting this May.
That up from the current $2.50 per month.

Wed, 04/30/2014 - 16:17 | 4713552 Rainman
Rainman's picture

I've got a limited supply of one-size-fits-all Dow 10k hats left for sale .

Wed, 04/30/2014 - 16:18 | 4713561 BIHM
BIHM's picture

On the day the BLS reports 1 in 5 American households have no jobs and the GDP took a big steamy shit the Dow hits all time highs.  There is nothing more to be said really.  The market has finally completely passed through the matrix to some other unintelligible world.  Listening to the pundits today there is absolutely no fucking events that could be portrayed as negative or a headwind to the market.  Not zero growth.  Not zero jobs.  Not a WWFUCKINGIII. NOFUCKINGTHING.  And with that it's time to layer on those shorts.

Wed, 04/30/2014 - 16:27 | 4713607 yogibear
yogibear's picture

Who needs jobs. Just go on disability and the Federal Reserve can just print money and buy up all the debt.

Want that Obama phone from China? Yellen and the Federal Reserve can just print up some dollars and pay for it. Who in the US needs to work anymore or produce anything.

Wed, 04/30/2014 - 17:12 | 4713768 arby63
arby63's picture

Its time to layer on guns, ammo, and grub in my opinion. This fraud is brilliant until it's not.

Wed, 04/30/2014 - 16:18 | 4713562 _SILENCER
_SILENCER's picture

I love Ponzi. He was my favorite Happy Days character.

Wed, 04/30/2014 - 16:26 | 4713605 pods
pods's picture

He saw more ass than a toilet seat.


Wed, 04/30/2014 - 16:23 | 4713583 Son of Captain Nemo
Son of Captain Nemo's picture

I think John mouth Kerry and President Remus should open the markets tomorrow morning???

Maybe we can call the christening moment a perfect prelude to the United States starting another war they will most definitely lose!

Wed, 04/30/2014 - 18:24 | 4714001 lotsoffun
lotsoffun's picture

they've killed a lot of people since vietnam - but i'm not sure they've'won' any of these wars.  i may be wrong and hope i am.

Wed, 04/30/2014 - 16:28 | 4713610 Burnbright
Burnbright's picture

I have to admit, pretty speechless right now. Beginning of the end it seems. We will never verbally enter a recession again until this period of political upheaval is over. Who knows when that will be. Price fixing is already here, shortages soon to follow. Empty houses all over the place, many homeowners living mortgage free, and zombie drug addicts walking around down town every day. Thanks USSA, my families life is ridiculously difficult and things are only getting worse.

Here is to only having one day off with my wife and kids because I can't afford to send them to daycare 5 days a week. Let's hear it for not being able to pay the full sum of my student loan, or my wife's for that matter. A debt we will likely owe untill we are dead. Nope no downturn here. Im about ready to just say fuck it and buy a 400k house and get a brand new car. Seems to be the thing to do in this country when you have more debt than savings.

Wed, 04/30/2014 - 19:06 | 4714136 kurt
kurt's picture

They want you to crack up so they can put you in the privatized prison system. Write your congressman with your concerns. It is hard to have eyes and a shred of sense in the former USA. One piece at a time we can get America back. There is a new economy growing inside the festering carcass you're smelling now. Figure out what you do well. Try to work that, part time at first. Don't take the indebtedness pill, brother. Plant a garden if you can. Make saving money an avocation, look at Craigslist for any crap you need. Rotten garbage, shit, and dead stuff makes compost from which beautiful new plants grow, flower, and reproduce. I'll pray for you and your kids.

Wed, 04/30/2014 - 16:31 | 4713625 PAWNMAN
PAWNMAN's picture

I remember the last 2 bubbles the Fed blew getting to this irritatingly obnoxious disconnect with reality prior to blowing up. Does anyone have a really large and sharp pin out there?

Wed, 04/30/2014 - 16:35 | 4713642 davidalan1
davidalan1's picture

Sooooo while all seems well, think i will head to the bundy ranch and see whats goin on. Been kinda quiet lately with all this racist news

Wed, 04/30/2014 - 17:48 | 4713894 lakecity55
lakecity55's picture



                                  "G Beck Trashes Bundy Patriots"
                                                   A Jones: "Beck a Zionist Shill!"

Wed, 04/30/2014 - 16:38 | 4713651 TheRideNeverEnds
TheRideNeverEnds's picture

What is so hard to understand?  We have reached escape velocity through the sheer brilliance of the FED giving their shareholders trillions of dollars of your money.  Now that america stronk again and we have reached a new paradigm they will continue to taper while waiting in the wings to buy any potential dips while still giving free money to their friends for the foreseeable future. 


What this means is you need to buy everything before they do, not gold though; that piece of shit is worthless and going to zero.

Wed, 04/30/2014 - 16:46 | 4713682 Soul Glow
Soul Glow's picture

All assets are about to be printed at zero.

Wed, 04/30/2014 - 16:45 | 4713679 Soul Glow
Soul Glow's picture

The clowns running the show have set fire to the bigtent.  Luckily for us we left before it got started.

Wed, 04/30/2014 - 16:48 | 4713689 Obama_4_Dictator
Obama_4_Dictator's picture

Jobs?....Where we're going we don't need jobs.

Wed, 04/30/2014 - 16:57 | 4713713 Hindenburg...Oh Man
Hindenburg...Oh Man's picture

That would be a very asethetic beginning of the crash: the big closing bell party on CNBC. I would love to see them all with a hangover tomorrow morning while the market plummets. 

Wed, 04/30/2014 - 17:31 | 4713742 TheRideNeverEnds
TheRideNeverEnds's picture

pure fantasy, the market will never again crash. Its not possible with all the circuit breakers and heavy government control. The worst that can happen is the market goes down a few percent and trading is halted for a bit till the FED comes out and says we got this followed by furious dip buying back to all time highs.

Wed, 04/30/2014 - 17:05 | 4713741 22winmag
22winmag's picture

I know it's piss.


Don't even bother trying to convince me it's rain.

Wed, 04/30/2014 - 17:32 | 4713748 lakecity55
lakecity55's picture




                                            "USSA Economy Collapses!"
                                                "Stocks hit All-Time High!"

Wed, 04/30/2014 - 17:10 | 4713761 Al Capowned
Al Capowned's picture

What fucking dimension am i living in.... that is all.

Wed, 04/30/2014 - 17:15 | 4713779 Midnight Rider
Midnight Rider's picture

The market is in a giant rollover topping process. Nasdaq peaked in March, S&P in April and now the Dow in May. If we don't see sell in May and indexes all make new highs instead, I guess it's party still on for a while. If the rollover continues it could be a very powerful May selling season. I think we'll know in short order if the rollover top had been put in.

Wed, 04/30/2014 - 17:38 | 4713862 OptionsHedge
OptionsHedge's picture

imagine the all time highs when the economy rockets

Wed, 04/30/2014 - 17:43 | 4713875 kurt
kurt's picture

Once More:

The "market" and all major indexes are being run on a computer in redundant sites in Utah and Colorado. HFT is chaff so you can't see the machine's movements. 

You see, due to the actions of an imprudent president, surrounded by enemies of the state, we are in a COG defcon mode, fully expecting or planning a horrendous false flag. The economy must be made to APPEAR vital and alive.

Wed, 04/30/2014 - 17:57 | 4713927 real
real's picture

listen   i am am trades man  i am not schooled in how to talk but have grown  on the streets with highlights traveling up and down hwy 1 selling pot.  my parents were poor.   i learned all i know by reading after i knew i could at age 20   

i dont need to go into what i have seen the past 40 yrs. But i need to tell all and i need to tell all over and over,    Narco music, these shit head bankers, all who work for them, "them" who do work for them and thier families, the privileged, all of them need to be targets.      they need to be made a hostage, and then let loose. the head of house hold needs to be vaporized  
Wed, 04/30/2014 - 19:15 | 4714151 LooseLee
LooseLee's picture

Not to worry. 'They' are on the list.....

Wed, 04/30/2014 - 20:17 | 4714312 Ban KKiller
Ban KKiller's picture

Are you a Hollywood script writer?

Wed, 04/30/2014 - 18:01 | 4713935 BeerMe
BeerMe's picture

High Dow doesn't matter when it is inflated.  Looks like it will just be leading the way on higher inflation.

Wed, 04/30/2014 - 18:17 | 4713978 foxmuldar
foxmuldar's picture

Were living in a new age where Cow shit smells good. 0.1% GDP and the market goes higher. WTF. And then we hear how this Fridays jobs report is looking bullish with 200 plus thousand jobs expected. WTF again, have we forgotten when 300 Thousand jobs a month was considered the norm? Unfuckinbelievable. 

Wed, 04/30/2014 - 18:58 | 4714119 homiegot
homiegot's picture

Hell yeah!

Wed, 04/30/2014 - 20:13 | 4714298 CheapBastard
CheapBastard's picture

My house is 400% overpriced and my stocks at 88,000 PE.

It's  friggin Miracle!

Wed, 04/30/2014 - 22:23 | 4714697 AdvancingTime
AdvancingTime's picture

Today was more proof the economic recovery that the media and talking heads have been bantering around does not exist and is just a myth. A manipulated stock market distorted by recent economic policy hides and mask the real truth, in many ways it has become ground zero in the war to convince us all is well.

The American people and Main Street will tell you they are far from convinced that it is smooth sailing ahead. Huge weakness in the economy has been shown by numbers that barely get by even after record amounts of stimulus. Fact is if QE or the massive government deficit spending that props up our economy is removed it will fold like a cheap umbrella. More on this subject in the article below.

Thu, 05/01/2014 - 09:28 | 4715627 madcows
madcows's picture

They have done everything they could to force money into the market... to spur growth, (so they say).  Now, there's a bubble in the stock market, and an artificially low return on bonds.  They've cornered themselves.  Withdrawing support from the stock markets will pop the bubbles, crushing those in the stock markets and those holding bonds (as rates rise).  Congratulations, everyone will now be a loser.  Great job Ben-Yellen.

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