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Cue Fed Faux Fury At "Complacent Markets" As VIX Plunges To 10-Handle

Tyler Durden's picture


What does Yellen know? Nothing apparently (if she says 'sell') US equity markets, juiced by China's GDP data (but missing China's retail sales and home price slump) and helped by Portugal 'reassurances' that have yet to materialize, are soaring this morning... VIX is back at a 10-handle as Dow hits record highs, the S&P nears record highs and even small-cap, social media, momo, tech fantasy stocks are ripping... you can't keep a good market down... It seems "fight the Fed" is the new "Don't fight the Fed"


Dow record highs...


as VIX is slammed to a 10-handle again...


But don't look now as Russell 2000 is dumping off the spike open...

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Wed, 07/16/2014 - 09:49 | 4962381 Yen Cross
Yen Cross's picture

  The markets completely ignore retail sales(yesterday) and industrial production misses... The fucking Hindenburg is on autopilot to the sun.

Wed, 07/16/2014 - 09:54 | 4962395 TideFighter
TideFighter's picture

A thrill just ran down my leg. Thrill is urine, as I just pissed myself once again.

(This message brought to you by the proposed Murdoch merger.) With all this debt and free health care, I may never have to work again!

Wed, 07/16/2014 - 09:59 | 4962421 NoDebt
NoDebt's picture

If I recall correctly, it took about 2-3 years between Alan Greenspan's "irrational exuberance" comment and the dot-com crash.  

Wed, 07/16/2014 - 10:10 | 4962453 Quinvarius
Quinvarius's picture

How does a white knuckled "Everything is fine!" comment stand up?

Wed, 07/16/2014 - 10:12 | 4962458 LawsofPhysics
LawsofPhysics's picture

It was a very different "market" back then.  Simply put, when it comes to debt (sovereign debt especially) the Fed is the "market".


Does anyone really expect that they will short/indict themselves?  No, I think not.

Wed, 07/16/2014 - 09:54 | 4962400 Hindenburg...Oh Man
Hindenburg...Oh Man's picture

you can say that again...

Wed, 07/16/2014 - 09:56 | 4962408 Mr Pink
Mr Pink's picture

There is going to be a morning when I wake, read the headlines and this phony market is imploding and the muppets are shocked and horrified.

or maybe not and this ponzi just goes on forever

Wed, 07/16/2014 - 10:15 | 4962473 Oh regional Indian
Oh regional Indian's picture

I heard a man sing that nothing lasts forever but the earth and sky.

And that all we do, crumbles to the ground though we refuse to see.



Wed, 07/16/2014 - 09:50 | 4962385 RealityCheque
RealityCheque's picture

Party hearty you ignorant fucks!

Wed, 07/16/2014 - 09:52 | 4962392 yogibear
yogibear's picture

The Fed cannot allow rates to rise and to normalize. The US debt will just continue to rise again until the US hits a currency crisis. So it could be a while

The Fed is trapped. It's all talk and slight of hand while debt continues to climb.

Wed, 07/16/2014 - 10:01 | 4962425 disabledvet
disabledvet's picture

Rates simply aren't going to rise.


Wed, 07/16/2014 - 11:44 | 4962761 RealityCheque
RealityCheque's picture

and this will cause absolutely no unforseen or negative consequences.

Hooray for central planning and our god-like masters!!!

Wed, 07/16/2014 - 09:55 | 4962401 GooseShtepping Moron
GooseShtepping Moron's picture

Come on, Janet. Hike rates on their punk-asses. Show 'em who's boss, mama!

Wed, 07/16/2014 - 09:56 | 4962407 PlusTic
PlusTic's picture

Ole Yeller is NEVER raising rates...it's all bullshit talk to alleviate Repo Mkts...we're in a fukking depression

Wed, 07/16/2014 - 09:58 | 4962417 timeless21
timeless21's picture

YEA, Janet show your balls !!

Wed, 07/16/2014 - 10:01 | 4962423 Keltner Channel Surf
Keltner Channel Surf's picture

Even so, the Russell is where it's at today.  Did a nice opening short down to the 15m lower Keltner, now will be interesting to see if the RUT barons do a "buying vacuum" down to the 200 MA today as Janet speaks, or if they'll take advantage to goose newer shorts who may have come in after hearing her warning and join today's irrational exuberance.  I'm convinced this index's behavior near term is more important than it's big brothers SPY and DOW.

Wed, 07/16/2014 - 10:12 | 4962461 Awakened Sheeple
Awakened Sheeple's picture

Re: goosing new shorts.. The Fed can monkey hammer any squeeze attempt. Today will be interesting for sure.

Wed, 07/16/2014 - 10:23 | 4962499 Keltner Channel Surf
Keltner Channel Surf's picture

Historically, Russell barons have been the most powerful in fighting anyone, including the Fed.  Is it possible a little kryptonite entered the picture this week?  With that in mind, opened another short during the retracement with a lower target, and if I get 2 Russell shorts to work in a single day, well, then I'm going to Disneyworld :)

Wed, 07/16/2014 - 10:31 | 4962531 Awakened Sheeple
Awakened Sheeple's picture

May Kevin Henry trade with you today, my friend.

Wed, 07/16/2014 - 10:41 | 4962559 Keltner Channel Surf
Keltner Channel Surf's picture

Took my profit and will sit, like Kevin, and listen to the Janet show.  May kick myself for missing the "big one", but I don't like to trade while FedHeads are talking.  It's never worked out for me, ever . . .

Wed, 07/16/2014 - 10:03 | 4962431 moneybots
moneybots's picture

" It seems "fight the Fed" is the new "Don't fight the Fed" "


Greenspan dropped the rate twice in January, 2001.  The market kept going down until October, 2002.  So much for don't fight the FED.

Wed, 07/16/2014 - 10:07 | 4962444 LawsofPhysics
LawsofPhysics's picture

"Bond vigilates" actually existed back then.  They don't anymore...

The Fed, is the market, period.  Are they going to fight/indict themselves?

I think not.

Wed, 07/16/2014 - 10:05 | 4962435 TideFighter
TideFighter's picture

What/who would Zero be without the Fed? <<crickets>>

Except for waking up with the Wookie, he is a very lucky man to be living in these times where the markets for the rich are skyward and entitlements for the poor/immigrant benefits doing same. Everyone in UStopia, except the hard working middle class, is doing exceptionally well. Well enough to cover scandals, treat our servicemen like dogs, party lika a rock star, shirking every crisis and blaming Repugs or Congress, and living like a king.  Zero is a surfer dude riding Fed's mandate. Speaking of man-date....

Wed, 07/16/2014 - 10:25 | 4962502 IronShield
IronShield's picture

Bullish Bitchez!  Seriously, why fight it?  Though I haven't received a re-entry signal yet, this market is a dream for traders.


Wed, 07/16/2014 - 10:28 | 4962518 yogibear
yogibear's picture

Bids just keep going higher and higher.

The Federal Reserve have to keep it going higher before the November election.

Wed, 07/16/2014 - 11:36 | 4962719 Squid Viscous
Squid Viscous's picture

Yellen "stretched"... now that's a disgusting thought

Wed, 07/16/2014 - 11:36 | 4962723 TheRideNeverEnds
TheRideNeverEnds's picture

Well they forgot to cut the data feeds the other week when they tested the VIX trading at $5 so we know the plan now.

Wed, 07/16/2014 - 15:32 | 4963956 Fuku Ben
Fuku Ben's picture

If VIX keeps bouncing around like an EKG I'm going to have steller year

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