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Silver & Stocks Soar To Celebrate Donetsk Independence; Russell Up 4% In 24 Hours
The Russell 2000 had its best day in over 17 months today - up 2.5% (best since Jan 2nd 2013) and +4% from Friday's lows. All US equity markets exploded higher our of the gate thanks to a ridiculous spike lower in VIX (below 12) and USDJPY stop-run back through 102 which squeezed "most shorted" dramatically higher. The Dow, Trannies, and S&P all made new record high closes...and it's not even Tuesday yet! Away from stocks, silver jumped over 2% for almost its best day in 3 months. Gold rebounded over $25 from overnight smackdown lows. Oil broke back above $100. Treasury yields rose modestly (2-3bps) - majorly out of sync with equity exuberance. JPY was large and in charge of stocks but the USD ended the day unchanged. S&P futures volume was 30% below recent average.
A major short-squeeze...
lifted all the major US equity indices into the green for May... (and the Nasdaq green for 2014)
The Russell is up 4% from Friday's lows - destroying the meme that this is a healthy rotation from high-valuation names to low... this is just another squeeze
Homebuilders were the best performers... sure they were... makes perfect fucking sense as rates rise...
From the early March highs in the Nasdaq and Russell...
Volume was dreadful...
USDJPY was in charge all day...
FX markets were volatile during the European session but ended the NY session unahcnged from Friday... (with JPY weakest)
Copper and Silver surged, oil and gold rose...
and this came after the overnight smashdown in PMs...
Treasuries sold off very modestly - not exactly the heart-pounding wreck that huge risk on belief in stocks woul dhave one believe...
And tomorrow's Tuesday!!!! Fuck yeah! Just 3 more points for Goldman Sachs 2014 year-end target (8 months early!)
Charts: Bloomberg
Bonus Chart: Some context for today's "recovery" in high-beta momo stocks...
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Phil Orlando just informed me that he was going with 3.9% growth for the quarter, but he's "started seeing some 4 to 5 handles on it" - if this economy is growing at 4-5% I'm living in the wrong place
Too bad that chart has nothing to do with silver eh?
I'm long silver and short the Dow. A totally logical (or illogical as the case may be) trade.
That may be the trade of the year.
sold my silver calls today and went short.
Had a nice 20% profit and if it drops tomorrow which I guess it will, I'll get another 20%
Give you credit on that bet. Im long a lot of physical silver, dont have the guts to short the Dow. Hoping you are right. Big time. Note to Tyler: silver at 19 and change isnt "soaring".
There was some very strange bid/ask quotes going on all day. The market-depth windows for many of the context ETFs had HUGE volume bids and offers all day until 3:45, when they just disappeared.
I would call the bid relentless today. The machines were just set on stun for anyone(thing) that tried to sell. Other than the usual MM dip to load up after the opening, I don't believe the Nasdaq retreated for more than 4 points at any point all day long. And on NO volume - just a bid that would not move down.
My guess is a bad retail sales number tomorrow so they got everyone to cover that they possibly could
you could say that again, slv started erratic and after 18.82 it was like a perfectly flat line all day.
Unfortunately, you are living in the real world. GDP, however, will be whatever the hell they want it to be, and we'll never have another declared recession unless they need one for some reason.
Phil Orlando: the 90's called and they want their bulltard back
"And tomorrow's Tuesday!!!! Fuck yeah!"
It's about time Tyler finally lost his mind like the rest of us. Let it go Tyler. It's all good. Let it go.
https://www.youtube.com/watch?v=dfXpRn8uFL8
Sounds like you didn't get the memo, Monday is now Tuesday.
Dudley to Yellen: RUT and NBI are sliding into a bear market!
Yellen to Dudley: well get in there and buy some futures!
Dudley to Yellen: are those within out mandate?
Yellen to Dudley: of course they are, man! send the memo to the big 5! Free money, yo! Financial stability, ya heard?!
Dudley to Yellen: on it boss!
The fix is in.
No more markets, only perpetually FED backstopped gambling.
Biff's World is here.
Sorry Marty.
You are 5 years late on that, but who's counting at this stage.
I'm back from the future, it only gets worse, but you are right.
For the right people it is NOT gambling.
Biff always wins at his casino! And his buddies.
Repeat after me: rigged.
If you think this is an up move wait till they start dropping the bombs, or announce the peace accord and absorption into Russia; either way its going to make today look like a down day.
Just the normal functioning of a free market...
/s
I am going to end up being a dishwasher at the "El Paraiso" on Scarface.
"I said sanitation! NOT sanitarium!"
So with this new exuberant growth meme - why are retail sales only expected at 0.3% tomorrow and I've heard whispers of flat and possibly negative?
bullish, bro.
some ppl are still delusional about how long this bond buying can go on. spoke to one of them at a dinner this weekend.
bourbon burns the nostrils when you can't stiffle a cackle mid-sip.
gents at the end of the day does low volume even signify anything? some of the largest moves i've seen have begun on low volume.
That's kind of his point. Low-volume melt-ups have been the norm since this bull(shit) market started back in March 2009.
sorry thot low volume was dismissing the move. my bad thanks.
i've been tracking s&p500 component volume since i was a kid. it's kind of amazing that the shares traded during the regular session over the last week are comparable to volume levels from 2006. no wonder brokers are tightening their belts, watching revs get hammered, hardly anyone is buying/selling.
stupid shorts :smirks:
thank you sir! may i have another? [/chip diller]
so you mean to tell me its not perfectly normal for the market to go up in 5 years what once took from 1950 to 1997-98?
just think if ol yellen was fed chairthing back in the 50's.
the s&p would be sitting at 18966500.00
This is out of control.
Tomorrow I'm gonna stack up some more way out of the money puts. Fuck it.
Still, I can't help feeling like the guy who's seen 12 times red at the roulette table...
pull up a max chart on the dow, naz, s&p. does that look like a good place for entry?
apparently so, all my damn yuppie buddies, who know nothing about a p/e, fiat, earnings, debt, margin, and believe ukraine is somewhere south of rio, all have new yuppie cars, yuppie watches and d bolt ons for their wives (and mistresses)
while i dig up and then bury my gold and silver enjoying cup of ramen noodles while my hooptie creates an oil slick bigger than the exxon valdes
how much are souls going for these days, anyone?
Yuppies? What year is this? Are they all wearing docksider shoes ans listening to Don Henley?
Steve Keen says 7 1/2 more years until the bubble pops.
BTFD
Silver soaring.....fuck that...it was over 20 just a week ago.
Thank you. The only thing silver is soring is my ass.
Not so sure folks. Brian Williams found some never-before-seen footage of the Hindenburg going down and I took it as a (hello-to-the-masons) sign. They're out tonight on the pump, and the crash is within a few days.
P.S. I'm totaly embarrassed to admit I watched the "news." ... been drinking 'gain. :/
All I know today is that PVG is up 14% (since noon eastern) on no news. (Or news us hoi polloi don't get) It's about fucking time.
The hedge funds are taking it in the shorts again!